Largest banks South Korea FY 2023, by total assets

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.