Woori America Bank, Woori Bank's local subsidiary in the United States, opened a branch in Austin, Texas, on the 15th (local time), making it the first bank branch for Koreans.
According to the financial sector on the 17th, Woori Bank began market research in the Austin area in 2023 and opened the branch this time after two years of preparation.
The Austin branch is set to provide basic financial services such as account opening, remittance, and loans to help Korean corporations establish themselves stably in the southern U.S. region. At the same time, it will actively assist in establishing local corporations by utilizing networks in accounting, taxation, and legal services, and also provide services to individuals and expatriates settling locally.
The Austin branch is the third branch that Woori Bank has secured in the southern U.S. region, following the branches in Dallas, Texas, and Duluth, Georgia.
Previously, Woori Bank opened a loan office in Dallas in 2018 to start providing financial support to nearby businesses and local corporations. It was upgraded to a branch in 2020, and following that, branches were opened in Duluth, Georgia, in 2022 and a loan office in Houston last year, continuing to expand its network.
In Austin, the capital of Texas, there are more than 15,000 Koreans residing. Samsung Austin Semiconductor entered the market over 30 years ago, and Samsung Electronics is also constructing a large factory near Taylor, Texas. Texas is a hub for advanced industries, including semiconductors, robotics, big data, and artificial intelligence (AI), where Korean corporations show strength.
Woori Bank emphasized the significance of opening a new local branch at a time when investment in the U.S. is expected to be stimulated ahead of the Korea-U.S. summit on the 25th. Woori Bank is focusing on efforts to support productive finance both domestically and internationally. A bank official noted, "It is very meaningful to open a branch as the first Korean bank in the Austin area, where many Korean corporations have entered, and we will strive to help Korean corporations and expatriates."