Best bank 2025: Hana Bank
This year’s award for Korea’s best bank goes to Hana Bank, reclaiming a title it won back in 2023. Recognised for its record-high financial performance and its demonstrated impact on the Korean market and society, the bank firmly secures the top position.
Hana Financial Group achieved a record-breaking net profit of W3.7 trillion ($2.6 billion) in 2024, while Hana Bank saw a 19.8% year-on-year increase in consolidated operating income.
Demonstrating its commitment to shareholder value, the group set a target of a 50% total shareholder return ratio by 2027, already reaching 37.8% by the end of 2024 – a 4.8% increase from the previous year.
The bank is an absolute leader in the country’s retirement pension scheme, with 2024 savings reaching W40.2 trillion – a W6.6 trillion increase year-on-year. It ranked number one among domestic banks for returns on principal-protected products in both individual retirement pension accounts and defined contribution plans.
Staying committed to its ‘Growing Together, Sharing Happiness’ mission statement, the group is addressing South Korea’s low birth rate through its Hana Life Journey and 100 Childcare Centers project, investing approx. W150 billion to support families and working parents. These efforts have created more than 1,500 jobs, served 7,519 children, and are expected to generate W280 billion in annual social value.
Best investment bank 2025: UBS
UBS has extended its winning streak across Asia, earning yet another accolade in investment banking as Korea’s best investment bank in 2024.
Following its successful integration of Credit Suisse’s business, UBS has firmly established itself as a market leader in Korea’s M&A and ECM sectors. The bank captured an impressive 47.7% share of the M&A market and 27.1% in equity capital markets (ECM) among global financial institutions, reinforcing its dominant position.
In the M&A space, the bank advised on 14 deals with a total value of $14.9 billion, including five of the six largest deals over $1 billion in Korea. This achievement secured UBS a top spot in the M&A league table for 2024.
Among landmark M&A transactions were the SK Rent-a-Car sale to Affinity Equity Partners – the largest M&A in Korea; the Ecorbit sale by KKR to IMM Consortium – second largest M&A; and the sale of Tong Yang and ABL Life to Woori Financial Group – the largest cross-border M&A.
In ECM, UBS executed 15 transactions, raising $4.1 billion in deal value. The bank advised on more than 50% of ECM deals in Korea in 2024, securing the top positions in the ECM league table. Notably, it was the only global firm to execute all three ECM product types in Korea: IPOs, block trades, and equity-linked offerings.
Best investment bank for DCM 2025: Citi
Citi has consistently demonstrated its market leadership in South Korea’s debt capital markets (DCM), maintaining its top-ranking position in 2024 for the fifth consecutive year, based on both transaction count and value. In 2024 alone, the bank oversaw dozens of high-profile transactions totalling close to $5 billion.
Noteworthy in Citi’s achievements was its role as joint bookrunner in the billion-dollar multi-tranche bond offering for LG Energy Solution (LGES), which included environmentally focused green bonds. This transaction, which was LGES’s largest USD benchmark offering to date, was met with substantial global investor interest and oversubscribed multiple times. In addition, Citi spearheaded Woori Bank’s AT1 subordinated notes issuance, marking the first such issuance from Korea since 2021. This deal achieved the lowest coupon rate among Asian AT1s following the Credit Suisse crisis.
Complementing these significant deals, Citi facilitated the Republic of Korea’s $1 billion 5-year bond and Korea Development Bank’s $3 billion dual-tranche bond, the latter being the largest USD bond offering by KDB to date.
Underpinning Citi’s successes are its innovative approaches, including SSA-style pricing strategies and the use of Will Price in Range mechanisms. These methods have proven effective in ensuring tight pricing relative to fair value, thereby enhancing participation from prestigious global investors such as central banks, sovereign wealth funds and pension funds. These accomplishments underscore Citi’s deserving recognition as South Korea’s best investment bank for DCM.
Best investment bank for M&A 2025: Deutsche Bank
Deutsche Bank has secured its standing as a formidable contender in South Korea’s investment banking sector, particularly in the mergers and acquisitions (M&A) space. This year, Deutsche Bank showcased a robust participation in the healthcare sector, notably facilitating the strategic SK bioscience deal, which has been a highlight of their portfolio. Despite their smaller Korea-specific deal volume, Deutsche Bank has shown a significant upsurge in its fee share, amounting to 5.9%.
While trailing behind the top three competitors in certain arenas, Deutsche Bank stands out in terms of healthcare and growth-stage M&A transactions. The bank has carved a niche in handling sponsor-led mega-deals, which is a testament to their tailored and client-focused approach in the dynamic investment realm. The facilities to execute mega healthcare deals have been particularly commendable.
