Hanil Bank: Difference between revisions
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{{short description|Former bank in Korea}} |
{{short description|Former bank in Korea}} |
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[[File:1960년 3월 서울시내 한국상업은행 앞 거리와 시내버스.jpg|thumb|March 1960 photograph showing the head office of [[Korea Commercial Bank]] (center) and a branch of Hanil Bank (low-rise building, right) on [[Namdaemunro]]<ref name=Maynine/>]] |
[[File:1960년 3월 서울시내 한국상업은행 앞 거리와 시내버스.jpg|thumb|March 1960 photograph showing the head office of [[Korea Commercial Bank]] (center) and the former head office of Korea Trade and Industry Bank, by then a branch of Hanil Bank (low-rise building, right) on [[Namdaemunro]]<ref name=Maynine/><ref>{{cite web |website=earthwow.org |title=</ref>]] |
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[[File:Former Hanil Bank Ganggyeong branch bilding 2.JPG|thumb|Former Hanil Bank branch in {{ill|Ganggyeong|ko|강경읍}}<ref>{{cite web |website=Colonial Korea |url=https://colonialkorea.com/2015/12/26/ganggyeong/ |date={{date|2015/12/26}} |author=Nate Kornegay |title=Ganggyeong}}</ref>]] |
[[File:Former Hanil Bank Ganggyeong branch bilding 2.JPG|thumb|Former Hanil Bank branch in {{ill|Ganggyeong|ko|강경읍}}<ref>{{cite web |website=Colonial Korea |url=https://colonialkorea.com/2015/12/26/ganggyeong/ |date={{date|2015/12/26}} |author=Nate Kornegay |title=Ganggyeong}}</ref>]] |
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The '''Hanil |
The '''Hanil Bank''' ({{lang-ko|한일은행}}) was a financial institution first established in [[Korea under Japanese rule]], initially as '''Chōsen Trust''' ({{lang-ko|조선신탁|label=none}}, 1932-1946) then renamed '''Joseon Trust Bank''' ({{lang-ko|조선신탁은행|label=none}}, 1946-1950) and '''Korea Trust Bank''' ({{lang-ko|한국신탁은행|label=none}}, 1950-1954) in [[South Korea]]. In 1954, it merged with Korea Trade and Industry Bank ({{lang-ko|한국상공은행|label=none}}, est. 1936 as Chōsen Central Mujin Company 조선무진<ref name=Shin/>) and renamed itself again as '''Korea Heungup Bank''' ({{lang-ko|한국흥업은행|label=none}}), then Hanil Bank in 1960. The latter name alludes to respective names in [[Korean language|Korean]] of Korea and Japan, and has therefore sometimes been rendered in English as '''Korea–Japan Bank'''. |
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==Overview== |
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Chōsen Trust was created in December 1932 at the initiative of the [[Governor-General of Chōsen]], with initial capital provided by the [[Bank of Chōsen]] and the [[Chōsen Industrial Bank]] (30 percent each) as well as Dong-il Bank, {{ill|Honam Bank|ko|호남은행}}, and several individual Japanese and Korean businesspeople. Following the [[division of Korea]], ownership of its South Korean operations was taken over by the new government, then privatized in 1958 and acquired by [[Samsung C&T Corporation]].<ref name=Shin>{{cite web |url=http://m.g-enews.com/article/Finance/2021/11/2021111419093794729d71c7606b_1# |website=m.g-enews.com |date={{date|2021/11/17}} |title=[은행의 뿌리를 찾아서①] 122년을 버텨온 거목, 우리은행 |author=신민호}}</ref> Like other Korean commercial banks, however, it was nationalized in 1962 following the [[May 16 coup]], then again privatized in 1981.<ref>{{citation |title=Privatization of South Korea's Public Enterprises |author=In Chul Kim, Mahn-Kee Kim, & William W. Boyer |journal=Journal of Developing Areas |issue=28:2 |date=January 1994 |pages=157-166 |url=https://www.jstor.org/stable/4192322}}</ref>{{rp|161}} |
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In 1984, Hanil Bank established Hanil Lease and acquired Hanil Securities in 1985. 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 [[Seoul Bank]].<ref name=Suh>{{cite web |website=Korea JoongAng Daily |date={{date|2023/02/21}} |title=Profit vs. public obligations |url=https://koreajoongangdaily.joins.com/2023/02/21/opinion/columns/banks-profit-public-obligation/20230221201733237.html |author=Suh Kyoung-ho}}</ref> |
