South Korea’s banking sector consists of 20 domestic banks and 35 foreign bank branches. KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank are among the largest commercial banks, not only in terms of total assets but also in terms of deposits and loans granted. In 2016, two digital banks, Kakao Bank and K Bank, were established and have since received national and international recognition. The third internet-only bank, Toss Bank, entered the race in 2021.

The former Kookmin Bank and the Housing and Commercial Bank merged to establish the current KB Kookmin Bank in December 2000. In the 1960s, the Korean government established them both for distinct goals. In 1995, Kookmin Bank, which catered to providing financial services to people with middle- and low-income levels, was privatized. Both banks bought financially challenged banks during the Asian financial crisis.

The government's policy to make banks bigger and more stable contributed to the merging of the two banks. Following the merger, KB bought a number of businesses, including credit card, insurance, and brokerage firms, and in 2008, it became the current financial conglomerate. After a financial watchdog discovered that Kookmin Bank had avoided paying $270 million in taxes, the bank announced in September 2004 that its 2003 and 2004 earnings would be restated.

Founded: 1 November 1963
Headquarters: Seoul, South Korea
Website: omoney.kbstar.com

A bank with its main office in Seoul, South Korea, is called Shinhan Bank. It was historically the country's first bank and was founded in 1897 as Hanseong Bank. In 1982, the bank was reopened. Along with Jeju Bank, it forms a member of the Shinhan Financial Group. On April 1, 2006, Chohung Bank and Shinhan Bank amalgamated.

On July 7, 1982, Shinhan Bank was founded as a small business with KRW 25.0 billion in capital stock, 279 employees, and three branches. It has evolved into a sizable bank today, with equity capital of KRW 9.7 trillion, assets of KRW 176.9 trillion, 10,741 employees, and 1,026 branches as of 2006. The assets held by Shinhan Bank as of June 30, 2016 were 298.945 trillion won (about 304.658 trillion won or US$269.507 billion in 2017).

The market capitalization of Shinhan Financial Group was $14.22 billion as of March 2023. By market cap, this places Shinhan Financial Group as the 1119th most valuable company in the world. The most recent financial reports from Shinhan Financial Group indicate that the company's current revenue (TTM) is $16.58 billion. The company generated $18.83 billion in revenue in 2021, a rise from $17.88 billion in revenue in 2020.

Founded: 1897
Headquarters: 20, Sejong-daero 9-gil, Jung-gu, Seoul, South Korea
Website: https://www.shinhan.com/en/

Commercial bank Hana Bank has its main office in Seoul, South Korea. It has offered the broadest selection of foreign exchange products in South Korea since it was founded as Korea Exchange Bank in 1967. A government-owned bank that specializes in foreign exchange, Korea Exchange Bank, was founded in 1967. It was one of the earliest commercial banks in Korea and was privatized in 1989. KEB was the first bank in Korea to export Korean won to another country during the 2002 FIFA World Cup, sending bundles of 10,000 won notes to Japan.

Hana Financial Group's market capitalization as of March 2023 was $9.49 billion. By market cap, Hana Financial Group is now the 1525th most valuable corporation in the world. The most recent financial reports from Hana Financial Group show that the company's current revenue (TTM) is $9.05 billion. The company generated $9.36 billion in revenue in 2021, an increase from $8.72 billion in revenue in 2020.

Founded: 1967
Headquarters: Seoul, South Korea
Website: https://kebhana.com/

Seoul is home to the international Korean bank, Woori Bank. It is one of the four biggest domestic banks in South Korea and has a significant presence in both corporate finance and commercial banking in the country. It was initially established in the 19th century and underwent numerous name changes and mergers before settling on its current moniker in 2002.

It is well known that Woori Bank was the first South Korean bank to support web browsers other than Internet Explorer for online banking in Korea. With 311,852 billion USD in total assets as of the end of 2019, Woori is ranked 95 on the list of the largest banks in the world as of 2020.

