Kwangju Bank is the local bank established in 1968. With the mission to provide the financial support for the local business owners, especially small and medium sized business owners and to provide the financial assistance to common people, it has played a role as the native bank representing Gwangju city and Jeonnam province and as the strong support for local residents with the confidence of local business owners. Kwangju Bank operates as a subsidiary of Woori Finance Holdings. WFH acquired the entire share capital in Kwangju Bank in 2001. With over 1,500 employees, the company operates a network of more than 140 branches and 230 ATMs. As of September 2010, the Bank had total assets of 17.9 trillion won (US$15.41 billion).
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December 2, 2010
Industrial and Commercial Bank of China has made an official bid for South Korea's Kwangju Bank. Earlier media reports said Kwangju Bank had sent bid invitations to several Chinese banks, including ICBC. At present, four Chinese banks have operations in South Korea: ICBC, Bank of China, China Construction Bank and Bank of Communications. ICBC has been the most aggressive of China's Big Four commercial banks in expanding overseas. It had 194 branches in 27 countries, including two in Seoul and one in the Busan.