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[Woori Financial Group] Concluded an MOU for Strategic Alliance with Spanish BBVA Bank
[2011.10.12]
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[Woori Financial Group] Concluded an MOU for Strategic Alliance with Spanish BBVA Bank


- Building partnerships to expand global management into South America

On October 11, Pal-Seung Lee, Chairman of Woori Financial Group, visited and had a talk with Francisco Gonzalez, Chairman of BBVA Bank in Madrid, Spain, and concluded an MOU for strategic alliance with the bank.

The strategic alliance is aimed at the expansions of customer bases and business areas in the global market by taking advantage of mutual strengths. It includes sharing mutual customers, supporting business expansions, introducing bond-related hedging products, and offering non-Asia and European stock products, etc.

BBVA Bank with total assets of KRW820 trillion is the second largest bank in Spain and 35th in the world. The bank demonstrates a wide financial and business network in South America, thus the strategic alliance has a significant meaning of securing a bridgehead for the expansion of the Group’s global management.

The synergy between the Group’s affiliates and BBVA Bank’s financial network is expected to be strong in the future. BBVA Bank’s Seoul branch, established in this September, will be supported by Woori Financial Group with competitiveness in corporate financing business in Korea, and Woori Bank’s local corporation in Brazil to be launched early next year will receive help from BBVA Bank for the expansion of local businesses.
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