Detail

`February 19,1997 marks the centennial of the founding of Hansung Bank (predecessor of the Cho Hung Bank), the first commercial bank chartered in Korea. In the later 19th century, the Korean peninsula became the scene of an increasingly intense struggle between foreign powers which sought to expand their interests in the country. In reaction to this development, the Korean people worked to transform Korea along modern lines in all sectors including the political, economic, social, and cultural by embanking upon sweeping reform and institutional change. In the economic arena in particular, a modern taxation system was introduced as a result of the Kabo reforms, in turn necessitating the establishment of a modern bank which could perform the full range of banking services for the Korean people. Such a bank was also needed to safeguard the interests of Korea as Japanese financial institutions were increasingly establishing their presence in the local market and demonstrated a tendency to issue loans at usurious rates of interest. Through the painstaking efforts of Korea`s banking pioneers, the Hansung Bank was founded for the purpose of encouraging greater economic activity by supplying credit to the fledgling private sector and preventing Korean nationals from falling into destitution through the issuance of loans. Ultimately the bank`s goal was to create wealth for the entire country, thereby ensuring its survival. Its founding spirit was greatly undermined by the replacement of the Korean currency with the Japanese currency under Japanese rule. This was a trying period for Korea`s financial institutions including the Cho Hung Bank. Nevertheless, they exerted enoumous efforts to modernize themselves and realized their aims. They struggled to preserve our national independence by accumulating capital to finance commercial, industrial, and financial activities and maintained Korea`s banking expertise. That they played a prominent role in Korea`s spectacular economic growth and prosperity in later years is undeniable. On the occasion of the 100th anniversary of the inauguration of he modern banking system in Korea, the Ministry of Information and Communication is issuing this commemorative stamp designed by Lee Gi-seog (Designer of the MIC). It is hoped and expected that the lofty, crusade of those who true national identity on the financial front will continue of live on and develop in this era of globalization and openness.`