Travelers line up for currency exchange at a banking outlet in Incheon International Airport in this June 2022 file photo. Korea Times file

KB Kookmin Bank is actively preparing to establish a banking outlet and currency exchange services at Incheon International Airport, having secured the right to do so there for the first time in a decade. These facilities are scheduled to open next year.

Following KB's successful bid, Shinhan Bank is expected to relocate existing services to its branches outside the airport.

According to financial industry sources, Thursday, KB secured the largest concession, Business Area 1, in an auction held in October. It submitted the winning bid of 70.9 billion won ($54.9 million), significantly higher than the bids of 53.2 billion won from Woori Bank and 53.1 billion won from Shinhan Bank.

Spanning 721.33 square meters, Business Area 1 is highly sought after as it can accommodate 28 facilities in easily accessible locations.

Woori Bank obtained Business Area 2, while Hana Bank acquired Business Area 3.

"We are taking a step closer to our customers by entering Incheon International Airport, the representative gateway to Korea," a KB official said.

These three banks are authorized to operate branches and currency exchange offices at the airport for a maximum duration of 10 years, up to the end of 2033.

KB Kookmin Bank is planning to open its facilities at the airport by early next month. The bank is currently in the process of hiring 90 employees specialized in currency exchange services to work at the airport. Promotional events for customers are also being organized. Until Friday, the bank is offering vouchers on a first-come, first-served basis, which customers can use to benefit from favorable exchange rates.

Similarly, Woori Bank is recruiting additional staff for its currency exchange operations at the airport. As it already has experience in this area, Woori intends to hire approximately 15 people. These new recruits are expected to commence their duties Jan. 9.

At the same time, Shinhan Bank, which failed to obtain a concession in the recent bidding, is set to withdraw its ATMs and currency exchange booths from the airport by the end of this year. Starting from Sunday, the service for collecting exchanged foreign currency will be shifted from the airport to a nearby branch.

There are growing concerns that the policy of barring banks without established branches at the airport from installing basic financial service equipment, like ATMs, is causing inconvenience for airport visitors.