History of the Korean Financial Industry

Nascent Stage

Nascent Stage 1878~1958
Jun. 1878The modern banking system was introduced as Japan's First Bank opened Korea's first bank branch in Busan.
Jan. 1891Imperial Life Insurance, a Japanese insurance company, opened a branch in Busan.
Feb. 1897Hanseong Bank (later became Choheung Bank) was established using domestic private capital.
Nov. 1899Daehan CheonIl Bank (later became the Commercial Bank of Korea) was established.
Feb. 1903Hanseong Bank changed its name to Public Hanseong Bank.
Aug. 1906HanIl Bank was created funded solely by domestic private capital.
Oct. 1909The Bank of Korea was established, to which the central banking business of Japan's First Bank was transferred.
Aug. 1911The Bank of Korea changed its name to Chosun Bank.
Jun. 1918Chosun-Siksan Bank (later became the Korea Development Bank) was established.
Jan. 1921Chosun Fire & Marine Insurance, Korea's first non-life insurance company, was created.
Aug. 1946Chosun Non-Life Insurance Association was formed.
Sep. 1946Korea's first life insurance company, Daehan Life Insurance, was established.
Daehan Non-Life Insurance Association was registered as a legal entity.
Kyeongseong Bank Association changed its name to Seoul Bank Association.
Nov. 1949Korea's first securities house, Daehan Securities, was established.
Feb. 1950Chosun Life Insurance Association was created.
Mar. 1950"The Fifteen Principles for Economic Stability" were formulated to curb inflation.
Jun. 1950With the promulgation of the Bank of Korea Act, the Bank of Korea (BOK) was established as the central bank, replacing the existing Chosun Bank.
Jul. 1950The BOK initiated issuance of BOK coins and currency.
Feb. 1953A currency reform was undertaken to prevent circulation of old coins and currencies and to change the currency unit from the "won" into the "hwan".
Nov. 1953Daehan Securities Dealers Association was created.
Apr. 1954The Korea Development Bank was established.
Dec. 1954The Korean government signed the Combined Economic Board Agreement for a Program of Economic Reconstruction and Financial Stabilization with the UN Forces Headquarters that aims to restore balance in the country's finances and adopt a single exchange rate regime.
Aug. 1955Korea joined the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD).
Jan. 1956Korea Non-Life Reinsurance Corporation was established.
Mar. 1956Daehan Exchange was opened (Twelve companies were listed including commercial banks and Korea Electric Power Corporation).
Nov. 1958Chosun Life Insurance Association changed its name to Daehan Life Insurance Association.