Bank of Korea | South Korean bank (2024)

FAQs

What is the richest bank in South Korea? ›

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.

South Korean economy

The government-owned Bank of Korea, headquartered in Seoul, is the country's central bank, issuing currency and overseeing all banking activity.

Which bank should I choose? Some of the most popular South Korean banking choices for expats are KB Kookmin Bank (one of the largest banks in South Korea), HSBC South Korea, Hana Bank, Citibank South Korea and Woori Bank.

▣ Bank of Korea expects the economy to continue its favorable pace of growth and forecasts GDP growth at 2.4% for this year. ▣ CPI inflation forecast for this year has been revised downwards by 0.1 percentage points to 2.5%, and forecast for core inflation remains at 2.2%.

Industrial and Commercial Bank of China (ICBC)

The Industrial and Commercial Bank of China Limited is the largest bank in both the People's Republic of China and the world when considering total assets.

A resident foreigner can open a bank account by simply visiting the bank in question, whether he/she resides in Korea or not. (A resident foreigner refers to an individual who has been in Korea for more than 6 months, while a non-resident foreigner refers to a person who has been in Korea for less than 6 months.)

Bank of America in South Korea.

Since we opened South Korea, we've seen a large amount of success in our partnerships.

South Korea's economic growth has been slowing since mid-2021 as exports and investment struggled in a challenging external environment. The South Korean economy is significantly dependent on the global demand, with trade in goods and services accounting for over 70% of its GDP.

Is South Korea financially stable? ›

Updated October 2023

South Korea's economic freedom score is 73.1, making its economy the 14th freest in the 2024 Index of Economic Freedom. Its rating has decreased slightly from last year, and South Korea is ranked 5th out of 39 countries in the Asia-Pacific region.

South Korea's gross national debt, encompassing household, business, and government liabilities, surpassed 6,000 trillion won ($4.3 trillion) by the end of last year. This debt level is 2.7 times the country's gross domestic product (GDP) and has doubled in approximately 11 years.

Currency. Korea's currency is the won. Paper money comes in denominations of 1,000; 5,000; 10,000; and 50,000 won bills. Coins come in 1, 5, 10, 100, and 500 won (1 and 5 won coins are not widely circulated).

As of September 14, 2024, Samsung Electronics is the most valuable company in South Korea, with a market cap of $322 billion.