Woori America Bank launched its Austin branch this month, becoming the first Korean lender to establish operations in Texas as the nation’s banks scramble to support domestic companies navigating shifting trade policies with Washington.
The unit of Seoul-based Woori Bank opened the facility August 15 after two years of preparation, targeting the estimated 15,000 Koreans in the Texas capital and surrounding corporate ecosystem anchored by Samsung Electronics’ long-standing semiconductor operations.
The move reflects broader strategic positioning by Korean financial institutions following July’s agreement between Seoul and Washington imposing 15% reciprocal tariffs on Korean exports—a compromise from threatened 25% duties but still significantly above near-zero rates under the existing free trade pact. Korea committed approximately $350 billion in US-linked investments spanning semiconductors, shipbuilding and energy sectors.
Austin represents Woori’s third southern US location, joining existing branches in Dallas and Duluth, Georgia. The bank previously operated loan offices in Dallas since 2018 and Houston since 2023 before expanding to full-service branches.
Korean lenders are strengthening their financial footholds in the US to support Korean companies expanding operations there, as new tariff tensions and investment commitments reshape the bilateral trade landscape, according to industry reports. Competitors including Shinhan Bank and Hana Bank already operate US subsidiaries, while KB Kookmin Bank and NongHyup Bank maintain single New York branches.
The timing coincides with Samsung’s multibillion-dollar plant construction in nearby Taylor, though the broader Korean-American banking sector faces demographic headwinds as traditional immigrant customer bases show less loyalty to ethnic institutions than previous generations.
