Overview

Domestic banks and domestic branches of international banks are the two types of banks (foreign bank branches). Additionally, domestic banks are categorized into commercial, regional, internet-only, and special banks based on their purpose of establishment and operational traits.
Foreign bank branches may do the same business as domestic banks since domestic banking law recognizes them as the same financial institution.

The following summarizes the state of domestic banking today.
Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, SC First Bank, and Citibank Korea run commercial banks with a combined asset base of roughly KRW 2,453 trillion (As of December 2023).

With a combined total of about KRW 295 trillion in assets, regional banks Kyongnam Bank, Kwangju Bank, Daegu Bank, Busan Bank, Jeonbuk Bank, and Jeju Bank operate (As of December 2023).

K-Bank, Kakao Bank, and Toss Bank are three internet-only banks without physical locations; their combined assets total around KRW 101 trillion (As of December 2023).

With a combined asset base of roughly KRW 1,451 trillion, the special banks are run by the Korea Development Bank, Industrial Bank of Korea, Export-Import Bank of Korea, Nonghyup Bank, and Suhyup Bank (As of December 2023).

There are currently 34 domestic branches of international banks operating, with approximately KRW 407 trillion in total assets (As of December 2023).

The main financial and management indicators of domestic banks are as follows.

Why Banks in Seoul?

• 
  Digital finance

  The city of Seoul has a high-level of digital financial infrastructure, so the financial industry can develop in line with the times.

• 
  Financial hub

  As the financial hub of Korea, Seoul is densely clustered with various financial institutions.

  In particular, Yeouido, where SFH is located, is Seoul's financial center.

• 
  Social credibility

  The delinquency rate and bankruptcy rate is low for the domestic market, along with the recovery rate that is high, making social credibility high.

• 
  Various combined products

  Domestic banks can sell various combined products such as bancassurance and beneficiary certificates.

• 
  Financial Regulatory Sandbox

  By utilizing innovative financial services, it is possible to develop and support financial services that incorporate new technologies.

• 
  Networking opportunities

  The Seoul Metropolitan Government holds the Seoul Financial Week and the Seoul International Financial Conference every year, making network establishment possible amongst financial institutions and companies.