South Korea is considered one of the world’s most technologically advanced countries, yet its Financial Services Commission is on a mission to boost competition and innovation among its lenders. It will achieve an important milestone later this year when K-Bank and Kakao Bank launch.
Not only will these be the country’s first two online-only lenders, but also the first to launch in South Korea for 25 years. These nimble new players will provide a new source of competition for Seoul’s banking stalwarts.
State-owned Korea Development Bank (KDB) is the country’s biggest by Tier 1 capital ($24.842bn) although only the fifth biggest by assets. In capital terms it is followed by KB Financial Group – the parent of Kookmin Bank – which has a Tier 1 base of $21.822bn.
Shinhan Financial Group ranks third with $19.781bn Tier 1 capital, but is the biggest by asset value ($316.025bn). In capital terms it is followed by Hana Financial Group ($16.531bn) and Woori Bank ($13.701bn) which was named South Korean Bank of the Year for 2016.
All data sourced from www.thebanker.com
