KB Financial Group

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 & 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 provide financial services to people with middle- and low-income levels, was privatized. Both banks bought other financially challenged banks during the Asian financial crisis.

The government 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
Headquarter: Seoul, South Korea
Website: https://www.kbfg.com/