Men greeting Men – Korean men bow to one another when greeting and departing.  The younger man should bow lower than the older man.  This is most typical of the first meeting, and subsequent meetings usually involve more of a slow, polite nod.  With foreigners a light handshake and a small bow will do while maintaining direct eye contact. 

Women greeting Women- At a first meeting, Korean women generally bow.  Handshakes are not as common.

Greetings between Men & Women - At a first meeting a slight nod or bow will do.  In business settings a handshake is common.