Kookmin Bank or KB Kookmin Bank () is among four of the largest banks ranked by asset value in South Korea, as of the end of March 2014. It is the largest among banks in Korea and the 60th largest in the world as of 2017.

History

The current KB Kookmin Bank was formed in December 2000 in a merger between the old Kookmin Bank and the Housing & Commercial Bank. They were both founded by the Korean government in 1960s for special purposes. Kookmin Bank, which catered towards providing financial services for middle and low income consumers, was privatized in 1995. During the

Asian financial crises 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 ...

both banks acquired other financially troubled banks. The merger of the two banks was partly due to the government policy of making banks bigger and more stable. After the merger, KB acquired various companies include

credit card A credit card is a payment card issued to users (cardholders) to enable the cardholder to pay a merchant for goods and services based on the cardholder's accrued debt (i.e., promise to the card issuer to pay them for the amounts plus the o ...

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

and

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s transforming into the current financial group in 2008. In Sep, 2004, Kookmin Bank said it would restate its 2003 and 2004 earnings after a financial watchdog found the bank avoided $270 million in taxes.

References

External links

Official Website
Banks of South Korea Companies based in Seoul South Korean brands Multinational companies headquartered in South Korea Banks established in 1963 South Korean companies established in 1963 {{SouthKorea-company-stub

History

See also

References

External links