After the Korean War, the Korean peninsula split into two – South Korea and North Korea. Even though South Korea was an emerging country in 1953 – after the war ended, it has a GDP (Gross Domestic Product) of 1.65 lakh crores USD. On the other hand, North Korea remains a perplexing country that is also one of the world’s poorest countries, relying broadly on Chinese funding. South Korea’s growth propelled it into the list of developed countries after half a century.
The country currently has 148 banks, including 52 commercial banks, 91 mutual banks, and 5 specialized banks. Some banks contributed to the country’s accelerated economic group. I have listed the top 10 banks in South Korea if you want to shift to the country.
Top 10 Banks in South Korea
All the South Korean banks are controlled and regulated by Financial Supervisory Services or FSS. The Bank of Korea is the country’s central bank, responsible for issuing Korean Won and sustaining price stability.
10. Busan Bank
Busan Bank is one of the top 10 banks in South Korea. It’s also a popular bank. For locals, it’s a regional bank rather than a global rank. The bank provides a wide range of financial products and services. However, they are limited to personal banking. Busan Bank is well-known since it has a huge list of shareholders, including Capital Research & Global Investors, Lotte group, National Pension Service, Aberdeen Asset Management Asia, Templeton, etc.
9. DGB Financial Group
DGB Financial Group is a regional bank that serves the Daegu-Gyeongbuk territory. It is known to be one of the largest banks in South Korea; established in 1967, DGB Financial Group Bank gives several traditional and modern banking services, including loans, deposits, internet services, etc. Moreover, it allows foreign currency for exports and imports, asset management, vehicle financing, and more. SGB Financial Group bank has a compilation of assets that surpasses $50 billion.
8. Kwangju Bank
Kwangju Bank was established in 1968. The bank’s main aim to give financial aid to small and medium local businesses. Reports suggest that some 1500 employees work in the bank. Headquartered in Gwangju, its total assets were 1166.277 KRW billion, as of June 2018.
7. NongHyup Bank
NongHyup Bank was founded in 1961 and is now owned by the NACF. Back in the day, it was formed from the Agricultural Federation and the Agricultural Bank merger. Headquartered in Seoul, the bank provides financing, corporate finance, real estate finance, mortgages, new technology finance services, personal lines of credit, along with property and casualty insurance products. There is over 13,000 staff. The bank’s total assets amount to US$333 billion as of 2017.
6. Industrial Bank of Korea
Industrial Bank of Korea is the oldest bank in South Korea. Established in 1961, it’s also the largest bank in the country. It is headquartered in Seoul and provides foreign currency services, credit and debit card services, corporate services, and retail services. The bank has over 500 branches in South Korea, along with some international offices. The Industrial Bank of Korea has a total asset value of about $250 billion.
5. Woori Bank
Woori Bank is said to be the 5th biggest bank in South Korea, which employs 16,000 employees. The bank provides services through subsidiaries that include Woori Credit Information Co, Woori Bank, Woori Fund Service, Woori Private Equity Asset Management, Woori FIS, and Woori Finance Research Institute, and some retail and corporate customers’ products and services. The bank had $303 billion in total assets as of 2019.
4. Korea Development Bank
The South Korean Government owns Korea Development Bank. It is headquartered in Seoul. To excite the economy, the bank came into. Research suggests that a particular legislative act was formed to run the bank. It has 3,000+ staff worldwide, which proves international, corporate, investment, and deposit banking services. Korea Development Bank-supported thousands of small and medium businesses.
3. Hana Financial Group
Established in 1971, Hana Financial Group provides corporate finance, fundraising mergers and acquisitions, risk management advisory, underwriting services, and securities trading. Headquartered in Seoul, it was earlier known as Hana Daetoo Securities Co. Ltd. to be rechristened to Hana Financial Investment Co. Ltd. in 2015. It has over 19,000 employs. The total assets of the bank were US$308 billion as of 2016.
2. Shinhan Financial Group
Shinhan Financial Group was established in 1897. It is known to be one of the first banks in South Korea, founded under Hanseong Bank. The bank has 871 branches and 27 private wealth management service centers in South Korea and 14 branches in other countries. There are around 14,000 employs. Shinhan Financial Group operates through International Banking, corporate banking, Retail Banking, and other Banking segments. Headquartered in Seoul, its total assets as of 2016 were US$341 billion.
1. KB Financial Group
KB Financial Group is the top bank in South Korea. It is headquartered in Seoul and provides financial services through its subsidiaries. Its operations consist of corporate banking services. Other banking operations include back-office administrative operations and treasury activities. KB Financial Group’s life insurance section includes life insurance and wealth management services. In 2016, the bank listed its total assets of US$275 billion.
What is the best bank in Korea?
KB Financial Group and Shinhan Financial Group are the best banks in South Korea.
Can a foreigner open a bank account in South Korea?
Yes, some South Korean banks allow foreigners to open a bank. They also offer English as well other languages. But the transactions must be conducted through a teller at a branch, which restricts the ATM access.
Is South Korea a safe country?
Yes, South Korea is a safe country since petty theft and violent crime are non-existent.
Is South Korea richer than North Korea?
South Korea’s GDP amounted to around 1,919 trillion South Korean won, compared to North Korea, which was approximately 35.28 trillion South Korean won. This means that South Korea’s GDP is 54 times greater than that of North Korea.
Is it cheaper to live in India or South Korea?
South Korea is a developed country whose exports account for 42.2% of its GDP, more than some countries. Technically, India is 64% more inexpensive than South Korea.