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Monday, 15 June 2015

KorEconomics 101 (한국경제학개론), Part XII: Kwangju Bank - Principal Bank for Gwangju Metropole and Southern Jeolla Province - acquired by JB Financial Group

Kwangju Bank (Hangul/Hanja/Romanization: 광주은행/光州銀行/Gwangju Eunhaeng) is a regional bank that covers Southwestern Region of Korean Republic, mainly in Gwangju Metropole and Southern Jeolla Province.  The bank's official name - Kwangju is a McCune rendering for the Metropolitan City of Gwangju

The company was formerly known as KJB Financial Group Co., Ltd. and changed its name to Kwangju Bank Co., Ltd. in August 2014. The company was founded in November 20th 1968 and is headquartered at 225 Jebong Avenue/Jebongno, Daein-dong 7-12 beonji, Gwangju-Dong-gu. Kwangju Bank Co., Ltd. was a subsidiary of Woori Finance Holdings Co., Ltd before JB Financial Group, a financial firm which hailed from Northern Jeolla Province acquired the share stakes in August 1st 2014.

Kwangju Bank Co., Ltd. provides commercial banking services to public and private companies, local government offices, and individuals in Southern Bound of Honam Region in South Korea. It offers loans, deposits, foreign currency exchange services, credit cards, bancassurance products, safe deposits of securities and valuables, and general teller services. The company also provides beneficiary certificate agency services; marketable securities; advances for payment on guarantee; call loans; and marketable securities, as well as Internet banking services. It operates through a network of tellers, ATMs, and branches.

The company has a network of 133 branches and offices throughout Korean Republic, mainly in Gwangju-Jeonnam Corridor. There are five branches outside the corridor - a branch in Northern Jeolla Province (Jeonju Wansan-gu) and four in the Korean Republic National Capital, Seoul City (Myeongdong, Yeouido, Gangnam and Yangjae [Seoul Seocho-gu]).