There are now four South Korean banks in the Philippines.
The first three are all commercial banks operating as Philippine-based branches of their parent banks in South Korea. Each has only one branch in the Philippines, one located in Makati and the other two in BGC in Taguig.
The fourth is a Philippine-grown thrift bank, Wealth Development Bank, that was acquired by Korean bank Woori Bank in 2016. Its name was changed to WealthBank, A Development Bank in 2016. Woori Bank owns 51% of WealthBank and Philippine retailer Vicsal owns 49%.
WealthBank’s website shows”WealthBank, A Development Bank, Woori Bank Subsidiary.”
KEB Hana Bank – Manila Branch
21st Floor, Zuellig Building
Makati Avenue corner Paseo de Roxas Street
Trunkline: 848-1988 / 848-1775 / 814-2178
Fax: 848-1376; 848-1776 or 78
Email: email@example.com / firstname.lastname@example.org
Website: Keb Hana Bank
SWIFT Code: KOEXPHMM
KEB Hana Bank offers these products:
– Peso and US Dollar Savings and Time Deposit
(Initial deposit of 25,000 pesos / 500 US dollars)
– Peso Current Account (Initial deposit is 25,000 pesos)
– Time Deposit for Special Resident Retiree’s Visa
– Personal loan and mortgage loan
– Peso and US Dollar Remittance (inward, outward, domestic and overseas)
– Corporate Clients:
– Working capital loan, operating loan, project financing and bank guarantee
– Export and import letter of credit
KEB Hana Bank received these awards in 2019:
Best Private Bank in Korea (EuroMoney Awards)
Best Trade Finance in Korea (Global Finance’s Best Bank Awards)
In February 2016, KEB Hana Bank launched its remittance partnership with Cebuana and M.Lhuillier through an overseas money transfer service called 1Q Transfer. This is to expand its KB Philippines direct transfer service in peso, which it started in February 2015.
Shinhan Bank – Manila Branch
21st Floor, Unit 1 and 2 RCBC Savings Bank Corporate Center
25th and 26th Streets, Bonifacio Global City, Taguig City
Email: email@example.com / firstname.lastname@example.org
Shinhan Bank signed a comprehensive business partnership agreement with Metropolitan Bank & Trust Co. (Metrobank) in January 2019. The two banks will work together in areas of letter of credits, trade finance, corporate finance, loans and overseas remittance.
Metrobank runs 2 branches in South Korea, one in Seoul and another in Busan.
Industrial Bank of Korea Manila Branch
8th Floor, Unit 801-802 One World Place Building
32nd Street, Bonifacio Global City, Taguig City Philippines 1630
WealthBank, A Development Bank, Woori Bank Subsidiary
Taft Financial Center, Cardinal Rosales Ave., Cebu Business Park, Cebu City
Phone: (032) 415-8262 | 415-5059 local 113
Fax: (032) 415-8264
WealthBank started in Danao City in the province of Cebu as Danao City Development Bank in 1967, a thrift bank which had equity participation from the DBP and LandBank. The development bank became Wealth Development Bank in 2001 when it was acquired by VICSAL Development Corp., owned by the Gaisano family of Cebu and owner of the Metro chain of department stores, supermarkets and hypermarkets. It later became WealthBank when Korean bank Woori Bank acquired a 51% stake. The remaining 49% was retained by Vicsal.
Woori Bank is the oldest bank in South Korea and the second largest by assets. It owns Korea’s mobile-only bank WiBee Bank and operates Samsung Pay payments and ATM cash withdrawals.
WealthBank will serve Korean small businesses, OFWs in South Korea, Korean businesses operating in the Philippines and Korean citizens living in the country. Expansion plans include foreign currency deposits, credit cards, remittance products and government securities trading.
Has 6 branches in Cebu, in addition to its head office.
In the NCR, its branches are in Alabang (Metro at Alabang Town Center), Binondo (Lucky Chinatown Mall Annex B) and in Caloocan (Rizal Ave, Gsrance Park).
It has one branch in Baguio (NRC Building, Abanao St).
The Metrobank-Shinhan agreement, the WealthBank acquisition and the KEB Hana remittance partnerships show how South Korean banks in the Philippines are eager in making an impact in the country.