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Friday, 5 June 2015

KorEconomics 101 (한국경제학개론), Part II: Kyongnam Bank - Principal Bank for Southern Gyeongsang Province


Kyongnam Bank (Hangul/Hanja/Romanization: 경남은행/慶南銀行/Gyeongnam Eunhaeng) is a regional bank that covers Southeastern Region of Korean Republic, mainly in Southern Gyeongsang Province. The bank's official name - Kyongnam is a McCune rendering for the Province of Gyeongnam.

The company was formerly known as KNB Financial Group Co., Ltd. and changed its name to Kyongnam Bank Co., Ltd. in August 2014. Kyongnam Bank Co., Ltd. was founded in 1970 and is headquartered in 642 March 15th Boulevard/3.15-daero, Seokjeon-dong 246-1 beonji, Changwon MasanHoewon-gu, Southern Gyeongsang Province. As of October 15, 2014, Kyongnam Bank Co., Ltd. operates as a subsidiary of BS Financial Group, Inc (present-day BNK Financial Group).

Kyongnam Bank Co., Ltd. provides various banking products and services to small and medium sized enterprises and individuals in Southern Sector of Yeongnam Region. It offers commercial banking, trust, and foreign exchange services. The company accepts demand deposits, savings deposits, time deposits, certificates of deposit, corporate fund accounts, and individual retirement accounts, as well as deposits for employees. It also provides real estate loans, employee loans, small business administration loans, mortgage loans, personal loans, corporate loans, and credit cards. In addition, the company provides asset management, investment banking, public fund management, and online banking services. 

Further, it offers stocks, bonds, and real estate properties to high-net-worth individuals; bancassurance; money trust and property trust services; retirement pension funds; government guarantees; derivatives trading services; trade finance; and foreign exchange services. The company has a network of 168 branches and offices throughout Korean Republic, mainly in Gyeongnam-Busan-Ulsan Corridor. There are five branches outside the corridor - two in Northern Gyeongsang Province (Gumi and Pohang) and three in the Korean Republic National Capital, Seoul City (Yeouido, Gangnam and Seoul Jung-gu).