Chohung Bank Co., Ltd. (CHB; ) was a
bank
A bank is a financial institution that accepts deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital markets.
Because ...
company headquartered in
Seoul
Seoul (; ; ), officially known as the Seoul Special City, is the capital and largest metropolis of South Korea.Before 1972, Seoul was the ''de jure'' capital of the Democratic People's Republic of Korea (North Korea) as stated iArticle 103 ...
,
South Korea
South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is formed ...
. It is one of the oldest banks in Korea, having been established on February 1, 1897. Its first loan was against living donkey in same year. The bank was nationalized after Korea gained independence in 1945. It was privatised under the government of
Syngman Rhee
Syngman Rhee (, ; 26 March 1875 – 19 July 1965) was a South Korean politician who served as the first president of South Korea from 1948 to 1960.
Rhee was also the first and last president of the Provisional Government of the Republic of Ko ...
in 1950s, but renationalized in 1961 by new military government. It became one of the 5 largest commercial banks in South Korea, but fell under financial trouble in
1997 Asian financial crisis
The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998–1 ...
. Chohung merged with
Shinhan Bank
Shinhan Bank Co., Ltd. () is a bank headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Gro ...
in April 2006.
The merger was pushed by South Korean government to make economy of scale in banking industry
See also
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Chohung Bank FC
Chohung Bank FC (sometimes known as CH Bank) is a defunct South Korean semi-professional football club that was located in Seoul, South Korea. The club played at the highest level in South Korea in the 1970s, winning the national league on two o ...
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List of banks in South Korea
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Economy of South Korea
The economy of South Korea is a highly developed mixed economy. By nominal GDP, it has the 5th largest economy in Asia and the 13th largest in the world. South Korea is notable for its rapid economic development from an underdeveloped nati ...
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Shinhan Financial Group
Shinhan Financial Group Co., Ltd. () is a financial holding company headquartered in Seoul, South Korea. Its subsidiaries provide a full range of financial services, including banking, securities, life insurance, and investment banking. It is one ...
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Shinhan Bank
Shinhan Bank Co., Ltd. () is a bank headquartered in Seoul, South Korea. Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Gro ...
References
{{DEFAULTSORT:Chb Bank
Banks of South Korea