Woori Financial Group's market cap was $6.34 billion as of March 2023. This places Woori Financial Group as the 156th most valuable company in the world by market cap in 2009. The most recent financial reports from Woori Financial Group show that the company's current revenue (TTM) is $8.82 billion. The company generated $8.27 billion in revenue in 2021, an increase from $6.86 billion in 2020.

Founded: 30 January 1899
Headquarters: Jung-gu, Seoul, South Korea

Website: go.wooribank.com

The state-owned Industrial Bank of Korea has its main office in Jung-gu, Seoul, South Korea. IBK was founded in accordance with the Industrial Bank of Korea Act in order to support small and medium-sized businesses and enhance their economic standing by offering a reliable lending system.

The Industrial Bank of Korea (IBK) has a market value of $6.47 billion as of March 2023. This places Industrial Bank of Korea (IBK) as the 79th most valuable firm in the world according to market cap. The most recent financial reports from Industrial Bank of Korea (IBK) show that the company's current revenue (TTM) is $7.47 billion. The company generated $7.01 billion in revenue in 2021, an increase from $6.71 billion in revenue in 2020.

Founded: 1961
Headquarters: Seoul, South Korea
Website: global.ibk.co.kr

An agricultural bank with its main office in Jung-gu, Seoul, South Korea, is called Nonghyup Bank (NH Bank). The NACF (National Agricultural Cooperative Federation) now owns the bank, which was founded in 2012 as a separate entity from it. Nonghyup Bank works hard to promote rural communities, agriculture, and agricultural cooperatives.

The NACF, or "NongHyup," as it is known in Korean, was founded to help farmers' economic, social, and cultural standing and to support the balanced growth of the country's economy. They are working with the Extension and Support Unit, the Agriculture Group, and Financial Services to achieve these objectives. We shall keep working hard to promote the growth of neighborhood communities and a prosperous way of life for farmers.

They advocate for the rights and interests of farmers and work to raise their standard of living through improved farming practices and higher agricultural income. Via the I Love Farms and dietary improvement programs, they also communicate the fundamental values of agriculture and farming communities.

Founded: 2012
Headquarters: Jung-gu, Seoul, South Korea
Website: https://www.nonghyup.com

A fully owned subsidiary of the South Korean government, the Korea Development Bank develops public policy. It was established in 1954 in compliance with the Korea Development Bank Act to finance and oversee significant industrial projects and quicken Korea's industrialization.

KDB Bank, the 61st largest bank in the world according to The Banker Top 1000 World Bank List for 2018, has not only supported the development of critical industries but also helped struggling businesses turn around through restructuring and provided funding for strategic development initiatives.

It has expanded into investment banking services since 2000 and now runs as a CIB (Commercial and Investment Bank). Nonetheless, it is a significant restructuring player and has helped many large corporations survive catastrophic financial crises, including the Asian financial crisis of 1997 and the 2007–2008 financial crisis.

Founded:1954
Headquarters: Seoul, Republic of Korea
Website: kdb.co.kr

South Korea's official export credit organization is the Export-Import Bank of Korea (also known as Korea Eximbank). In 1976, the bank was initially founded. Its main goal is to boost South Korea's export-led economy by financing large-scale projects and consequently promoting trade with other nations.

To encourage the development of the Korean Wave abroad, the bank stated on January 6, 2013, that it will give entertainment and food companies loans and credit guarantees totaling US$917 million over the ensuing three years. A spokesperson for the bank told reporters that exporters of such cultural content merit further financial assistance and investment because K-pop, Korean dramas, and traditional Korean cuisine all have enormous growth potential.

Founded: 1976
Headquarters: Seoul, South Korea
Website: https://www.koreaexim.go.kr

Standard Chartered Korea, a wholly owned subsidiary of Standard Chartered, is a banking and financial services organization with its headquarters in Seoul, South Korea. It was established as a result of Standard Chartered's 2005 acquisition of the erstwhile Korea First Bank.

