South Korean bank Woori faces highest fines for overseas branch operations

 Woori Bank overseas branch suffered the most fines last year among South Korea's four largest commercial banks. The sanctioned Woori Bank branches in China, Indonesia, India and Russia, as well as other Korean banks such as Hana Bank and KB Kookmin, have also been fined by the same authorities. According to The Korea Herald.

In 2022, Woori Bank, which operates in 11 countries, was fined at 6 branches, including 2 branches in China, 2 branches in Indonesia, 1 branch in Russia and 1 branch. In India. This is according to data from the Financial Supervision Service (FSS) released on January 25, 2023.

China's financial watchdog issued a warning and fined Woori Bank branches in China $ 29,000 in April last year for misconduct. In the International Balance Sheet report and its statistical report. Another Beijing-based branch was also fined more than $ 130,000 for insufficient review of individual business loans.

The Woori Bank branch in Indonesia in January last year was fined about $ 4,000 by the Indonesian Financial Supervision Agency for errors in its report. The bank branch also suffered an additional fine of nearly $ 270 for delaying a news report related to the capital increase.

In July last year, Russia's Woori Bank branch was fined nearly $ 15,000 by the Russian central bank for violating foreign exchange trading rules. In September last year, the Woori Bank branch in India was fined about $ 72,000 by the Bank of India for lowering interest rates. Set.

A South Korean official has suggested that the Woori Bank branch network in the world appears to be facing high fines, adding that the bank's larger presence is a target. Strict controls as well.

Apart from Woori Bank, there are other Korean bank branches that have been fined, such as Hana Bank in China and KB Kookmin Bank in Ho Chi Minh City, Vietnam.

According to the Financial Supervision Service (FSS), local banks in South Korea had a total of 204 overseas branches by the end of 2021, an increase of seven branches from the previous year. 2020, of which 141 branches are located in Asia. Net profit from these bank branches will also reach $ 1.1 billion in 2021, up from $ 446 million in2020. The biggest increase in net profit came from banks with branches in Cambodia with $ 290 million, followed by Hong Kong with $ 214 million and Vietnam with $ 172 million. In South Korea, Woori Bank posted a net profit of more than $ 174 million in the third quarter of 2022.