Only five groups are dominating South Korea's banking industry, industry data showed.
Data compiled by the Financial Supervisory Service reveals that the country's top five players -- Woori Finance Holdings Co., KB Financial Group Inc., Hana Financial Group, Shinhan Financial Group, and National Agricultural Cooperative Federation-- accounted for 71.4 percent of the banking sector's outstanding loans as of end-September.
These groups fiercely vie to inflate their assets through a series of mergers and acquisitions.
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