The Korean WOORIBANK Suzhou Branch Opens Business
The opening ceremony of Suzhou Branch of Wooribank of Korea was held on July 23 in Suzhou, which proclaimed the entry of the first Korean bank in Jiangsu Province. Speaking of the reason for Wooribank's entry in SIP, Mr. Park, the president of Woorbank, said; "What has attracted us is mainly the existence of over three thousand Korean-invested enterprises in Suzhou."
Generally, foreign banks set up their branches in China with the main purpose to provide financial services to the multinational corporations from their own countries. Statistics show that over ten thousand foreign-invested enterprises have been set up in Suzhou, among which are some hundred from the "fortune 500". From January to May this year, the paid-up capital of foreign investment has reached US$ 3.34 billion, overtaking that of Shanghai and ranking the top in China for the first time. Upon the heels of the clustered enterprises came a number of foreign banks, such as Standard Chartered, DBS, HSBC, East Asia, and Mitsuibank, etc.
Wooribank is the largest commercial bank oriented to corporate customers. By the end of 2006, the total assets of the bank had amounted to US$ 200.6 billion with a total capital of US$ 15 billion. The Mooribank president disclosed that another Korean-funded bank would be entering Suzhou in 6 months' time.
Before the opening ceremony, Wang Rong, Secretary of CPC Suzhou Municipal Committee, and Deputy Mayor Cao Fulong met the Mooribank president Mr. Park and his delegation. Wang Rong assured the visiting Korean guests that as the result of the opening policy of in the financial and banking business, Suzhou, and particularly SIP, had become a location of clustering of foreign banks, the financial business environment in Suzhou was among the most ideal in China and would keep improving.
July 23, 2007