Best bank: KakaoBank
In 2023, Korean banks faced a perfect storm, grappling with regulatory pressure to lower interest margins while facing intense profitability hurdles. In addition, the country’s largest banks found themselves embroiled in a scandal around the mis-selling of equity-linked securities that had resulted in substantial losses for consumers.
Against this difficult backdrop, KakaoBank, the country’s preeminent digital bank, wins the award for Korea’s best bank. KakaoBank has deftly charted an alternative course, aligning itself with the regulator’s objectives.
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