South Korea’s Woori Bank has signed a business cooperation agreement with South African lender Standard Bank.
Under the partnership, Woori Bank will operate a Korean Desk in the South African lender’s headquarters by the first half of 2015.
Standard Bank global head of financial institutions Robert Cleasby said: "Woori Bank has no presence in Africa and therefore a partnership with a strong African bank like Standard Bank will enable Woori Bank to extend its banking relationship with key Korean clients to its non-presence countries.
"Africa and South Korea’s diplomatic relations are conducive to the flow of capital from South Korea to Africa, bringing in new prospects for institutional investors."
An official from the international department at Woori Bank said: "The cooperation with Standard Bank will be a great help for the bank to tap into the African markets in the future, along with the Middle Eastern markets where the bank already entered, such as Dubai and Bahrain."