From October, customers of Gwangju Bank and Busan Bank will be able to use deposit and withdrawal services and automated teller machine (ATM) services without fees at about 2,400 post offices nationwide.

Korea Post, an agency of the Ministry of Science and ICT, on Aug. 28 signed a partnership agreement with Gwangju Bank, Busan Bank and the Korea Financial Telecommunications and Clearings Institute for the shared use of post office financial counters. The signing took place at Gwanghwamun Post Office.

Under the agreement, Gwangju Bank and Busan Bank will build and operate computer systems from October to enable customers to use financial services at post offices nationwide. The Korea Financial Telecommunications and Clearings Institute will provide network relay services for related work.

Gwangju Bank and Busan Bank each have branches concentrated in the Gwangju and South Jeolla area and the Busan, Ulsan and South Gyeongsang area. Korea Post expects the partnership to improve financial access for customers outside those regions.

With the agreement, Korea Post has completed shared financial counter network agreements with 14 domestic commercial and regional banks. Korea Post began with Citibank in 1998 and partnered with IBK Industrial Bank of Korea, KDB Industrial Bank and Jeonbuk Bank, and expanded in 2022 to include the four major commercial banks: KB Kookmin Bank, Shinhan Bank, Woori Bank and Hana Bank. Gyeongnam Bank, iM Bank, SC First Bank and Jeju Bank followed, and Gwangju Bank and Busan Bank have now joined.

Park In-hwan (박인환), head of Korea Post, said the agreement will allow all customers of commercial and regional banks to use financial services without fees through post offices anywhere nationwide. He said Korea Post will take the lead in addressing blind spots in financial services so that no one is left out.