Cambodia Investment Review
Woori Bank (Cambodia) Plc. has set an ambitious goal of becoming one of Cambodia’s top five banks within the next three years, as outlined by CEO Cheol Su Sohn during the bank’s 2025 Business Strategy Conference. The event, held at Sokha Phnom Penh Hotel & Residence, brought together management and staff from across the country to reflect on past achievements and unveil strategic plans for the future.
Strategic Expansion Amidst Challenges
In his keynote address, Sohn acknowledged the evolving challenges in Cambodia’s banking sector, including rising competition, increasing regulatory requirements, and economic headwinds. However, he expressed confidence in Woori Bank Cambodia’s ability to overcome these hurdles through a disciplined, step-by-step strategy focused on innovation and operational excellence.
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“With intensifying competition, higher standards and regulations, and an economic downturn, our business environment remains difficult,” Sohn stated. “I am highly optimistic that through our firm will, dedication, efforts for innovation, and disciplined strategic moves, Woori Bank Cambodia will move one step closer to our goal of becoming one of the top five banks in Cambodia within three years.”
To achieve this, the bank is prioritizing the expansion of digital banking services, improving customer experience, and promoting efficient financial practices. These initiatives are expected to enhance accessibility and convenience for Woori Bank’s growing customer base while positioning it as a leader in Cambodia’s financial sector.
Recognizing Excellence and Strengthening Teamwork
A key highlight of the conference was the recognition of outstanding employees and branch offices that played a significant role in the bank’s success. Woori Bank Cambodia emphasized its commitment to fostering a strong corporate culture and investing in human capital to drive sustainable growth.
Interactive sessions allowed attendees to share ideas and insights, reinforcing the bank’s focus on collaboration and continuous improvement. With 143 branches nationwide, over 3,800 employees, and a customer base exceeding 515,000, the bank aims to leverage its nationwide reach to strengthen market positioning.
Woori Bank Cambodia has undergone significant transformation since its early days as a funding program in 1990. It received a microfinance institution license in 2004, transitioned into a micro-deposit-taking financial institution in 2011, and later merged with Woori Finance Cambodia Plc. in 2020. The bank secured its commercial banking license from the National Bank of Cambodia in November 2021 and officially launched in January 2022, offering a full suite of banking services.
As of December 2024, Woori Bank Cambodia reported total assets of $1.4 billion, a loan portfolio of $1.2 billion, and deposit savings balances reaching $713 million. With a strong foundation and a clear strategic vision, the bank is positioning itself for accelerated growth, aiming to solidify its place among Cambodia’s top five banks.
With a renewed focus on innovation and customer-centric solutions, Woori Bank Cambodia’s leadership is confident that the bank will achieve its ambitious goals in the coming years.
