SEOUL, Feb. 12 (Korea Bizwire) – South Korea’s antitrust regulator said Wednesday that it has launched a reinvestigation into allegations that the country’s four major banks colluded on setting lending limits, the loan-to-value (LTV) ratio. The Fair Trade Commission (FTC) has dispatched its investigators to the headquarters of Shinhan Bank and Woori Bank as part [...]
SEOUL, Feb. 10 (Korea Bizwire) — South Korea’s major banks are rapidly closing physical branches, citing the rise of digital banking and cost-cutting measures, even as they continue to report record-high interest income. The trend, however, is sparking concerns over reduced financial accessibility for elderly customers and those unfamiliar with mobile banking. KB Kookmin Bank [...]
SEOUL, Feb. 4 (Korea Bizwire) - South Korea’s financial watchdog said Tuesday that it will map out a stricter supervisory system for banks and take stern measures against their lack of internal control systems and risk management. According to the Financial Supervisory Service (FSS), Woori Bank, KB and NH Nonghyup had extended inappropriate loans worth [...]
SEOUL, Apr. 1 (Korea Bizwire) — The head of South Korea’s financial regulator on Monday urged local banks to continue improving their business practices, saying the government will continue to push for policies that encourage “change and innovation” through competition. Kim Joo-hyun, chairman of the Financial Services Commission (FSC), made the remark in a meeting [...]
SEOUL, Jan. 31 (Korea Bizwire) – South Korea’s financial regulator said Wednesday it will make it easier for regional lenders to become nationwide commercial banks, in a move aimed at promoting competition in the banking sector. “The government announced on July 5, 2023, that it will seek to promote the transition of local banks to [...]
SEOUL, Sept. 16 (Korea Bizwire) — The Seoul Metropolitan Police Agency said Thursday that it signed an agreement with major lender Woori Bank for a new missing children initiative. Under terms of the agreement, the two parties will cooperate to promote the advance fingerprint registration system that is effective in the early detection and prevention [...]
SEOUL, April 26 (Korea Bizwire) — The country’s first joint branch shared by two different banks has opened in Gyeonggi Province. Hana Bank and Woori Bank announced that their joint branch began operation in Suji District, Yongin on Monday, the first of its kind in the banking industry. The two banks’ separate branches that used [...]
SEOUL, Nov. 25 (Korea Bizwire) — Along with the growth of non-face-to-face financial transactions resulting from the COVID-19 pandemic, bank branches are disappearing at a rapid pace in South Korea. Against this backdrop, there is concern that this development could make banking significantly more inconvenient for elderly people, many of whom are not familiar with [...]
MILAN, Italy, Sept. 9 (Korea Bizwire) — Intesa Sanpaolo earns the gold medal in the ranking of Institutional Investor, and at the top of the podium is also its management. The credit group is confirmed as the best European bank and the best Italian company for relations with financial analysts and institutional investors and for [...]
SEOUL, April 8 (Korea Bizwire) — With the growing popularity of online financial services, banks are shutting down branch offices across the country. The Financial Supervisory Service reported that there were 6,405 bank branches as of late 2020, which was 304 fewer than the previous year, representing the largest plunge since 2017 when banks shut [...]