KB Financial tops Korea branch count with 1,212 units

In Seoul particularly, it's Woori Bank.

In terms of branch network, KB Financial is the largest in South Korea with 1,212 depository branches as of Jan. 29.

According to a research note from SNL Financial, it is followed by Woori Bank with 1,009, Hana Financial with 983 and Shinhan Financial with 948.

Meanwhile, in Seoul, South Korea's capital and largest metropolis, Woori Bank and Hana Financial have the most extensive branch operations, with 476 and 452 outlets, respectively.

Their closest rivals, KB Financial, Shinhan Financial and Industrial Bank of Korea, operate 443, 367 and 225 branches, respectively, in the city.

Here's more from SNL Financial:

Busy M&A activity - There has been a flurry of M&A transactions involving South Korean banks. Deal announcements since 2008 total 19, excluding sales of equity stakes of less than 10%, according to SNL Financial data.

Hana Financial's 3.915 trillion won purchase of a 51.02% stake in Seoul-based Korea Exchange Bank in 2010 is the largest deal, based on disclosed prices. The second-largest transaction also involves the two companies. The group in 2013 acquired another 42.73% in the bank for 2.054 trillion won.

The sale of a 56.97% stake in Kyongnam Bank Co. Ltd. to Busan-based BS Financial Group Inc. is the third-largest and the most recent transaction on the list. The deal was valued at 1.227 trillion won and was completed on Oct. 10, 2014.

On the other hand, competition may heat up in the South Korean banking sector in the coming years as authorities are working to change regulations to attract Internet-only banks.

South Korean regulators are also trying to lessen banks' exposure to mortgage risks by making them increase their focus on amortizing and fixed-rate mortgages.

While some regulatory changes are in the works, South Korean banks have been facing challenges arising from low interest rates. The industry as a whole has been cutting staff to reduce costs and trimming operations.