Korean banks ran a total of 5,849 branches at home and abroad as of the end of September, down 53 percent from a year earlier as the trend continued for a sixth straight year.
Jeonbuk Bank, Hana Bank and Toss Bank will use the Justice Ministry's residence card verification system starting Monday to verify foreigners' identity for online banking tasks.
With banks continuing to reduce their branch offices, Korea's financial regulators are stepping in to reverse the trend.
Kakao Bank's net profit was up almost nine-fold in the second quarter on-year ahead of a possible public offering of stock in the second half of 2020.
What started as a small online-only bank in July 2017 has grown beyond Ryan the maneless lion debit cards. Kakao Bank is now a market disrupter.
Korea JoongAng Daily Sitemap
