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Citibank Korea Signs Retail Loan Refinancing Scheme with KB Kookmin, Toss

Citibank Korea Signs Retail Loan Refinancing Scheme with KB Kookmin, Toss

SEOUL, June 22 (Korea Bizwire) — Citibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, said Wednesday it signed agreements with KB Koomin Bank and Toss Bank to help its individual customers refinance their loans after closing its retail banking sector. Citibank Korea closed all new sign-ups for retail banking and financial services [...]

Insurance Firms Toughen Claims Screening, Leading to More Disputes with Policyholders

Insurance Firms Toughen Claims Screening, Leading to More Disputes with Policyholders

SEOUL, June 6 (Korea Bizwire) — South Korean insurance companies have toughened the screening of insurance claims, resulting in growing complaints from policyholders. It has been pointed out that insurance companies are now using on-site investigations excessively. For insurance companies, on-site investigation is an effective way to detect any possible fraud, but the problem is [...]

Commercial Banks Develop Their Own Characters to Attract Customers

Commercial Banks Develop Their Own Characters to Attract Customers

SEOUL, June 2 (Korea Bizwire) — South Korean financial companies are beefing up efforts to foster their own characters based on judgment that they would help attract more customers. Among the characters that are famous in the banking industry is Shinhan Bank’s polar bear “SOL,” designed based on the motif of the Little Bear that [...]

Foreign Banks in S. Korea See Profits Down 4.5 pct in 2021

Foreign Banks in S. Korea See Profits Down 4.5 pct in 2021

SEOUL, May 23 (Korea Bizwire) — Foreign bank branches in South Korea saw their combined net profit down 4.5 percent in 2021 due to a rise in securities-linked losses amid market downswings, data showed Monday. The combined net income of 35 foreign lenders’ local branches stood at 1.15 trillion won (US$904.4 million) in the fiscal [...]

KakaoBank’s Q1 Earnings Jump 43.2 pct on Increased Customers

KakaoBank’s Q1 Earnings Jump 43.2 pct on Increased Customers

SEOUL, May 3 (Korea Bizwire) — KakaoBank Corp., a South Korean internet-only bank, Tuesday reported a 43.2 percent jump in its first-quarter earnings as its customer base continued to expand amid the coronavirus pandemic. Net income came to 66.80 billion won (US$52.8 million) in the January-March period, compared with 46.66 billon won tallied a year [...]