Seoul’s banks continue talking
(South Korea) - Banks in South Korea continue to explore a new round of mergers, as the needs for scale and consolidation become ever stronger.
Shinhan Bank for example has just entered talks with KorAm Bank on a potential merger that would create a bank with US$78 billion in assets.
Hana Bank and foreign owned Korea First Bank are also reportedly in negotiations, concerned to ensure scale in competing with largest Korean domestic player Kookmin Bank.
A merged Shinhan and KorAm would produce a player close to the country's second largest financial group, Woori Finance Holding with assets of 103 trillion won. Combined, Hana and KFB would have assets of 83 trillion won - under half Kookmin's 189 trillion won as the end of December 2001.
Hana Bank and foreign owned Korea First Bank are also reportedly in negotiations, concerned to ensure scale in competing with largest Korean domestic player Kookmin Bank.
A merged Shinhan and KorAm would produce a player close to the country's second largest financial group, Woori Finance Holding with assets of 103 trillion won. Combined, Hana and KFB would have assets of 83 trillion won - under half Kookmin's 189 trillion won as the end of December 2001.
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