Seoul Bank, known from 1976 to 1995 as Seoul Trust Bank , was a major bank in South Korea, originally established as a regional bank in 1959. By the mid-1990s, it was one of the five most prominent Korean banks, together with Chohung Bank, Korea Commercial Bank, Korea First Bank, and Hanil Bank.[1] It was determined to be insolvent during the 1997 Asian financial crisis, however, and was taken over by the Korean authorities, then merged into Hana Bank.
Overview
Seoul Bank was established in December 1959 as part of the Bank of Korea's policy of favoring the creation of regional banks across the country. As such, its activity was initially concentrated in the Seoul Metropolitan Area. It soon expanded beyond that remit, however, by opening a branch in 1962 in the central Nampo-dong neighborhood of Busan.
In August 1976, Seoul Bank absorbed Korea Trust Bank, and changed its name to Seoul Trust Bank. It kept that name for nearly two decades before changing it back to Seoul Bank in June 1995. Meanwhile, it was privatized in 1982,[2]