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Industry Report

Industry reports, briefs issued by Samsung Economic Research Institute

Korea's Financial Industry under Structural Change

Korea's Financial Industry under Structural Change

PARK Hyun-Soo

Nov. 20, 2004

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Since the economic crisis of 1997, assets of Korea's banking sector have grown at a far greater pace than that of other financial sectors. Average growth of assets of commercial banks marked a spectacular increase of 74.8% between 1999 and June 2004 (for which the latest figures are available), jumping from 33.1 trillion won to 57.8 trillion won in this period. By comparison, assets of insurance companies rose just 25.4% on average during this period, while those of securities firms grew at a far smaller rate of 5.4%. If aggregate asset size of banks were fixed at 100%, that of securities and insurance firms each stood at 2.2% and 7.8% in June 2004, down from 3.7% and 10.9% in 1999.


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