Woori Finance Holdings (aka Woori Financial Group) was formed in 2001 when the South Korean government consolidated its interests in Hanvit Bank (now Woori Bank), Kyongnam Bank, Kwangju Bank, Peace Bank, and Hanaro Merchant Bank (now Woori Investment Bank). Together, the group has some 950 domestic offices (about 650 of those are Woori Bank branches) and another 15 overseas. Its activities include banking, credit cards, trust services, securities trading, and wealth management. In 2003 the group bought Panasia Bank, which has locations in New Jersey, Pennsylvania, and Virginia, from National Penn Bancshares.