In a comparative landscape where Morgan Stanley leads with high-value transactions, and UBS presents a diversified portfolio with a higher total deal value spread across numerous deals, Deutsche Bank’s targeted and precise engagement in healthcare-centric and growth-stage mergers and acquisitions positions it as a key player worth recognition. Their strategic focus and execution in these specific segments demonstrate a deep understanding of market needs and client-specific goals, enabling them to continue to grow their market share and influence in South Korea’s investment banking scene.
Best international bank 2025: Citi
Citi has been named South Korea’s best international bank, reflecting its significant achievements in enhancing profitability, operational efficiency and client satisfaction. The bank’s total revenues reached W1.18 trillion ($844 million) in 2024, marking a 4.2% increase year-over-year, predominantly driven by substantial growth in non-interest revenues.
A solid advocate for global expansion, Citi Korea strategically supported Korean businesses venturing into North America. Notable accomplishments included orchestrating a $700 million Export Credit Agency financing for an electric vehicle (EV) battery raw material investment in Argentina, and a $1.3 billion syndication loan for an EV battery plant in Canada.
Citi also stood out in ESG leadership by delivering market-first products and pivotal advisory services, including facilitating ESG-linked tax credit transfers for renewable energy clients and securing substantial funding for wind energy projects in Europe.
On the technology front, Citi introduced notable digital innovations such as AI-driven export bill automation, CitiDirect® Mobile Token, CitiConnect® API, and WorldLink® Cross-Border Instant Payments. These digital solutions significantly boosted operational efficiencies, cutting costs and saving time for businesses.
Client trust and satisfaction were evident, with 89% of corporate clients rating the bank as “best in class” in the 2024 Voice of Client Survey. In addition, Citi demonstrated market leadership in custody and settlements, being one of the top three local custodians, handling over 5 million transactions annually and crucially enhancing the capital market’s attractiveness by transitioning the settlement cycle from two days to one day after the trade date.
Lastly, the bank excelled in supporting complex transactions during challenging times, such as navigating FX rate fluctuations and securing liquidity throughout the Russia-Ukraine conflict. Citi’s strategic approach and robust performance solidify its position as a top-tier institution worthy of this accolade.
Best digital bank 2025: Industrial Bank of Korea
Industrial Bank of Korea (IBK) has demonstrated remarkable progress in South Korea’s digital banking sector, marked by the launch of several innovative platforms and strategic partnerships. Its Loan Pathway Box, an O2O corporate lending solution, garnered W1 trillion ($72 million) in loan volume, with 38,000 applications within 10 months of its inception. This initiative signifies its commitment to combining online convenience with essential offline consultations, highlighting a customer-centric digital transition.
The bank maintains a significant involvement in both domestic and global central bank digital currency projects, collaborating with major financial institutions like the Bank of Korea and the Bank for International Settlements. Coupled with IBK 1st Lab, the bank not only serves as a marriage point for external technological advancements with the banking sector but also fosters a supportive environment for fintech innovations.
Under its digital transformation agenda, the new i-ONE Bank for Corporates was introduced, enhancing mobile banking experiences through streamlined account-opening processes. Similarly, its remote discount bill issuance service and digital export declaration information service significantly reduce manual processes, underscoring enhanced operational efficiency.
IBK’s commitment extends to developing digital ecosystems through API enhancements and BaaS integrations, rendering comprehensive financial services accessible on business platforms such as Daou Office and WebCash. Strategic alliances, like that with Naver Financial, introduce specialised products catering to small business needs, further exemplifying its adaptive strategies in digital offerings.
Cybersecurity measures, like the real-time source code vulnerability inspection system and anomaly detection alert service, illustrate the bank’s forward-thinking approach in securing client transactions and data. Moreover, it demonstrates an inclusive strategy toward financial literacy, with digital tools aiding diverse client groups, including those with disabilities.
Overall, Industrial Bank of Korea continues to set the benchmark for digital banking excellence, integrating innovative digital solutions, strengthening security measures, and ensuring financial inclusivity across all customer segments.
Best securities house 2025: Mirae Asset Securities
Mirae Asset Securities has demonstrated extraordinary performance in its operations, consolidating its position as South Korea’s best securities house. The firm reported notable financial advancement, with operating revenue reaching K22.2 trillion ($16 billion), an increase of 9% year-over-year (YoY). Furthermore, pre-tax income surged by 227% YoY to W1.22 trillion, and net income rose impressively by 178% YoY to W925 billion. The return on equity improved significantly to 7.7%, up from 3.0% in the previous year.
