South Korea

The Korean government and the central bank will have their work cut out for them in 2023. They must overcome a loss of trust and criticisms over raising rates too quickly if they want to keep the economy humming and avoid a new crisis.

South Korea must do more to address diversity in the workplace. A few of the country’s banks are leading by example.

Like South Korea’s economy, KB Financial Group has a knack for coming through a crisis looking relatively unscathed.

KB Kookmin Bank has boosted its support for small and medium-sized enterprises at incredible speed in recent years, with a tilt towards South Korea’s blossoming technology sector.

Shinhan Bank arguably pioneered the finance culture that built the modern banking industry in South Korea. The firm has its roots in Hanseong Bank, which dates back to 1897. But even now, Shinhan is setting the pace for the country’s financial sector.

In May 2022, when South Korea’s startup accelerator D.Camp opened its first office in the port city of Busan, Kam-Chan Ahn topped the list of VIP invitees. After all, as chief executive of regional powerhouse Busan Bank, Ahn’s leadership team has carved out quite a name for itself among innovators in Korea’s second-biggest city.

Most banks pledging to reduce carbon footprints tend to target the end of the decade. Few can claim to have as ambitious a plan to get there as Hana Bank, which is carrying out a 30/60 plan.

In August 2022, Woori Bank’s parent company, Woori Financial Group, put the law of big numbers to great use. Its plan to offer financial assistance worth W23 trillion ($17 billion) to socially vulnerable groups over three years garnered banner headlines.

It is said that the true test of leadership is a crisis – and KakaoBank’s top executives were certainly put to the test on several occasions during the awards period.