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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 [...]

Insurance Firms Release New Products Associated with Health Management

Insurance Firms Release New Products Associated with Health Management

SEOUL, Sept. 16 (Korea Bizwire) — South Korea’s major insurance companies are releasing a string of new insurance products associated with health management, based on expectations that their long-term profits will increase if customers are healthier and require less treatment for diseases and other health issues. KB Insurance Co., for example, released a special contract [...]

Internet Banking Use Grows 7 pct in H1

Internet Banking Use Grows 7 pct in H1

SEOUL, Sept. 15 (Korea Bizwire) — South Koreans’ use of internet banking services grew 6.9 percent in the first half of this year from six months earlier as customers preferred financial services through mobile devices, central bank data showed Thursday. The daily use of online banking services, including mobile banking, reached 18.82 million cases in [...]

Banks Offer High Interest Rate Deposit Products, but Have Complicated Preferential Conditions

Banks Offer High Interest Rate Deposit Products, but Have Complicated Preferential Conditions

SEOUL, Sept. 15 (Korea Bizwire) — Amid the upward trend in interest rates, South Korean banks have released a string of high interest rate deposit and installment savings products. Such products, however, have complicated preferential conditions, making it difficult for depositors to receive the highest interest rate. Welcome Savings Bank, for instance, released a 12-month [...]

Financial Holding Firms’ H1 Net Up 7.9 pct on Increased Interest Income

Financial Holding Firms’ H1 Net Up 7.9 pct on Increased Interest Income

SEOUL, Sept. 6 (Korea Bizwire) — South Korea’s financial holding firms saw their combined net profit jump 7.9 percent in the first half this year primarily due to higher interest income, data showed Tuesday. The combined net profit of KB Financial, Shinhan Financial and eight other financial holding firms stood at 12.41 trillion won (US$9.08 [...]