May 2026
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Largest Commercial Banking Public Companies in South Korea
Benchmark revenue and EBITDA valuation multiples for public comps like
KB Financial Group, Shinhan Financial Group, Hana Financial Group, Woori Financial Group and Industrial Bank of Korea.
 | KB Financial Group Inc. is a financial holding company in Korea. The company operations include Kookmin Bank, one of the commercial banks in Korea. The company's subsidiaries collectively engage in a broad range of businesses, including commercial banking, credit cards, asset management, non-life and life insurance, capital markets activities, and international banking and finance. The company's segments include the Banking business, Securities business, Non-life Insurance business, Credit card business, and Life Insurance business. The Group generates the majority of its revenue from the Banking business. | $101 | +35% | $36B | $125B | 8.8x | - | ||
| Shinhan Financial Group Co Ltd is a Korean banking group. Along with its subsidiaries the company provides, comprehensive financial services which consist of commercial banking services, credit card services, securities services, insurance, credit services, and asset management services, including securities investment trust management, investment advisory, call transaction, domestic and foreign private equity fund business, and other services. The majority of the revenue is generated from its Banking business which includes retail, corporate, international, and other banking services the company offers. | $61 | +49% | $29B | $117B | 9.6x | - | ||
| Hana Financial is one of Korea’s four largest commercial banking groups. In commercial banking, it is a similar size to its three peers with an 11% share of loans as of 2022, but its total assets are about 20% to 25% smaller than Shinhan’s and KB’s owing to a smaller scale in nonbank financial businesses. This reflects Shinhan’s and KB’s expansion of these areas in recent years while Hana was busy integrating Korea Exchange Bank into KEB Hana Bank and replenishing its capital levels after the 2012 acquisition. The integration progressed smoothly, in our view, with Korea Exchange Bank’s strength in large corporate business proving to be a good fit for the former Hana Bank’s strength in retail. | $76 | +27% | $20B | $20B | 2.1x | - | ||
| Woori Financial Group Inc is a banking and financial services holding company that offers a wide range of services, including corporate banking, consumer banking, credit card operations, investment banking, capital markets activities, international banking, asset management, and other businesses. The operating segments of the company include Banking, Credit card, Capital, Investment banking, and others. | $20 | +29% | $14B | $68B | 7.7x | - | ||
| Industrial Bank of Korea is a financial institution domiciled in Korea. It offers financial services such as foreign exchange, remittances, and digital banking. Its products include deposit accounts, debit cards, and remittance options for foreign customers. The bank provides personal banking and wealth services for individuals, and loans, overdrafts, and credit facilities for businesses. It operates through a broad branch network and mobile-banking platforms. The company principally earns revenue from interest income. | $13 | +8% | $11B | $172B | 26.1x | - | ||
| BNK Financial Group Inc is a Korea-based company engaged in providing various financial products and services. It offers Internet banking services covering deposits, inquiry, and transfers; financial products; Internet-based products; apartment-application deposits; fund products; variable annuities; and asset management services. It also provides investment brokerage, credit finance, and mutual savings banking services. In addition, it also provides credit check, and certificate issuing services, as well as financial IT service. | $11 | -- | $3B | $3B | 1.3x | - | ||
| Median | $40 | +29% | $17B | $93B | 8.3x | - |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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