The banking sector in any country plays a vital role in its economic development with more investment opportunities. Different types of Banks contribute to foreign investments, employment generation, and infrastructure financing. 

South Korea, one of the leading economies in the world, has a well-established banking sector comprising local and international institutes. Banks like KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, etc., earn high-profit margins and cover both traditional and modern financial services. In this article, the largest banks in South Korea based on total assets of 2023 are highlighted:

List of 10 Largest Banks in South Korea

Here is the list of top banks in South Korea contributing to the overall economic growth and industrialization: 

• KB Kookmin Bank
• Shinhan Bank
• Hana Bank
• Woori Bank
• Industrial Bank of Korea
• Nonghyup Bank
• Korea Development Bank
• Export-Import Bank of Korea 
• Standard Chartered Bank of Korea
• Busan Bank

1. KB Kookmin Bank

This is one of the largest banks in South Korea and is ranked 60th in the world. It started its journey in 2000 after the Asian financial crisis with the merger between the Housing & Commercial Bank and the old Kookmin Bank. The Korean government established these two banks with special motives in the 1960s. After the merger, the bank expanded its scope by acquiring various firms, including insurance and credit card companies. This strategy resulted in more growth and revenue generation. 

KB Kookmin Bank’s headquarters are located in Seoul, and its branches are available in most cities. It is a subsidiary of the parent company, KB Financial Group, which is behind different banking and financial services in South Korea. Other than KB Kookmin Bank, some key subsidiaries working under this group are KB Securities, KB Insurance, Prudential Life Insurance Korea, KB Savings Bank, and KB Data Systems. This bank has a good reputation for both personal banking and international services. 

2. Shinhan Bank

Shinhan Bank, originally known as the Hanseong Bank, started its journey in 1897. It was the first bank in South Korea, re-established in 1982, and is currently working as one of the largest banks. It offers a wide range of services, including retail banking, private banking, corporate banking, wealth management, etc. It works as a subsidiary of the Shinhan Financial Group, and in 2006, it merged with the Chohung Bank, resulting in more stability and growth. 

At the time of its establishment, its capital stock was around KRW 25.0 billion, and currently, it has equity capital of around KRW 9.7 trillion. One of the main factors behind its growth and success is the lower interest rate for lending money, which encourages more consumers to prefer it. It has also expanded its presence to other regions of the world, such as Vietnam, India, Japan, China, Indonesia, Singapore, etc. The main objective is to offer a variety of online and offline financial services so that its customers use finance easily. 

Also Read: Top 10 Largest Banks in The World

3. Hana Bank

Hana Bank started its journey in 1967 as the Korea Exchange Bank. This bank makes its position in the banking sector with its diverse range of foreign exchange offers. Currently, its branches are located in various regions of Asia & Pacific, America, Europe, and the Middle East. Its headquarters are located in Seoul, and it works as a subsidiary of the Hana Financial Group. This group runs multiple subsidiaries for its banking and financial services, such as KEB Hana Card, Hana Insurance, Hana Savings Bank, etc. 

Initially, Hana Bank was a government-owned bank, but in 1989, it was privatized and became one of the first commercial banks in South Korea. It is enjoying around 40 % of the foreign exchange market share and is one of the reliable institutions for getting other currencies like the US Dollar, euro, and Japanese Yen. Some of its notable services include asset management, internet and mobile banking, financing, cash management, remittance, etc. 

4. Woori Bank

Woori Bank started its journey in 1899, and with the passage of time, it kept expanding its scope with its diverse financial and banking services. It is among Korea’s largest domestic banks and highly reliable for corporate finance and commercial banking. By the end of 2019, its total assets were recorded at  311,852 billion USD. Based on these stats, it was ranked 95th in the world as the largest bank in 2020.  Some of its key products are consumer banking, corporate banking, insurance, investment banking, private banking, wealth management, credit cards, etc.

Woori Bank is a subsidiary of the Woori Financial Group, which is based on vast financial and banking services. In addition to its 862 domestic branches in South Korea, its units operate in various cities around the world, such as London, Singapore, Tokyo, Hanoi, Bahrain, Chennai, Sydney, etc. Some of the major clients behind its huge funding and investment are Samsung Electronics, Hanwha, Yonsei University, and the Korean University of Foreign Studies. 

5. Industrial Bank of Korea

This state-owned bank started in 1961 with the aim of helping small and medium-sized businesses with its credit system. Currently, it offers a wide range of banking products, such as corporate banking, retail banking, mortgage loans, private banking, and wealth management. Jong-Won Yoon is the Chief Executive Officer, and its headquarters are in Seoul. Its main objective is to make small and medium businesses independent while conducting their economic activities. 

Industrial Bank of Korea’s international branches are located in various cities, such as Shenzhen, Qingdao, Shenyang, Hong Kong, New Delhi, Tokyo, Yangon, Metro Manila, London, etc. It is playing a key role in South Korea’s industrialization and rapid economic development. In 2024, its Revenue was recorded at $15.6 billion, and its total assets were worth $336.8 billion. 

6. Nonghyup Bank

This is another one of the largest banks in South Korea that is strengthening the economy with its flexible funding offers. Nonghyup Bank came into existence on March 2, 2012, after the separation of the credit and banking unit from the National Agricultural Cooperative Federation (“NACF”). Nonghyup Financial Group owns this bank, and its headquarters are located in Seoul. Currently, it has 1,106 domestic branches and 12 international branches. Lee Seok-young is the CEO, and NongHyup Financial Group is its parent company.

