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Industry Report

Industry reports, briefs issued by Samsung Economic Research Institute

In Quest of Universal Banking

In Quest of Universal Banking

PARK Hyun-Soo

Feb. 6, 2006

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Korean banks are moving into universal banking business by establishing financial holding companies or acquiring non-bank financial institutions. In December 2005, Hana Financial Group made its debut, becoming the fourth financial holding company in Korea, after Woori Financial Group, Shinhan Financial Group, and Korea Investment Holdings. Out of four largest Korean commercial banks, three have already formed financial holding companies. Kookmin Bank, the largest in the country in terms of assets, is planning to follow suit. It recently expressed interest in acquiring the Korea Exchange Bank.

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