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Kookmin Bank

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Kookmin Bank
Company typeSubsidiary
Industryfinancial sector Edit this on Wikidata
Founded1 November 1963; 61 years ago (1963-11-01)
HeadquartersSeoul, South Korea
Key people
Hur Yin, (CEO)
ProductsFinancial services
Number of employees
26,000
ParentKB Financial Group
Korean name
Hangul
Hanja
Revised RomanizationGukmin/Gungmin Eunhaeng
McCune–ReischauerKukmin Ŭnhaeng
Websiteomoney.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] The name Kookmin Bank is a contraction of Citizens National Bank, an English name by which it also used to be referred to in the past.

History

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The Citizens National Bank was founded by the Korean government in late 1962,[2]: 43  initially focused on providing financial services for middle- and low-income consumers. Its privatization process was initiated by the sale of a 10 percent stake by initial public offering in 1994.[3]: 35  Meanwhile, Kookmin Bank expanded abroad by opening operations in Luxembourg in 1991, Tokyo in 1992, Singapore in 1994, and Hong Kong in 1996, followed by other locations around the world.[4]

Following the 1997 Asian financial crisis, Kookmin Bank absorbed a number of distressed or insolvent banks, including Daedong Bank in 1998, then Long-Term Credit Bank as announced on 11 September 1998,[5] then Housing & Commercial Bank [ko] in 2001.[6]: 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.[7] By 2002, Goldman Sachs had sold most of its investment with a significant profit.[8] At that point, Kookmin had become the largest bank in South Korea.[9]: 35  The privatization process was completed in December 2003.[10]: 65 

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.[11]

KB further acquired various companies include credit card, insurance and brokerage firms, transforming into the current financial group in 2008.[12]

See also

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References

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  1. ^ "국내 1위가 세계 60위…국내은행 글로벌 경쟁력은". 2017-09-10.
  2. ^ Byung-sun Choi (1991), "The Politics of Financial Control and Reform in Korea" (PDF), Korean Journal of Policy Studies (6): 41–73
  3. ^ A. Michael Andrews (January 2005), State-Owned Banks, Stability, Privatization, and Growth: Practical Policy Decisions in a World Without Empirical Proof, International Monetary Fund
  4. ^ "Old Kookmin Bank". KB Kookmin Bank.
  5. ^ "Merger between the Kookmin & the Korea Long Term Credit bank". Financial Services Commission. 11 September 1998.
  6. ^ Kang H. Park (August 2004), Performance of Korean Banks and Implications for Regulatory Reforms (PDF)
  7. ^ "Kookmin, Goldman Sachs Sign Formal Agreement". Wall Street Journal. 28 May 1999.
  8. ^ "Goldman raises $633M in Kookmin sale". CNN.com. 19 June 2002.
  9. ^ 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
  10. ^ "2014 KB Financial Group Sustainability Report" (PDF), KB Financial Group
  11. ^ "Kookmin Bank set to revise earnings on probe result". 2014-12-03. Archived from the original on 2016-03-04. Retrieved 2013-10-18.
  12. ^ "[인사이드 스토리]한국 금융 M&A". 22 June 2018.
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