By The largest banks in South Korea are the preferred choices for savings and applying for large loans, which has become quite common lately. Banks are known as commercial institutions to conduct business worldwide, including in South Korea, where their role is crucial in supporting both commercial and personal transactions.
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Banks also provide a wide range of services, such as financial management facilities. Moreover, many banks in South Korea are benefiting from various technological advancements, making their systems more effective and efficient for transactions with customers.
Largest Banks in South Korea
1. KB Kookmin Bank
Kookmin Bank is one of the four largest banks in South Korea by asset value as of March 2014 and is the largest bank in Korea and the 60th largest globally in 2017.
In fact, this bank is the parent company of Bank Bukopin, which launched its inaugural campaign in December 2020 in Indonesia, partnering with BTS as its ambassador.
Kookmin Bank is part of the KB Financial Group based in Korea, which recorded the highest net income achievement in Korea throughout 2019.
KB Financial Group shares have been listed on the Korea Exchange since October 10, 2008, and on the New York Stock Exchange since September 29, 2008.
2. Hana Bank
Another major bank in South Korea is Hana Bank, a subsidiary of Hana Financial Group, with assets valued at USD 125 billion, ranking as the 93rd largest financial institution in the world in 2008.
Hana Bank plays a significant role as a financial partner with Global standards introduced worldwide in cities like Tokyo, New York, Singapore, China, and Hong Kong.
Not only Hana Bank in Korea, but PT Bank KEB Hana, supported by the World Bank’s subsidiary IFC, provides assistance to developing countries by creating better environmental development, job creation, and consultancy services.
This global-scale bank provides customer service and a unique banking experience through its collaboration with the IFC.
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3. BNK Financial Group
This largest bank in South Korea is headquartered in Busan and is known as one of the best financial groups in South Korea. With this bank, the South Korean public can enjoy various services provided by its subsidiaries.
The bank operates in financial investment, credit finance, and joint savings bank segments.
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Moreover, the bank provides comprehensive services to South Korean citizens, such as Internet banking, asset management services, financial products, apartment deposit applications, and other services.
4. Woori Financial Group
Woori Financial Group operates 894 branches across South Korea and has two international branches that provide a wide range of commercial banking products and services to individual customers, and small and medium-sized enterprises.
South Korean residents can conduct many transactions, including fund transfers, more securely through this bank headquartered in Seoul.
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This multinational bank in Seoul is also one of the four largest domestic banks in South Korea, which began its history in the 19th century and has undergone many name changes and mergers to become what it is today. It even ranked 95th in 2020 in the list of banks with the largest assets in the world.
5. Kakao Bank
For those looking for easy access to banking services via online platforms, Kakao Bank is the perfect choice as a subsidiary of Korea Investment Holdings Ltd.
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It is the first Internet bank in South Korea and provides various banking services such as international money transfers, credit card issuance, credit distribution, and savings. Hence, it’s no wonder that the growth of this bank is significantly faster compared to some other banks in South Korea.
Not only a banking company, but it is also a special mobile financial technology originating from South Korea, founded in 2016 and went public in July 2007, attracting over 240,000 customers within its first 24 hours, and as of July 11, 2019, has over 10 million customers. =
Kakao Bank has officially announced plans for an IPO to the public, selecting KB Securities and Credit Suisse as its lead managers for the IPO, with Citi as its co-manager.
6. Shinhan Bank
Shinhan Bank succeeds Hanseong Bank, the first modern bank in South Korea, which is also present in Indonesia and provides accounts for Indonesian migrant workers or PMIs working in South Korea. The bank offers various deals related to PMI accounts so that PMIs can receive insurance guarantees upon their return after working in South Korea.
This convenience is also felt by Indonesian migrant workers because they are given the ease of opening accounts in Indonesia itself when they are preparing to leave for South Korea.
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Shinhan Bank has more than 700 branches across South Korea and offers attractive deals for quick money transfers for PMIs.
