Woori Bank partners with Cebu Vicsal

Cebu-based Vicsal Development Corporation (Vicsal) said it has entered into an investment agreement with Woori Bank of South Korea, which should enable a strategic alliance between Woori and Vicsal thriftbank unit Wealth Development Bank Corporation (WealthBank).

“It is a strategic initiative in response to the liberalization of the country’s banking sector,” WealthBank Chairman Edward Gaisano said, adding that the deal is expected to increase the bank’s net worth by threefold, strengthen its balance sheet, and deepen its market reach and product offerings.