VisionFund Cambodia Sold to Woori Bank of Korea
After more than 20 years of providing financial services to hundreds of thousands of Cambodians, VisionFund International, the owner of a global network of microfinance institutions and part of World Vision International, a global Christian relief, development and advocacy organisation, has announced the sale of its microfinance institution, VisionFund (Cambodia) Ltd. to Woori Bank, one of the largest commercial banks in Korea.
Demand for VisionFund Cambodia’s services resulted in its successful growth making it VisionFund International’s largest microfinance institution2 with a current gross loan portfolio of $175 million.
Mr Kyung Hoon Park, Head of Global Business Group at Woori Bank stated, “We are very pleased to have acquired VisionFund Cambodia, a robust nationwide microfinance business and we look forward to working with its strong management team and staff to combine our commercial banking expertise and their local knowledge to bring microfinance products to even more Cambodians.
This acquisition cements our commitment to Cambodia where we look forward to playing a bigger role in the development of its financial services market.”
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