In 1984, Hanil Bank established Hanil Lease and acquired Hanil Securities in 1985. 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 [[Seoul Bank]].<ref name=Suh>{{cite web |website=Korea JoongAng Daily |date={{date|2023/02/21}} |title=Profit vs. public obligations |url=https://koreajoongangdaily.joins.com/2023/02/21/opinion/columns/banks-profit-public-obligation/20230221201733237.html |author=Suh Kyoung-ho}}</ref> |
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Revision as of 10:07, 26 September 2024
The Hanil Bank (Template:Lang-ko) was a financial institution first established in Korea under Japanese rule, initially as Chōsen Trust (Template:Lang-ko, 1932-1946) then renamed Joseon Trust Bank (Template:Lang-ko, 1946-1950) and Korea Trust Bank (Template:Lang-ko, 1950-1954) in South Korea. In 1954, it merged with Korea Trade and Industry Bank (Template:Lang-ko, est. 1936 as Chōsen Central Mujin Company 조선무진[4]) and renamed itself again as Korea Heungup Bank (Template:Lang-ko), then Hanil Bank in 1960. The latter name alludes to respective names in Korean of Korea and Japan, and has therefore sometimes been rendered in English as Korea–Japan Bank.
Overview
Chōsen Trust was created in December 1932 at the initiative of the Governor-General of Chōsen, with initial capital provided by the Bank of Chōsen and the Chōsen Industrial Bank (30 percent each) as well as Dong-il Bank, Honam Bank, and several individual Japanese and Korean businesspeople. Following the division of Korea, ownership of its South Korean operations was taken over by the new government, then privatized in 1958 and acquired by Samsung C&T Corporation.[4] Like other Korean commercial banks, however, it was nationalized in 1962 following the May 16 coup, then again privatized in 1981.[5]: 161
In 1984, Hanil Bank established Hanil Lease and acquired Hanil Securities in 1985. 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 Seoul Bank.[6]
On 31 July 1999, under financial stress following the 1997 Asian financial crisis, Hanil Bank announced its merger with Korea Commercial Bank, with simultaneous public recapitalization that resulted in the government holding a 95-percent equity stake in the merged entity.[7]: 35 The merger was completed in 1999. The merged entity, initially called Hanvit Bank (sometimes transcribed as Hanbit), was renamed to Woori Bank in 2002.
The Hanil Bank head office building was located on Namdaemunro, between the respective former seats of Korea Commercial Bank and Korea Industrial Bank (later Korea Development Bank). It was reconstructed in the late 1970s and eventually sold in 2002 to the Lotte Group which used it for an extension of the central Lotte Department Store, branded as AvenueL.[1]
See also
References
- ^ a b 메이나인 (29 July 2020). "근대 금융 1번지 남대문로(남대문통)의 공간들 ③ 남대문로 2가(남대문통 2정목) 서쪽편 은행들". Maynine Daily Archive.
- ^ {{cite web |website=earthwow.org |title=
- ^ Nate Kornegay (26 December 2015). "Ganggyeong". Colonial Korea.
- ^ a b 신민호 (17 November 2021). "[은행의 뿌리를 찾아서①] 122년을 버텨온 거목, 우리은행". m.g-enews.com.
- ^ In Chul Kim, Mahn-Kee Kim, & William W. Boyer (January 1994), "Privatization of South Korea's Public Enterprises", Journal of Developing Areas (28:2): 157–166
{{citation}}: CS1 maint: multiple names: authors list (link) - ^ Suh Kyoung-ho (21 February 2023). "Profit vs. public obligations". Korea JoongAng Daily.
- ^ Tomás J. T. Baliño & Angel Ubide (1 March 1999), The Korean Financial Crisis of 1997—A Strategy of Financial Sector Reform, Washington DC: The Korean Financial Crisis of 1997