Plan to Expand and Diversify Seoul Bank Part of Larger Trend

Woori Bank’s plan to transform its circa 1950 Euljiro branch in Seoul, South Korea, which closed in July, from a five-story mid-rise into a 19-story high-rise with seven underground levels points to a larger trend of banks diversifying their real estate as banking shifts to digital, MAEIL BUSINESS NEWSPAPER was among outlets to report in July. Following final approval expected by the end of this year, the bank branch will become Woori Finance, boasting more integrated areas for banking, cultural and public space. KB Kookmin Bank is also working on transforming two branches in Seoul into multifunctional buildings with above- and below-ground levels. “Banks have been considering ways to increase the utilization of old (branches) located in good areas, and analysts say the transformation through reconstruction and redevelopment is accelerating,” the source observed.