Wealth Development Bank

Project Description

From just one branch in 2001 when it was acquired by VDC, Wealthbank has expanded to sixteen (16) branches nationwide, seven in Metro Cebu, four in Visayas and Mindanao, and five in Luzon in a span of ten years. With total resources reaching PHP 6.4 Billion; deposit liabilities at PHP 5.8 Billion; loan portfolio at 3.2 Billion; and capital at PHP 492 Million, the bank achieved, from the year 2010 to 2015, a cumulative annual growth rate of 29.24% in total resources, 30.28% in loans, and 32.31% in deposits.

Among Wealthbank's competitive advantages is the capacity to serve the unique needs of its market niches by developing customized and innovative products like the myCash ATM and myCash Payroll savings account, Wealth Aspire, and banner deposit products PowerMax for individuals and PowerPlus for corporations.

Recognizing its strong potential for expansion and growth, Woori Bank, South Korea's oldest and second largest bank in terms of total assets, ranking 91st worldwide, partnered with VDC for Wealthbank in 2016. Woori Bank brings to Wealthbank its international experience in serving a vast array of 22 million retail clients and over a million commercial firms, conglomerates, and public institutions with its 956 branches in South Korea as well as its 234 branches in 20 other countries.

This synergy between Woori Bank and VDC for Wealthbank will expand its market reach to serve Korean SMEs and the Overseas Filipino Workers, as well as Korean businesses operating in the country and Korean citizens visiting and working in the Philippines. Customers can look forward to additional branches, ATM outlets, and more products and services including Foreign Currency Deposit Unit (FCDU), Government Securities Trading, Credit Card, Quasi Banking, and Remittance.

Project Details