There was a time last year when KakaoBank, the branchless digital lender, was the biggest bank in South Korea by market capitalization. For several months after its August IPO, the six-year-old bank was bigger than Woori Bank, whose legacy operations date back to 1898, or Shinhan Bank, to 1897. It was also bigger than KB Financial Group, whose 13 constituent businesses together account for W663.9 trillion ($543 billion) in assets, about 20 times as much as KakaoBank.
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