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Banks Chalk Up Huge Profits amid Controversy over Loan-Deposit Margins

Banks Chalk Up Huge Profits amid Controversy over Loan-Deposit Margins

SEOUL, April 26 (Korea Bizwire) — Controversy is flaring up over banks’ loan-deposit margins as households are suffering from higher interest rate burdens while banks are chalking up huge profits by raising loan interest rates higher than deposit rates. The combined net profit of the nation’s five major financial holding firms — KB Financial Group [...]

Banks’ Overseas Operations See 62 pct Spike in 2021 Profit

Banks’ Overseas Operations See 62 pct Spike in 2021 Profit

SEOUL, April 13 (Korea Bizwire) — South Korean banks’ overseas operations saw their earnings jump nearly 62 percent in 2021 from a year earlier on higher interest income, data showed Wednesday. The combined net profit of local lenders’ 204 overseas subsidiaries and branches stood at US$1.17 billion in 2021, up 62.1 percent from a year [...]

S. Korean Commercial Banks Open Video Consultation Windows

S. Korean Commercial Banks Open Video Consultation Windows

SEOUL, Dec. 14 (Korea Bizwire) — South Korea’s major commercial banks have launched a series of video consultation windows, enabling customers to enjoy a variety of banking services through video consultations with bank specialists. Woori Bank opened its video consultation window ‘digital desk’ on Monday. For those who visit the bank’s branches, the digital desk’s [...]

As Interest Rates Rise, Petition Calls for Gov’t to Prevent Banks from Excessive Profiteering

As Interest Rates Rise, Petition Calls for Gov’t to Prevent Banks from Excessive Profiteering

SEOUL, Nov. 11 (Korea Bizwire) — Amid a rapid hike in lending rates, an online petition calling for the government to prevent commercial banks from excessive profiteering was submitted to the presidential office. The petition, filed through Cheong Wa Dae’s website on Nov. 5, claimed that financial institutions are chalking up excessive profits by raising [...]

Banking Industry Moves to Ensure Efficient and Cost-effective Branch Operations

Banking Industry Moves to Ensure Efficient and Cost-effective Branch Operations

SEOUL, Sept. 23 (Korea Bizwire) — South Korea’s banking industry is performing a variety of experiments to ensure efficient and cost-effective branch operations, while, at the same time, speeding up the restructuring of branches as a way to promote a digital transformation. KEB Hana Bank and the state-run Korea Development Bank (KDB) joined hands to [...]

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

Regulator Tightens Curbs on Bank Credit Loans to Tackle Household Debt

SEOUL, Aug. 26 (Korea Bizwire) — South Korea’s financial authorities have called on local banks to tighten their screening for unsecured loans as part of efforts to cope with rising household debt, sources said Thursday. The Financial Supervisory Service (FSS) recently required all commercial lenders to submit their plans to adjust caps on credit loans [...]

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

Banks, Credit Card Issuers Fight Back Against Tech Giants Onslaught

SEOUL, June 7 (Korea Bizwire) — In response to the challenge posed by tech giants making inroads in the banking industry, traditional financial services companies such as banks and credit card issuers are going on the counterattack. Credit card companies are preparing to launch an ‘open pay’ service that enables customers to register and use [...]