Kookmin Bank
 | |
| Company type | Subsidiary |
|---|---|
| Industry | financial sector  |
| Founded | 1 November 1963 |
| Headquarters | Seoul, South Korea |
Key people | Hur Yin, (CEO) |
| Products | Financial services |
Number of employees | 26,000 |
| Parent | KB Financial Group |
| Korean name | |
| Hangul | |
| Hanja | |
| Revised Romanization | Gukmin/Gungmin Eunhaeng |
| McCune–Reischauer | Kukmin Ŭnhaeng |
| Website | omoney.kbstar.com |
Kookmin Bank (Korean: 국민은행), also known as KB Kookmin Bank, is a bank headquartered in Seoul, South Korea. It was the largest bank in Korea and the 60th largest in the world as of 2017.[1]
History
[edit]Kookmin Bank was founded by the Korean government in 1963, initially focused on providing financial services for middle and low income consumers. It was privatized in 1995.
Following the 1997 Asian financial crisis, it absorbed a number of distressed or insolvent banks, including Daedong Bank in 1998, then Long-Term Credit Bank as announced on 11 September 1998,[2]: 35 then Housing & Commercial Bank in 2001.[3]: 32 In May 1999, Goldman Sachs invested $500 million into KB and became its largest single shareholder with a 17 percent equity stake, ahead of the Korean government which at the time held 7.2 percent.[4] By 2002, Goldman Sachs had sold most of its investment with a significant profit.[5] At that point, Kookmin had become the largest bank in South Korea.[6]: 35
In September 2004, Kookmin Bank said it would restate its 2003 and 2004 earnings after a financial watchdog found that the bank avoided $270 million in taxes.[7]
KB further acquired various companies include credit card, insurance and brokerage firms, transforming into the current financial group in 2008.[8]
See also
[edit]
- Cheongju KB Stars
- Goyang KB Kookmin Bank FC, a defunct South Korean football team
- Rainy Sky SA v Kookmin Bank
- List of South Korean companies
- List of Banks in South Korea
References
[edit]- ^ "국내 1위가 세계 60위…국내은행 글로벌 경쟁력은". 2017-09-10.
- ^ Tomás J. T. Baliño & Angel Ubide (1 March 1999), The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform, Washington DC: The Korean Financial Crisis of 1997
- ^ Kang H. Park (August 2004), Performance of Korean Banks and Implications for Regulatory Reforms (PDF)
- ^ "Kookmin, Goldman Sachs Sign Formal Agreement". Wall Street Journal. 28 May 1999.
- ^ "Goldman raises $633M in Kookmin sale". CNN.com. 19 June 2002.
- ^ Takatoshi Ito and Yuko Hashimoto (5 February 2007), Bank Restructuring in Asia: Crisis management in the aftermath of the Asian financial crisis and prospects for crisis prevention -Korea- (PDF), Tokyo: RIETI
- ^ "Kookmin Bank set to revise earnings on probe result". 2014-12-03. Archived from the original on 2016-03-04. Retrieved 2013-10-18.
- ^ "[인사이드 스토리]한국 금융 M&A". 22 June 2018.
External links
[edit]| Central bank | |||||||
|---|---|---|---|---|---|---|---|
| Specialized bank | |||||||
| Commercial bank |
| ||||||
| International | |
|---|---|
| National | |
 | This Asian bank-related article is a stub. You can help Wikipedia by expanding it. |
 | This article about a South Korean company is a stub. You can help Wikipedia by expanding it. |