The recent economic crisis has highlighted the central role of sound and well‐functioning financial sectors for economic activities. Of the financial sectors the banking sector seriously affects the economic crisis in the country, and it should be elaborately evaluated in each country. The purpose of the paper is to study and analyze comparative advantages of OTP Bank in Hungary and Woori Bank in Korea based on financial environments,financial market development, IT and internet banking, cultural and social conditions, and location matters. In Hungary OTP Bank has been globalized with relatively many overseas branches as a commercial bank. In Korea Woori Bank has been globalized with relatively many overseas branches as a commercial bank. Thus the paper has selected OTP Bank and Woori Bank as objects of analysis. For analyzing various aspects of banks, there are many criteria but no standardized criteria. This paper has set up the criteria mainly based on The Global Competitiveness Report 2011‐2012 for analyzing the banking sectors. OTP Bank is Hungary’s largest bank by assets,headquartered in Budapest. OTP Bank is the country’s only significant commercial bank not controlled by a foreign, strategic owner. Woori Bank is a second largest commercial bank in Korea and headquartered in Seoul. Large portion of profit in both banks comes from domestic. A lot of differences between OTP Bank and Woori Bank come from its headquartered country. Financial market development of a country matters to its banking sector. World Economic Forum provides us with general comparison on financial environments of each country in The Financial Development Report 2009. According to the Report,Korea has generally more competitive advantage in business environment, financial stability and banking financial services than Hungary, while Hungary has generally more competitive advantage in financial access criterion than Korea. And World Economic Forum provides us with general comparison on financial market development of each country in The Global Competitiveness Report 2011‐2012. According to the Report, the financial market development consists of availability of financial services, affordability of financial services, financing through local equity market, ease of access to loans, venture capital availability, soundness of banks, regulation of securities exchanges and legal rights index. The paper analyzes that Hungary has generally more competitive advantage in availability of financial services, ease of access to loans, soundness of banks and regulation of securities exchanges, while Korea has generally more competitive advantage in affordability of financial services,financing through local equity market, and venture capital availability. And the paper analyzes that strong power of Chaebols and loan regulation on Chaebols hinder Woori Bank from finding more profits than OTP Bank. And Woori Bank has more comparative advantage in IT environment, internet banking services and efficiency than OTP Bank. In effect of ethnic cooperation and home country’s bank preference, Woori Bank has a comparative advantage of overseas Koreans than OTP Bank of overseas Hungarians. The fact that Koreans are longer oriented in goal reaching than Hungarians implies that Woori Bank can reach its long-term goal faster than OTP. As an EU member OTP Bank has more favor in location because of financial competition/innovation among neighboring countries. And presence of North Korea gives Woori disadvantage in investment stability.