The number of commercial bank branches in South Korea has seen a steady decline over the years. From 18.02 branches per hundred thousand adults in 2013, the value decreased to 12.7 units in 2023, representing a consistent downtrend. The year-on-year variation in 2023 was -3.35%, while the Compound Annual Growth Rate (CAGR) over the last five years stood at -3.63%. Looking ahead, the forecasted data suggests that by 2028, the number will further reduce to 11.3 units with a five-year CAGR of -1.71%, marking an 8.28% overall decline from 2023.
Future trends to watch for include the increasing adaptation of digital banking and fintech solutions, which could further reduce the need for physical bank branches. Additionally, government policies and economic factors will play a significant role in shaping the landscape of commercial banking infrastructure in South Korea.
