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DGB Daegu Bank is embarking on a new chapter as a commercial bank, 56 years after its launch as a regional bank. It is the first new commercial bank to be launched in 32 years, following the now-defunct Peace Bank of Korea in 1992.
Financial authorities are making efforts to convert DGB Daegu Bank, a regional lender based in Daegu, into a commercial bank by the first quarter of 2024 at the earliest.
Amid a sharp drop in public trust sparked by the unethical behavior of some bank employees, DGB Daegu Bank is facing scrutiny for allegedly forging customer documents in order to open up accounts. Such impropriety has raised serious concerns about the industry's apparent lack of effective internal controls, further eroding trust in the banking industry.