Korea Development Bank
Korean Air, which was acquired by Hanjin Transportation in 1969, had a monopoly on the South Korean airline industry until the establishment of Asiana in 1988. Asiana's formation did not come about as a policy initiative favoring liberalized market conditions but rather because of pressure from other chaebols and interests who wanted to compete. It was formed by the Kumho Asiana Group (formerly Kumho Group) and was originally known as Seoul Air International. Asiana was established on 17 February 1988 and started operations in December 1988 with flights to Busan. As of 2007 the airline was owned by private investors (30.53%), Kumho Industrial (29.51%), Kumho Petrochemical (15.05%), foreign investors (11.9%), Korea Development Bank (7.18%) and others (5.83%).