Introduction
Introduction

Chronology of the Korean Financial Industry

The 1950s~1960s (Development Finance)

Major Policies

Major Policies
1948 ~ 1959 1960 ~ 1964 1965 ~ 1969
  • The government of Republic of Korea and the Ministry of Finance created (1948)
  • The Bank of Korea established (50)
  • Currency reform (100 won 1 whan ) (53)
  • Acceded to IMF, IBRD (55)
  • Daehan Exchange opened (56)
  • The Economic Planning Board (EPB) established (61)
  • The government-led 5-year Economic Development Plan set up (62)
  • Currency reform (10 hwan 1 won) (62)
  • Daehan Exchange Korea Exchange (63)
  • The 3rd Republic launched (63)
  • Single floating exchange regime installed (65)
  • Interest rate normalization policy implemented (65)
  • ADB created Acceded to ADB (66)
  • Advanced into GATT (67)
  • First foreign bank branch opened (67)

Financial Decree

Financial Decree
1948 ~ 1959 1960 ~ 1964 1965 ~ 1969
  • Government Organization Act (48), The Bank of Korea Act, The Banking Act (50)
  • Korea Development Bank Act (53), National Agricultural Cooperative Federation Act (57)
  • Trust Business Act, Kookmin Bank Act (61)
  • Insurance Business Act, Securities& Exchange Act (62)
  • Single floating exchange regime installed (65)
  • Interest rate normalization policy implemented (65)
  • ADB created Acceded to ADB (66)
  • Advanced into GATT (67)
  • First foreign bank branch opened (67)

Financial Services Industry

Financial Services Industry
  1948 ~ 1959 1960 ~ 1969
Bank
  • 4 banks: Choheung (1897), Commercial (1899), Korea First (1929), Heungeup (1932)
  • 1 regional bank: Seoul Bank (58)
  • Specialized bank: Korea Development Bank (54), Agriculture Bank (56)
  • 6 commercial banks: Heungeup Hanil (60), Seoul Bank (62), Trust Bank (68)
  • 7 regional banks: Daegu, Busan (67), Choongcheong, Gwangju (68), Jeju, Incheon, Jeonbuk (69)
  • Specialized banks: National Agricultural Cooperative Federation (NACF), Industrial Bank of Korea (61), Kookmin Bank, National Federation of Fisheries Cooperatives (NFFC) (62), Korea Exchange Bank (67), Housing & Commercial Bank (69)
Securities
  • 47 securities companies: Daehan (49), Korea (52), Youngnam (53)
  • 28 securities houses: The number of securities companies reduced due to the shock in the securities market in 1962.
Insurance
  • 9 life insurers: Choseon (21), Daehan (46), Korea (47)
  • 13 non-life insurers: Dongyang (22), New Dong-a (46), Dongbang (52)
  • 6 life insurers: Choseon liquidated, Korea (Korea+Dong-a) (62), Hyupdong liquidated (64)
  • 14 Non-life insurers: Dongbu, Dongkuk, Haedong, Hyundai, Dongbang etc.
Non-banking institutions  
  • 18,039 NACFs / NFFCs /National Federation of Forest Industry (NFFI)?The Korea Post initiated financial business (61)
Relevant
organizations
  • Choseon Non-Life Insurance Association (46) Daehan Non-Life Insurance Association (48)
  • Choseon Life Insurance Association (50) Daehan Life Insurance Association (58)
  • Korea United Securities Finance Corporation (55), Daehan Securities Dealers Association (53)
  • Daehan Life Insurance Association (58) Korea Life Insurance Association (60)
  • Korea United Securities Finance Corporation (55) Korea Securities Finance Corporation (62), Adjustment Corporation (62)
  • National Credit Union Federation of Korea (64), Korea Investment Corporation (68), Korea Export Insurance Corporation (69)

MAJOR ECONOMIC INDICATORS - The 1950s~1960s (Development Finance) - The government of Republic of Korea and the Ministry of Finance created (1948)