List of Banks in Korea

 

South Korea Banks in Korea, Republic of

 Central bank

The Bank of Korea (BOK) is the central bank of South Korea. It was established in 1950 at Seoul.

The Bank's primary goal is price stability. For that, the Bank targets inflation. The 2007–09 target is three-year average consumer price inflation of 3.0% 0.5.
 
The Bank of Korea was established on June 12, 1950 under the Bank of Korea Act.

The primary purpose of the Bank, as prescribed by the Act, is the pursuit of price stability. The Bank sets a price stability target in consultation with the Government and draws up and publishes an operational plan including it for monetary policy.

To this end, the Bank performs the typical functions of a central bank, issuing banknotes and coins, formulating and implementing monetary and credit policy, serving as the bankers' bank and the government's bank. In addition, the Bank of Korea undertakes the operation and management of payment/settlement systems, and manages the nation's foreign exchange reserves. It also exercises certain bank supervisory functions stipulated in the Bank of Korea Act.

The executives, consisting of the Governor, the Senior Deputy Governor, and 5 Deputy Governors, manage departments in the head office and 16 domestic branches. Additionally, the Audit Department belongs to the Monetary Policy Committee. Lee Sungtae was appointed Governor in 2006. The head office is located at Namdaemun Street, Jung-gu, Seoul.

Website: http://eng.bok.or.kr

 Big 5 banks

  • KB Kookmin Bank
  • Shinhan Bank
  • Woori Bank
  • Hana Bank
  • Korea Exchange Bank

 Exchange Bank

  • KEB Korea Exchange Bank(외환은행)is the biggest exchange bank in Korea.

 Major regional banks

  • Daegu Bank
  • Pusan Bankgvjhgjg

 Other banks

  • Credit Union
  • Korea Federation of Community Credit Cooperatives
  • Korea Post
  • Nonghyup (National Agricultural Cooperative Federation of Korea)
  • Suhyup Bank (or Su-hyeop, the National Federation of Fisheries Cooperatives)

 Foreign-owned banks

  • Citibank
  • Deutsche Bank
  • HSBC
  • SC First Bank

 

Currency: The Bank of Korea is the one and only legal issuer of South Korean currency. The Bank distributes the banknotes and coins to the public by sending them to commercial banks. The Bank prints the banknotes and coins at Korea Minting and Security Printing Corporation, the governmental mint and document printer. The crisp notes and coins are bundled and rolled up and shipped to the Bank of Korea headquarters. The Bank of Korea sends crisp new notes to banks time to time. During the two greatest S. Korean holidays, Seollal and Chuseok, the Bank sends giant amount of new notes to banks to be circulated and collects worn-out notes.

 

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