Bank Woori Saudara is an Indonesia-based financial institution. Bank Saudara was founded in 1906 by ten merchants of Pasar Baru in Bandung, West Java. The Bank's products and services include savings and checking accounts, fixed deposits, credit loans and other banking service. On 14 March 2012, Bank Saudara announced a plan to merge with Bank Woori Indonesia, Indonesian subsidiary of Woori Bank of South Korea. PT Bank Himpunan Saudara 1906, Tbk has obtained approval from Bank Indonesia via an approval letter on December 30, 2013 related to the purchase of 27% Bank Saudara’s shares by the Woori Bank of Korea and the remaining 6% has been approved in advance on April 16, 2013. Earlier this year, Woori achieved one of its long-awaited overseas operation goals ― Indonesia’s central bank approved Woori’s acquisition of a 33-percent stake in Bank. Wikipedia