Hanil Bank

With the division of Korea, as with other banks previously controlled by Japanese interests, the respective operations of Chōsen Trust were taken over by public authorities on both sides of the 38th parallel.

In North Korea, they were soon merged into the central bank within the country's monobank system.

[2] Like other Korean commercial banks, however, it was nationalized in 1962 following the May 16 coup, as the military government expropriated large shareholders on the premise that their wealth had been amassed illicitly.

[6]: 161  Its privatization was part of a limited financial liberalization effort undertaken by then-president Chun Doo-hwan.

[8] 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.