World Economy

Take Over Nod

Take Over NodTake Over Nod

Woori Bank, South Korea’s second-biggest bank by assets, said Sunday it has won final approval to take over a Philippine-based bank, in line with its efforts to tap deeper into overseas markets, Yonhap reported. The South Korean bank said it has won a nod from the Central Bank of the Philippines to purchase a 51% stake in the Wealth Development Bank. Woori Bank said it plans to complete the procedures in the first half of 2016. Woori Bank said it aims to tap deeper into the Philippine financial market through cooperation with Vicsal, another major shareholder of WDB.