Meritz geared toward becoming Korea's 3rd-largest financial group in market cap

The main entrace of Meritz Financial Group's building in southern Seoul / Courtesy of Meritz Financial Group

Meritz Financial Group is gaining momentum to possibly become Korea's third-largest financial service company by market capitalization after it was listed on the stock market in April 2023.

After starting as a minor insurance company that broke away from Hanjin Group in the 2000s, the company in terms of total assets is still behind the country’s four largest financial groups — KB, Shinhan, Hana and Woori — which each own a bank that brings in massive interest income.

Meritz Financial, however, outpaced Woori to claim the No. 4 spot in terms of value based on stock price and the total number of outstanding shares, just a week after it was listed on the benchmark KOSPI last year.

The company has logged a 30 percent increase in market capitalization since then and reported 12.06 trillion won as of last week, narrowly trailing behind third-placed Hana that reported 12.12 trillion won.

“The gap of 600 billion won was the narrowest for Meritz Financial Group,” a financial industry analyst said.

The analyst assessed Meritz Financial’s performance is noteworthy considering its total assets are worth only about one-fifth of the four bigger rivals’ in general.

The analyst noted that in that regard, it can be said that Meritz Financial Group is faring better than its larger peers.