List of banks in South Korea

This is a list of South Korean banks. The parenthesized number is the bank number.

Central bank

Bank of Korea (001)

Specialized banks

Specialized banks are financial institutions established under a special act, not the Korean Banking Act.^[1] The South Korean government owns the majority of its shares in the Korea Development Bank, Industrial Bank of Korea, and Korea Eximbank. Suhyup Bank and Nonghyup Bank are not owned by the Korean government, but their organizations (NFAC – which is a sole shareholder of Nonghyup Financial Group – and NFFC) are largely influenced by the Korean government.^{[according to whom?]}

Commercial banks

Nationwide

Citigroup
- Citibank Korea (027)
Hana Financial Group
- Hana Bank (081)
KB Financial Group
- Kookmin Bank (004)
Standard Chartered
- Standard Chartered Korea (023) (trading as SC First)
Shinhan Financial Group
- Shinhan Bank (088)
Woori Financial Group
- Woori Bank (020)

Local

DGB Financial Group
- Daegu Bank (031)
BNK Financial Group
- Busan Bank (032)
- Kyongnam Bank (039)
JB Financial Group [ko]
- Kwangju Bank (034)
- Jeonbuk Bank (037)
Shinhan Financial Group
- Jeju Bank [ko] (035)

Internet-only

K Bank (089)
KakaoBank (090)
Toss Bank (092)

Foreign bank branches

As of 2023, 34 foreign bank branches are affiliated with the Federation of Korean Banks as associate members.^[2] The GIRO code for unlisted foreign banks is 051.

Non-bank depository institutions

In comparison to commercial banks, non-bank deposit-taking institutions have a narrower scope of business activities. They are established for limited purposes and governed by distinct regulations concerning their fund-raising and management. Payment and settlement services may be limited or non-existent, and their business focuses are constrained in accordance with each institution's unique characteristics.^[1]

Strictly, these institutions are not banks, but have a similar purpose and are widely recognised as a kind of bank. These institutions cannot use the name "bank" except (according to the 2010 Mutual Savings Banks Act) the Mutual Savings Bank.

Credit cooperatives

Korea Federation of Community Credit Cooperatives (045, 046, 085)
National Agricultural Cooperative Federation (012)
National Credit Union Federation of Korea (048)
National Federation of Fisheries Cooperatives (007)
National Forestry Cooperative Federation (064)

Mutual savings bank (050)

Postal saving

Korea Post (071), Postal Financial Service by MSIP

M&A tree

KB Kookmin Bank
- Kookmin Bank (old, ~2001)
  - Daedong Bank (~1998)
  - Long-term Credit Bank (~1998)
- Housing and Commercial Bank (~2001)
  - Dongnam Bank (~1998)
Woori Bank
- Woori Bank ← Hanvit Bank
  - Korea Commercial Bank
  - Hanil Bank
- Korea Peace Bank (~2001)
Shinhan Bank
- Chohung Bank (~2006)
  - Chungbuk Bank (~1999)
  - Kangwon Bank (~1999)
- Shinhan Bank (old, ~2006)
  - Dongwha Bank (~1998)
KEB Hana Bank
- Korea Exchange Bank (~2012)
- Seoul Bank (~2002)
- Boram Bank (~1996)
- Chungchong Bank (~1998)
Citibank Korea
- Citibank N.A. Seoul branch (~2004)
- KorAm Bank (~2004)
  - Kyungki Bank

References

^ ^a ^b "Financial System in Korea – Financial Institution". Bank of Korea.
^ "List of Members – Associate Members". Korea Federation of Banks.

External links

Korea Federation of Banks

[BOK-1] "Financial System in Korea – Financial Institution". Bank of Korea.

[2] "List of Members – Associate Members". Korea Federation of Banks.

[1]

[2]