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TOP-5 Best Banks in Korea

The South Korean banking sector is considered one of the biggest within Asia. However, it is still not as strong as the financial institutions in China and Japan. Nonetheless, Koreans have access to decent banking services that are offered by a wide variety of banks within the country.

In general, Korean banks can be categorized into three: which are commercial, specialized, and mutual savings banks. Mutual savings banks are the most in number with almost 100 banks within the country. Next in line are the commercial banks, which are a little over 50 in number. Finally, specialized banks are the least as they are not up to 10. In no particular order, the top-5 banks in Korea are discussed below.

KB Kookmin Bank

KB Kookmin Bank is considered the biggest bank in Korea. It is affiliated with a financial institution called KB Financial Group. Established in 1963, this bank has been providing Koreans a wide range of banking services for over half a century. With its corporate headquarters in Seoul, the bank has over a thousand branches, which serve nearly 40 million clients from across the country. KB Kookmin Bank has thousands of ATMs in South Korea. It also has a total asset of over $366 billion.

Shinhan Bank

Established in 1982, Shinhan Bank is a large bank that employs over 10,000 workers within Korea. The bank has its head office in the country’s capital. Although Shinhan Bank is a Korean bank, it has branches in over a dozen international cities with nearly a thousand offices. Shinhan Bank belongs to the Shinhan Financial Group. The bank’s position within the financial space of Korea allowed it to amass a total asset of nearly $360 billion.

NongHyup Bank

NongHyup Bank is a bank that began operations less than a decade ago in 2012. This bank is owned by the Korean Government under an agency. The bank provides several commercial financial services to its millions of clients. As a subsidiary of a large financial group (NongHyup), this bank has over 1000 branches across the country. With headquarters in Seoul, NongHyup Bank has a total asset of over $330 billion.

Hana Financial Group

Hana Bank is a commercial bank that was created in 1971. It has a sizable total asset of over $300 billion. Hana Bank employs one of the largest workforces of over 20,000 within the Korean banking sector. With over a thousand branches across Korea, Hana Bank offers its clients a wide range of banking services. In addition, the bank has over 100 branches within two dozen countries around the globe.

Woori Bank

Woori Bank is one of the oldest banks in Korea. It was opened in 1899. It has one of the biggest total assets of over $270 billion. With its headquarters in Seoul, Woori Bank has been in operations for over a century. The bank’s age has allowed it to possess thousands of branches across Korea. Likewise, it has over 20 million clients within the country.

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