Woori Finance Holdings Cooperation, which was established in 2001, is Korea's largest financial holding company in terms of assets, and seems it is going to expand its power outside the nation as well as it's going to team up with Spain's Banco Bilbao Vizcaya Argentaria SA to mark its presence in America.
Woori Finance wants to have strong start in Latin America as by the start of 2012, they aim to open a branch in Brazil and for that, they needed an association which has strong holding in the markets of South America and Europe and in Central America. And, for this job, BBVA was well suited. For now the Woori Finance is having high hopes from the association and is expecting good turnover, once it gets opened.
There are lot many, who are trying to expand their business across geographical boundaries and some of them are KB Financial Group Inc., Shinhan Financial Group Co., and Hana Financial Group Inc. All these are South Korean based companies and have taken the decision of extension as growth chances have got restricted due to neck-to-neck competition.
For some, it was a big risk as market is passing from a great turmoil, but Woori Chief Executive Lee Pa was optimistic on the fact that their decision could not be wrong and would bring fruitful results. Woori Finance is also making their mind to expand their business in Asia by investing in China.
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