Two South Korean banks-Commercial Bank of Korea and Hanil Bank-have combined under the name Hanvit Bank.

Hanvit becomes the second-largest South Korean commercial bank in the United States, with $3 billion in U.S. assets and a bicoastal network consisting of two agencies, a branch, and a New York retail banking subsidiary.

The merger of the two banks comes in the wake of a financial crisis and severe recession in South Korea. Two other large South Korean banks, Kookmin Bank and Korea Long-Term Bank, also merged recently. - International Banker

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