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Woori Bank Savings Plan Offers High Interest Rates for More than 10,000 Steps a Day

Woori Bank Savings Plan Offers High Interest Rates for More than 10,000 Steps a Day

SEOUL, Nov. 24 (Korea Bizwire) — Woori Bank, one of South Korea’s largest commercial banks, said Wednesday it will be releasing a new installment savings plan that will provide a high annual interest rate of up to 11 percent for those who walk more than 10,000 steps a day. The availability of this installment savings [...]

Hana Bank Remodels Closed Branch Into Cultural Space

Hana Bank Remodels Closed Branch Into Cultural Space

SEOUL, Nov. 11 (Korea Bizwire) — Major South Korean lender Hana Bank announced that it has converted its closed branch in Seoul’s central Euljiro neighborhood into a complex cultural space called H.art1 through remodeling. H.art1 consists of four floors. On the first floor are installed ATMs and cafes. On the second floor, about 110 artworks [...]

Online Lender K-Bank’s Net Profit Hits Record High in Q3

Online Lender K-Bank’s Net Profit Hits Record High in Q3

SEOUL, Nov. 7 (Korea Bizwire) — South Korean online lender K-Bank said Monday its net profit hit a record high in the third quarter on higher operational efficiency and stayed in the black for five straight quarters. Net profit stood at 25.6 billion won (US$18.2 million) in the July-September period, up 52.4 percent from a [...]

Kakao Bank Q3 Net Hits Record High on Interest Income

Kakao Bank Q3 Net Hits Record High on Interest Income

SEOUL, Nov. 2 (Korea Bizwire) – South Korean online lender Kakao Bank said Wednesday its third-quarter net profit hit a record high this year on growth in interest revenue. Consolidated net profit stood at 78.7 billion won (US$55.4 million) in the July-September period, up 51.39 percent from a profit of 52 billion won a year [...]

Koreans Flock to Savings Banks for High-interest Savings Plans

Koreans Flock to Savings Banks for High-interest Savings Plans

SEOUL, Oct. 21 (Korea Bizwire) — South Koreans are flocking to savings banks after they raised interest rates for deposits and installment savings. Since Wednesday, the Korea Federation of Savings Banks (KSFB) website and a number of savings bank apps, including OK Savings Bank Co. that uses the KSFB servers, have been shut down due [...]

Samsung Insurers to Expand Global Alternative Investment via Blackstone

Samsung Insurers to Expand Global Alternative Investment via Blackstone

SEOUL, Sept. 28 (Korea Bizwire) — Samsung Group’s insurance affiliates said Wednesday they have signed a deal with U.S. asset management behemoth Blackstone Inc. to invest some US$650 million in alternative assets, such as real estate and infrastructure facilities. The two — Samsung Life Insurance Co. and Samsung Fire & Marine Insurance Co. — will [...]

Financial Firms Continue to Close Offline Offices amid Increased Use of Mobile Services

Financial Firms Continue to Close Offline Offices amid Increased Use of Mobile Services

SEOUL, Sept. 20 (Korea Bizwire) — The number of offline offices run by financial firms in South Korea declined more than 1,000 over the past year as the use of mobile services spiked amid their fast transition to digitalization, data showed Tuesday. Local financial companies, including banks and insurers, had run a total of 15,924 [...]