Finance History | KB Kookmin — The Citizens Bank That Opened on Namdaemun-ro
· 1963-2
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Finance History | KB Kookmin — The Citizens Bank That Opened on Namdaemun-ro
kevin
People treat KB Financial as a Yeouido holding company that was always Korea's largest commercial bank.
The first charter was a state bank for households that lacked collateral.
The Kookmin Bank Act of December 1961 ordered a lender for ordinary citizens and small firms. Korean Mujin, a mutual-installment house, absorbed Central Mujin and became the seed of a citizens' bank.
That first structure failed its own statute. A revised Kookmin Bank Act passed in December 1962. On 1 February 1963 the new Kookmin Bank opened and took over the old entity's assets and books.
The opening headquarters sat on Namdaemun-ro 1-ga in Jung-gu, in rooms of the former Daiichi Bank Gyeongseong branch. The official address later cited in bank histories is 84 Namdaemun-ro.
The mechanism was a legal cap on how much any one borrower could take. The point of a citizens' bank was to spread small loans, not to concentrate them. Mutual installment deposits, the old mujin habit, remained the core product in the first years.
A new head-office building rose on Namdaemun-ro 2-ga in 1972. Privatization began with a 10 percent public offering in 1994 and finished in December 2003.
On 1 November 2001 Kookmin merged with Korea Housing Bank and listed American depositary shares on the New York Stock Exchange the same day. The combined bank took the KB brand in 2002.
KB Financial Group is now the KOSPI 200 parent. The present bank headquarters stands at 26 Gukjegeumyung-ro 8-gil in Yeouido.
This pin stays on Namdaemun-ro, the 1963 street. The building at number 84 is not the 1963 hall. Walk the sidewalk. Do not treat a modern shopfront as the original banking floor.
Photo: Namdaemun-ro streetscape, via Wikimedia Commons.
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