Stock price surge boosts Meritz to outcompete banking groups

The main entrance to Meritz Financial Group's building in southern Seoul / Courtesy of Meritz Financial Group By Yi Whan-woo A nearly two-fold increase in its stock price is pushing Meritz Financial Group to grow bigger than some of the major banking groups in market capitalization. Meritz Financial Group jumped from 59,100 won ($42.65) on Dec.

28, 2023, to 103,900 won, Monday, on the benchmark KOSPI, according to Korea Exchange. Accordingly, the company’s market capitalization exceeded 20 trillion won, outcompeting Hana Financial Group and Woori Financial Group. Hana, the country’s third-largest banking group, has a market capitalization of 19 trillion won.



Woori is ranked fourth, with a market capitalization worth 12 trillion won. These two companies, along with two larger peers KB and Shinhan, own banks that bring in massive interest income. Meritz Financial Group, on the other hand, does not own a banking business, meaning it has a disadvantage when it comes to competing with the banking groups.

“Taking that fact into account, Meritz Financial Group should be lauded for its performance in the stock market,” an industry source said. The surge in the company’s stock price also boosted Meritz Chairman Cho Jung-ho to become one of Korea’s top three stock investors, with shares worth over 10 trillion won. As of Oct.

14, Cho had 97.74 million shares worth 10.13 trillion won in his company.

Samsung Electronics Executive Chairman Lee Jae-yong held shares at the tech giant worth 13.68 trillion won, claiming the top position. Celltrion Chairman Seo Jung-jin was ranked second, with shares in his company worth 11.

32 trillion won..