In 1929, the bank was founded as the Joseon Deposit Bank. It became known as the Korea Deposit Bank in May 1950. In 1954, it acquired the branches of the Korean Bank for Nurturing Industries (the Korea Development Bank's forerunner). The military government nationalized the bank in 1961. It grew to be among the top 5 commercial banks in South Korea, but during the Asian financial crisis of 1997, it had financial difficulties. Standard Chartered bought it in 2005.

Founded: 1929
Headquarters: Seoul, South Korea
Website:www.standardchartered.co.kr

A local bank in South Korea is called Busan Bank. The business was founded in 1967 to support the local economy. The bank has its base and headquarters in the thriving port city of Busan, South Korea, and its Seomyeon main branch provides a full range of retail banking services, including foreign exchange. There are 229 branches of the bank throughout Korea. Among of its major owners are Parkland, Templeton, National Pension Service, Lotte Group, Capital Research & Global Investors, and Aberdeen Asset Management Asia Ltd.

A participant in the BC Card Network is Busan Bank. Regardless of the product category, you are exempt from paying an annual fee for the following year if you have used more than 2.4 million won annually. There is no cash back scheme like Daegu Bank, but there is a 1,000 KRW issuance cost and no fee for reissuing a check card due to damage or renewal. The SUM Bank BC Master Check Card, which was introduced in February 2020, does not charge an issue fee at all. Instead, an event is arranged to promote new products and waive the issuance price.

Only China UnionPay, BC Global, and MasterCard are supported by check cards; MasterCard debuted in February 2018. The BC Global Check Card may only be used at ATMs and does not offer any credit abroad. Maestro, a MasterCard check card network, is available through High Check Global Card. Also, you can link your Busan Bank account to Lotte Card and other credit card providers as a payment account.

Founded: 1967
Headquarters: Busan, South Korea
Website: https://gbank.busanbank.co.kr/

Banking services are offered by Daegu Bank Co., Ltd. Savings deposits, passbook deposits, time deposits, bank loans, foreign exchange, remittances, trust account management, and reassurance services are only a few of the services offered by the organization.

Together with ATM cash services, Daegu Bank Co., Ltd. also provides internet and mobile banking services. Based in Daegu, South Korea, the business established in 1967, Daegu Bank Co.,Ltd. is a division of DGB Financial Group Co., Ltd. One of South Korea's biggest regional banks is Daegu Bank. In Korea, they have 229 locations.

Founded: October 7, 1967
Headquarters: Daegu, South Korea
Website: https://banking.dgb.co.kr/

On December 1st, 2016, Suhyup Bank, a specialized bank in South Korea, was split off from Suhyup. As a Tier 1 bank, they provide the majority of financial services, such as savings, loans, credit cards, foreign exchange, insurance, and more. For foreign exchange and remittance services, they have 350 sub-agent sites and roughly 130 branch locations nationwide.

They offer services that are focused on the needs of the customer, and by assisting clients in becoming financially successful, they support the growth of the national economy. Also, they promote the growth of the maritime and fishing industries as well as the prosperity of the people employed there. With their customers, we will lead a bright future by developing the marine and fishing industries.

Founded: December 1st, 2016
Headquarters: Songpadong, Seoul-t’ukpyolsi, South Korea
Website: www.suhyup-bank.com

Citibank Korea is a Citigroup affiliate in South Korea that offers top-notch financial goods and services based on a variety of Citi products and expertise with a worldwide network. On November 1, 2004, Citibank Korea was established following the purchase of KorAm Bank 2. Citibank Korea offers both international and local expertise in a broad range of corporate banking solutions, according to the company's website.

Among the many services offered by Citibank Korea are corporate banking, investment banking, global markets, treasury management, and trade solutions. The Financial Supervisory Service (FSS) ranked Citibank Korea as the worst bank for consumer complaints in 2015. On their official website, Citibank Korea provides more details.

Founded: 1983
Headquarters: Seoul, South Korea
Website: http://www.citibank.co.kr/