Woori Bank, the country's third-largest commercial lender by assets, said Tuesday it has opened an office in the Russian port city of Vladivostok as a growing number of companies are expected to enter the market in line with Moscow's regional development plan.

The office, the first in the area to be operated by a Korean bank, will mostly focus on providing corporate finance to South Korean companies, Woori Bank said in a press release.

The Vladivostok office is Woori Bank's third local unit in Russia. The lender established local subsidiary "ZAO Woori Bank" in January 2008 and added a branch in St. Petersburg in August 2011.

With the latest opening, Woori Bank now operates 73 overseas units in 18 countries. As part of efforts to step up overseas expansion, the bank plans to complete the merger of Indonesia Woori Bank and Indonesia-based Bank Saudara this year. (Yonhap)