In the realm of wealth management, Mirae Asset Securities has set a benchmark with client assets totalling W457 trillion, marking a 13% YoY growth and retaining the top position among Korean securities firms. The overseas stock balance increased by 72.5% YoY to W40.8 trillion, commanding a 22.7% market share. Pension assets grew by 29% YoY to W42.7 trillion, supporting the firm’s repeated accolade as an “Outstanding pension provider”.
The firm’s prowess in global markets was underscored through strategic acquisitions, notably the purchase of Sharekhan in India for W586.6 billion, subsequently rebranded as Mirae Asset Sharekhan. Its expansion led to operating 15 overseas subsidiaries and three offices, with overseas subsidiaries’ pre-tax profit climbing by 243% YoY to W166.1 billion. Leadership in AI innovation is displayed through the introduction of platforms like Wealth Tech and an AI-powered pension robo-advisor with W2.1 trillion in managed assets, as well as several AI analytics tools, depicting a forward-thinking approach in digital financial solutions.
With leadership in both equity and debt markets, Mirae Asset led 14 ECM deals totaling W885.6 billion and executed 149 bond deals amounting to W6.4 trillion, reflecting robust market dominance and innovative financial structuring in the competitive securities landscape.
Best bank for ESG 2025: Industrial Bank of Korea
Industrial Bank of Korea (IBK) has significantly advanced its environmental, social and governance (ESG) practices with the strategic vision of becoming a “global green bank growing with SMEs”. Reaffirming its commitment to sustainability leadership goals, IBK has notably increased its issuance of ESG bonds by 23% since last year, totalling W8.62 trillion ($6.18 billion). The bank also extended W7.58 trillion in ESG-focused loans, including innovative products like green and social loans.
A pioneering achievement in the region, IBK launched Asia’s first diversity and inclusion social bond, bringing a global D&I institution on board as a co-manager. The institution’s green investments have risen with a pronounced 65% year-on-year increase in renewable energy assets, amassing W673.4 billion, with strategic investments spanning various global locations across solar, hydrogen and wind sectors.
In terms of carbon management, IBK consistently outstripped national greenhouse gas reduction targets for three successive years and set an ambitious net-zero by 2040 target. It offsets emissions through its IBK Greening Project and Global Greenbelt Project, directly engaging employees in international environmental conservation efforts.
Further fostering its ESG framework, IBK launched the Carbon Neutrality Hub – an advanced, cloud-based ESG data platform – and developed tools such as the ESG-Industrial Safety Self-Assessment to assist SMEs in complying with safety laws.
The bank’s rigorous commitment to ESG policies and reporting is evidenced by its achievement of being the first Korean policy finance institution to receive Science Based Targets initiative (SBTi) certification. Moreover, the bank maintains top ESG ratings from institutions like CDP, MSCI and FTSE4Good, reinforcing its standing as a leader in sustainable finance.
Best bank for large corporates 2025: Citi
Citi has distinguished itself as South Korea’s best bank for large corporates through targeted strategies, client-focused initiatives and innovative digital transformations. Demonstrating the bank’s shift towards institutional banking, Citi’s Institutional Clients Group recorded exceptional growth, with an average annual revenue increase of approximately 35% between 2021 and 2024. By 2024, total revenues rose to W1.18 trillion ($844 million), which is a growth of 4.2% year-on-year.
Serving around 150 major corporate clients, Citi’s dedicated team of 43 professionals has maintained high client satisfaction levels. In recent surveys, 100% of clients expressed satisfaction, and 89% rated the bank as “best in class” for global service capabilities.
Citi has also led with product innovations – introducing solutions such as tax credit transfers for the electric vehicle (EV) and renewable energy sectors and structured FX and liquidity solutions. Noteworthy transactions included a syndicated loan of $1.34 billion for an EV battery plant in Canada and a BRL bond issuance for Korea Land and Housing Corporation.
The bank’s commitment to digital transformation is evident through the enhancement of digital tools like Citi FX Velocity and CitiDirect® Mobile Token, which have significantly improved transaction visibility and client experience. Additionally, leveraging its global network, Citi has successfully supported Korean corporates’ expansions internationally.
In the ESG sphere, Citi has excelled by leading sustainability-linked funding initiatives and hosting conferences aimed at ESG advancements. Operationally, Citi’s contribution to Korea’s transition to a T+1 settlement cycle marks a commitment to enhancing market efficiency. The bank’s effective risk management practices were also acknowledged by the Financial Supervisory Service for best practices in disaster recovery.
