Corporate strategy plan for the Chohung Bank

• Main Author: Hwa, Kim Y.
• Format: text
• Language: English
• Published: Animo Repository 2003
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/4439
• Institution: De La Salle University

The banking industry is comprised by establishments primarily engaged in accepting demand and other deposits and making commercial, industrial, and consumer loans. Commercial banks and offshore branches of foreign banks are included in this industry. Chohung bank is a traditional commercial bank. Financial Institutions in Korea are categorized into two groups: banking institutions (commercial and specialized banks) that deals with all traditional banking products like deposits and loans and trust services while non-bank institutions (development, savings, investment, insurance and other institutions) practice more specialized services like asset management, investment and insurance services. Beginning in 1997, Korea and other countries in Asia Pacific region experienced a severe contraction in substantially all aspects of their economies. This situation in commonly referred to as the 1997 Asian Financial Crisis. In response to this situation, the Korean government and the private sector began implementing structural reforms to historical business practices. The Korean economy continues to experience difficulties, particularly in the areas if restructuring private enterprises and reforming the banking industry. The Korean government continues to apply pressure to Korean companies to restructure into more efficient and profitable firms. The banking industry is currently undergoing consolidation and uncertainty exists with regard to the continued availability of financing. Chohung Bank may be either directly or indirectly affected by the situation describe above.