Top List of Banks in South Korea
South Korea is one of the most stable economies in Asia, with a large and well-developed financial sector. The term "best bank" is subjective, but there are many options for banking services in South Korea, thanks to its robustness. Are you looking for a new bank? You'll find plenty of options in South Korea. South Korea has around 100 financial institutions, but only a few dominate the market.
The following banks are ranked based on the strength of their total number of employees and assets:
KB Kookmin Bank
KB Kookmin Bank is the largest bank in South Korea. The Bank has over 1,100 branches and 26,000 employees, serving more than 15 million customers. It was founded in January 1969 as the Industrial Bank of Korea through a merger of 12 smaller banks. In 2001, IBK merged with Kookmin Bank, forming KB Kookmin Bank. As of 2020, KB Kookmin Bank is the largest bank in South Korea by total assets with 438 trillion South Korean won. Its main products are personal and business banking services such as checking accounts, savings accounts, credit cards, debit cards, and mortgage loans.
Shinhan Bank
Shinhan Bank is a South Korean bank headquartered in Seoul, South Korea. It is the oldest bank in South Korea and has been part of the Shinhan Financial Group since 2002. It was founded as Hanseong Bank in 1897. The Bank is listed on the Korea Exchange stock-exchange and constitutes the KOSPI 200 and KOSPI 50 indices. As of 2020, Shinhan Bank has total assets of 428 trillion South Korean won (2020) and 29 million domestic customers with 20,000 employees and approximately 900 branches.
Shinhan Bank offers various financial services, such as loans, deposits, foreign exchange transactions, credit cards, securities trading, investment trusts, and insurance. The Bank's overseas branches engage in corporate banking, investment banking, and retail banking.
Nonghyup Bank
Nonghyup (Agricultural Cooperative Bank of Korea) is one of the largest agricultural cooperative financial institutions in South Korea. Nonghyup was founded in 1961 to support the farming and fishing industries and has since expanded its business to include commercial banking businesses. The company's headquarters are located in Seoul, South Korea. Nonghyup offers banking services to farmers, fishers, and other individuals in rural areas. It is also an agricultural cooperative that provides loans to farmers to support the agriculture industry.
Nonghyup Bank is one of the largest banks in South Korea, with total assets of US$363.90 billion (2018). It has around 16 thousand employees and operates approximately 1,136 branches (2019).
Hana Financial Group
Hana Financial Group Inc. is a South Korean multinational banking and financial services holding company headquartered in Seoul. Founded in 1971 as a commercial bank, it has since merged with other banks and expanded into credit cards, investment banking, insurance, and securities businesses.
As of December 2020, the group had approximately 1,009 branches and around 12,195 employees. Hana Financial Group had total assets of 460,313 million as of December 2020.
Hana Bank offers a variety of banking services to its customers:
Provides deposit, loan, foreign exchange, card, Internet banking, and other financial products. Corporate Banking: Provides loans, foreign exchange, and other financial services. In addition, it also
Provides investment banking services such as underwriting, trading, and brokerage services.
Korea Development Bank
Korea Development Bank (KDB) is a South Korean government-owned bank headquartered in Seoul, South Korea. KDB was initially established as the Korea Development Corporation (KDC) on February 8, 1954. KDB has 68 domestic branches and 22 overseas branches. As of 2018, KDB had 223.7 billion USD in total assets. KDB provides financial support for developing the Korean industry by extending loans to small or medium-sized businesses, offering export financing, and providing guarantees for overseas projects. KDB also provides funding for individuals through banks, such as mortgage-backed securities.
Woori Bank
Woori Bank is a South Korean retail bank founded in 1899, the oldest Bank in South Korea. As of 2016, Woori Bank was the second-largest bank in the country by total deposits with 22 million customers. In 2020, its total assets were recorded to be 38.05 trillion IDR (2020), while its total employees were approximately 13,715. With more than 850 branches worldwide, Woori Bank is one of the most accessible banks in South Korea. Woori Bank offers a wide range of services and products, including retail, corporate, investment banking, international banking, and financial markets.
Industrial Bank of Korea
Industrial Bank of Korea is a commercial bank based in Seoul, South Korea. It is also one of the largest commercial banks in South Korea and was established in 1961. Industrial Bank of Korea has over 612 branches, including 12 overseas branches. The total assets in 2020 were estimated to be $324,008 million and employ around 10,000 staff. A full range of deposit accounts is available at IBK, including current and savings accounts, time deposits, and foreign currency accounts. IBK also offers credit card and loan services for individuals, businesses, and agriculture. Additionally, IBK provides online, mobile, and phone banking services to its customers to increase convenience.
DGB Financial Group
DGB Financial Group is a financial holding company headquartered in Daegu, South Korea. It was formed from two South Korean banks, Daegu Bank and Kwangju Bank, and one securities firm, Daishin Securities. The group has a total of 209 branch offices with 3.41 million customers. As of December 31 December 31, 2016, the group had total assets of KRW25. 4 trillion. As of 2018, DGB Financial Group hired 116 employees. DGB Financial Group offers a wide range of products and services to meet our customers' needs. They have many different products and services, including loans, savings accounts, credit cards, insurance, and investment products.
Kwangju Bank
Kwangju Bank was founded in 1945 as Kwangju Chohap Bank and became an incorporated company in 1960. It was the first regional Bank listed on the Korea Exchange in 1983. As of September 30 September 30, 2017, the Bank had total assets of 23.460 trillion won (US$21 billion). With over 1,500 employees, it had more than 140 branches and 70 plus banking specialists providing services to corporate customers and individual consumers.
Kwangju Bank offers full-range commercial banking services, including loans, deposits, and foreign exchange business. The Bank also provides capital markets services for its corporate customers and investment banking services for large corporations and financial institutions.
Busan Bank
Busan Bank is a South Korean bank headquartered in Busan. It was established in 1967. The Bank has over 3,398 employees, 229 branches, and has total assets of $96,463 (2020). Busan Bank provides various banking products and services, including loans, deposits, currency exchange and wire transfer services, credit cards, derivatives trading, financial investment products, and funds transfer services.
FAQs
Q.What is the Best Bank in South Korea?
A.Korea Exchange Bank (KEB)
The Korea Exchange Bank (KEB), acquired by Hana Financial Group, is a leading bank in South Korea. KEB was ranked third in Korean banks as of June 30, 2005. The Bank also has a branch in Los Angeles, California, and New York City and several overseas branches, including Beijing, Frankfurt, Hong Kong, London, New York, Paris, and Singapore.
