The Dalian branch of Woori Bank, South Korea’s second-largest commercial bank and the flagship of its third largest financial service provider, Woori Financial Group, opened on Friday in the Jinzhou Industrial zone, Dalian, Liaoning province.

It is the first foreign-funded bank in Jinzhou Industrial zone, and the tenth in Dalian.

Dalian Party Secretary Xia Deren met with Woori Bank president Lee Chong-Hwi at Dalian Bangchui Island Hotel Thursday night, which came to attend the opening ceremony the next day. Xia congratulated the opening and said their entry was timely and helpful when Dalian is striving to build a regional financial center in Northeast China and increasing South Korean companies joined the Dalian market. The move will further enhance Dalian-Korean economic cooperation.

Lee spoke highly of Dalian’s potential and said the Dalian branch will provide financial services not only for the 3000-odd South Korean invested enterprises but also for other enterprises.

Citibank China CEO Andrew Au also came to Dalian on Thursday to attend a financial service seminar, expressing his intention to broaden their business in Dalian.

Woori Bank entered the Chinese market in 1995 and established five branches in the Chinese mainland before Dalian.