It was established in 1973 when Japanese Daiwa and Seiko generated togehter Bando Sports Ltd. in Korea. They are specialized for producing reels and general fishing tackles.

In 1977 the company got the "Best Quality" award. Just within a decade they became so strong that in 1986 the firm was separated from Daiwa and continued working on their own strength. In 1992 they assimilated into LG group and their name has also changed to Bando Leports Ltd. Three years later the German Tuv Cert gave them the ISO 9001 certificate for their products. In the same year they took over the governance of the chinese Shinwoo rod factory. They have been using Banax trade mark since 1997 when they started reel production in China as well. In 2002 the company name has changed again, since then it is called: Banax Co. Ltd. Within less than a year the Shinwoo rod factory assimilated into Banax Co. Ltd. After the obligatory quality developments, in 2004 production of Banax rods also began.