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Archive by category Banking & Insurance

Government Set to Unveil Antitrust Measures Against Banking Monopoly, Sources Say

Government Set to Unveil Antitrust Measures Against Banking Monopoly, Sources Say

SEOUL, Nov. 10 (Korea Bizwire) – The government is poised to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday. This decision follows President Yoon Suk Yeol’s strong criticism [...]

South Korean Leading Banks to Assist Funding Arms Export to Poland

South Korean Leading Banks to Assist Funding Arms Export to Poland

SEOUL, Nov. 10 (Korea Bizwire) – Five major commercial banks have been considering issuing a syndicated loan to help finance South Korean companies’ arms export to Poland, an industry source said Friday. Last year, South Korean companies secured major deals worth 17 trillion won (US$12.9 billion) to supply K2 tanks, K9 self-propelled howitzers, FA-50 light [...]

Individual Investors Embrace Short-Term Bonds as Interest Rates Remain High

Individual Investors Embrace Short-Term Bonds as Interest Rates Remain High

SEOUL, Oct. 23 (Korea Bizwire) – In the current bond purchasing trend, individual investors are transitioning from bonds with maturities exceeding 10 years to short-term bonds with maturities of less than one year. As interest rates surge and bond prices decline, driven by the Federal Reserve’s indication of a prolonged tightening stance, individual investors are displaying [...]

Rise of Loan Comparison Platforms Leads to Reduction in Commission Burden for Non-Banking Financial Institutions

Rise of Loan Comparison Platforms Leads to Reduction in Commission Burden for Non-Banking Financial Institutions

SEOUL, Oct. 17 (Korea Bizwire) – Thanks to the invigoration of fintech companies’ loan comparison services, it is estimated that non-banking financial institutions have reduced their annual commission burden by more than 10 billion won. According to the parliamentary inspection data submitted by the Financial Supervisory Service on Monday, the average commission rate that the nation’s five [...]

Rising Premiums, Stagnant Payouts: Challenges and Profits in Disaster Damage Insurance

Rising Premiums, Stagnant Payouts: Challenges and Profits in Disaster Damage Insurance

SEOUL, Oct. 10 (Korea Bizwire) – Recent statistics show that premiums paid by customers for storm and flood damage insurance, providing protection against weather-related disasters such as typhoons, floods, and earthquakes, have seen an increase. However, the claim payout rates offered by insurers have remained static. According to data presented by the Financial Supervisory Service (FSS) [...]

Bank and Insurance Employment Declines by Nearly 10,000 Since the End of 2018

Bank and Insurance Employment Declines by Nearly 10,000 Since the End of 2018

SEOUL, Oct. 8 (Korea Bizwire) – The number of employees at banks and insurance companies dipped by nearly 10,000, data showed Sunday. Bank jobs totaled at 116,582 as of June, down from 122,531 from the end of 2018, according to the Financial Supervisory Service statistics released by Rep. Yun Chang-hyun of the ruling People Power [...]

Hana Financial Signs MOU with Saudi Arabia’s EXIM Bank to Expand Cooperation

Hana Financial Signs MOU with Saudi Arabia’s EXIM Bank to Expand Cooperation

SEOUL, Sept. 26 (Korea Bizwire) — Hana Financial Group said Tuesday it has signed a preliminary agreement with Saudi Arabia’s Export-Import Bank (EXIM) to expand financial cooperation and support South Korean companies participating in Saudi Arabia’s national project. Hana signed a memorandum of understanding with the EXIM bank at the headquarters of Saudi Arabia’s National [...]

S. Korean Banks’ Q2 Net Profit Unchanged from 3 Months Earlier

S. Korean Banks’ Q2 Net Profit Unchanged from 3 Months Earlier

SEOUL, Aug. 29 (Korea Bizwire) — South Korean banks’ second-quarter net profit was flat from the previous quarter as an increase in the Korea Development Bank’s (KDB) net profit offset a decline in ordinary banks’ net profit, preliminary data showed Tuesday. The combined net profit of 20 banks in the April-June period was 7.1 trillion [...]

Banks Introduce Employee Retirement Plans Despite Record Profits

Banks Introduce Employee Retirement Plans Despite Record Profits

SEOUL, Aug. 18 (Korea Bizwire) — South Korea’s major banks have recently reported multi-year record profits. Ironically, they are now implementing voluntary retirement programs, even for employees in their 30s. At Shinhan Bank, labor and management recently reached an agreement on voluntary retirement conditions. They have decided to accept applications for several days, starting this [...]