It serves both private and corporate customers at national and international levels. Its key banking products include personal banking, corporate banking, foreign exchange services, card services, etc. This is one of those commercial banks developed with purely domestic capital. Its main objective is to help farmers and rural communities obtain modern equipment or other funds by offering flexible loans. 

Also Read: Top 10 Largest Banks in The USA

7. Korea Development Bank

After the Korea Development Bank Act, the Korea Development Bank started its journey in 1954 with the aim of supporting industrial projects. It covers various products under corporate and investment banking, helping businesses to flourish and bring in economic property. It has around 69 domestic and 22 international branches in cities like New York, Beijing, Hong Kong, London, etc. During various financial crises like the 1997 Asian financial crisis and the 2007–2008 financial crisis, it played a key role in helping troubled organizations.  It offered restructuring services and funds for their survival and redevelopment. 

KDB Capital, KDB Infrastructure Investments Asset Management, and KDB Investment are its subsidiaries, which offer various investment and banking services. This state-owned enterprise’s headquarters are located in Seoul, and it serves at both national and international levels. 

8. Export-Import Bank of Korea 

Export-Import Bank of Korea is another of South Korea’s largest banks and behind its global worth. This bank assists in cooperating with other countries to promote the economic development of South Korea. It helps with smooth imports and exports and offers funds for international trade. Economic Development Cooperation Fund (EDCF) and Inter-Korean Cooperation Fund (IKCF) are government funds that are maintained under the Export-Import Bank of Korea. 

It started its journey in 1976, and its headquarters are in Seoul. It offers various products in commercial and investment banking. Along with overseas investment, it supports domestic small and medium enterprises with its funding. It played a key role during the 2008 financial crisis in rehabilitating and stabilizing the economy. Its strategies are based on sustainable practices and strive to promote a global presence. 

9. Standard Chartered Bank of Korea

In 2005, Korea First Bank was acquired by Standard Chartered and transformed into the Standard Chartered Bank of Korea. However, it was previously known as the Joseon Deposit Bank, which was founded in 1929. At present, Park Jong-Bok is the CEO, and its headquarters are located in Seoul.  It won the 2024 Korea’s Best Management Award based on its top-notch financial and banking services. 

Standard Chartered Bank of Korea is working on both dogmatic and international levels with its local and overseas branches. As the Standard Chartered Financial Group subsidiary, it serves various regions in Asia, the Middle East, and Africa. Its portfolio serves individual and corporate customers with its role as a financial partner.

10. Busan Bank

This is another one of the largest banks offering retail banking products in South Korea. Busan Bank started its journey in 1967 with the intention of improving the regional economy with more investments and developments. Its total number of branches and sales offices is around 229, and its overseas branches are located in regions like China, Vietnam, Myanmar, India, etc. At present, Bang Sungbin is working as its president and is behind its diverse growth strategies. 

Aberdeen Asset Management Asia Ltd., National Pension Service, Templeton, Capital Research & Global Investors, and Parkland are some of its key stakeholders. Busan Bank is a subsidiary of the BNK Financial Group, and some of the global regions where its branches are available are Qingdao, Nanjing, Hanoi, Yangon, Mumbai, etc. Busan Bank is also well-compliant with modern banking technologies and offers online and mobile banking services. 

Rank	Bank Name	Total Assets (in trillion South Korean won)
1	KB Kookmin Bank	512.37
2	Shinhan Bank	474.36
3	Hana Bank	457.26
4	Woori Bank	436.69
5	Industrial Bank of Korea	412.7
6	Nonghyup Bank	396.98
7	Korea Development Bank	316.36
8	Export-Import Bank of Korea	125.39
9	Standard Chartered Bank of Korea	85.82
10	Busan Bank	76.72

Bottom Line

South Korea’s banking sector is highly advanced in terms of its wide range of services covering both private and corporate clients. KB Kookmin Bank, Hana Bank, Woori Bank, Nonghyup Bank, etc., are some of the notable banks behind the funding of its major conglomerates. All the above-mentioned banks are also updated with digital transformation and well-committed to sustainable financial practices. 

Frequently Asked Questions

What Criteria Are Used to Rank the Top Banks in South Korea?

The total assets of different banks are taken as a ranking factor for making the list of the largest banks in South Korea. Other important factors behind this ranking are total deposits and loans granted by each bank. 

How Do the Top Banks Contribute to South Korea’s Economy?

All the top banks play a significant role in South Korea’s economic development. These institutes are supporting new businesses and established brands to flourish with funding and are behind the circulation of money in the economy. Also, they are behind international trade and foreign investments. 

How Many Domestic Banks Are Working in South Korea?

There are 20 domestic banks working in South Korea, and KB Kookmin Bank, Hana Bank, Shinhan Bank, Woori Bank, etc., are among the top banks in the sector. 

What Are Famous Digital Banks in South Korea?

Kakao Bank, K Bank, and Toss Bank are three famous digital banks in South Korea, trusted by both local and international users. Kakao Bank and K Bank started in 2016, while Toss Bank was established in 2021.

What Is the Role of Mobile Banking in South Korea?

In recent decades, mobile banking has gained significant popularity in South Korea. Consumers are moving towards mobile banking apps for their routine transactions. i-ONE Bank Global, SC Mobile Banking, and SOL Global are widely used banking apps for online transactions. 

How Many Foreign Bank Branches Are Working in South Korea?

There are around 35 foreign bank branches in different cities in South Korea. Some of them are the Agricultural Bank of China, Bank Mellat, Bank Negara Indonesia, Bank of America, and Bank of China.