IN BRIEF (Page 14)

Chinese incorporation

South Korea's second largest lender Woori Bank announced yesterday that it set up a Chinese incorporation in Beijing. The bank was the first South Korean lender to be locally incorporated in China since the nation significantly opened its banking industry in December 2006. The local corporation, with a registered capital of 2.4 billion yuan, mainly deals with areas such as retail and wholesale banking, private banking and financial derivatives.

Bank relaunches