In 2023, KB Kookmin Bank was the largest bank in South Korea, with total assets of around 512 trillion South Korean won. Hana Bank followed with about 474 trillion South Korean won in assets. Bank assets are economic resources that belong to a bank and consist, among other things, of loans, securities, and cash and dues from financial institutions. Overall, the total assets of South Korean banks have risen steadily in recent years.
Banks in South Korea
South Korea’s banking sector comprises 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.
Growing popularity of mobile banking
Recently, mobile banking has become very popular among South Koreans. The number of mobile banking customers and corresponding transaction volume has increased dramatically in the last few years. To meet the demand, banks have launched more customer-friendly mobile banking apps and partnered with fintech companies to offer various innovative financial services such as Open Banking.
Leading banks in South Korea in fiscal year 2023, by total assets
(in trillion South Korean won)
*South Korea’s fiscal year starts on January 1 and ends on December 31.
Includes national commercial banks (KB Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Standard Chartered Bank Korea, Citibank Korea), regional banks (Kyongnam Bank, Kwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, Jeju Bank), digital banks (K Bank, Kakao Bank, Toss Bank), and specialized banks established by the government (Nonghyup Bank, Suhyup Bank, Industrial Bank of Korea, Korea Development Bank, Export-Import Bank of Korea). Foreign bank branches were excluded.
1,000 South Korean won equals 0.73 U.S. dollars or 0.67 euro as of June 2024.
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Financial Supervisory Service. (June 18, 2024). Leading banks in South Korea in fiscal year 2023, by total assets (in trillion South Korean won) [Graph]. In Statista. Retrieved November 22, 2024, from https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/
Financial Supervisory Service. "Leading banks in South Korea in fiscal year 2023, by total assets (in trillion South Korean won)." Chart. June 18, 2024. Statista. Accessed November 22, 2024. https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/
Financial Supervisory Service. (2024). Leading banks in South Korea in fiscal year 2023, by total assets (in trillion South Korean won). Statista. Statista Inc.. Accessed: November 22, 2024. https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/
Financial Supervisory Service. "Leading Banks in South Korea in Fiscal Year 2023, by Total Assets (in Trillion South Korean Won)." Statista, Statista Inc., 18 Jun 2024, https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/
Financial Supervisory Service, Leading banks in South Korea in fiscal year 2023, by total assets (in trillion South Korean won) Statista, https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/ (last visited November 22, 2024)
Leading banks in South Korea in fiscal year 2023, by total assets (in trillion South Korean won) [Graph], Financial Supervisory Service, June 18, 2024. [Online]. Available: https://www.statista.com/statistics/1234928/south-korea-major-banks-by-total-assets/
