Bank Woori Saudara
Help With Loyalty and Honesty
One sign of corporate maturity is dexterity in financial matters. In an Indonesian context, and indeed in global terms, the Medco Group has demonstrated the highest standards of sound fiscal management. Its purchase in 1993 of PT. Bank Himpunan Saudara (HS) 1906, Tbk, the oldest private bank in Indonesia, are statements of confidence gained by past success.
At the time of its acquisition in 1993, Bank Woori Saudara is a medium-sized foreign exchange-licensed commercial bank with assets approaching US$ 2 million. With a business focus in consumer, small-medium enterprises and corporate banking, Bank Woori Saudara has grown its assets to approximately US$ 500 million in 2011, with 107 branch offices serving major cities throughout Java, Bali, and South Sumatra (Palembang).
The current progress led to another advancement of the bank to publicly offer its stock through the Jakarta Stock Exchange in December 2006. The bank also gained license from the Indonesia Capital Market Supervisory Agency (Bapepam) to operate as a Custodian Bank.
In 2011 Bank Woori Saudara issued the first Bond of Bank with fixed rate with maximum total principal amount of approximately Rp 250 billion. Due to Successful of the first Bond, in 2012 Bank Woori Saudara issued Bond Rp 300 billion with fixed rate, and successfully absorb by the capital market. Even so, the bank is consistently ranked among the top in Indonesian banks, which reflects Medco Group’s dedications to professional management in upholding the best practice principles in the financial industry.
As an effort to achieve its vision to become the Bank of BUKU 2 category, Bank Saudara embarked a strategic partnership with Woori Bank Korea and Bank Woori Indonesia. This strategic partnership was materialized in the signing of an acquisition scheme on 15 March 2013; the acquisition scheme was approved by the Bank’s shareholder in the Bank’s Extraordinary Meetings of Shareholders (EGMS) on 27 July 2012 and reaffirmed in EGMS on 2 April 2013, and approved by the Central Bank (Bank Indonesia) on 30 December 2013. Furthermore, Financial Service Authority (OJK) and Ministry of Law and Human Rights officially approved the merger of Woori Bank Indonesia (BWI) into Bank Saudara on December 30 December 2014. On 26 February 2015 the merger bank announced its new name and logo of “Bank Woori Saudara.”
Currently, Bank Woori Saudara has 2209 employees who are highly motivated to serve in 120 branches in the cities of Sumatera, Java and Bali.
To be a leading financial institution in Indonesia with new driving force for growth
Fulfilling the Stakeholders’ expectation in banking business through 3 business pillars:
- Diversification of Business
- Enriching of Customer Service and Development of New Business
- Effective Management and Capabilities Advancement for Human Capital