South Korea

South Korea's banking system is organised around financial holding companies. Five groups – KB, Shinhan, Hana, Woori and NH NongHyup – own the largest commercial banks alongside securities, insurance and card subsidiaries, and the country's ten financial holding companies had consolidated assets of KRW 4,391.0tn at end-June 2026, 71.3% of it in banking, according to the FSS (8 October 2026). The state-owned Industrial Bank of Korea and Korea Development Bank anchor policy lending to SMEs and industry.