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Banks Target Foreign Residents in South Korea

Banks Target Foreign Residents in South Korea

SEOUL, Jun. 19 (Korea Bizwire) — With more than 2 million foreign residents in South Korea, and the number of individuals with voting rights surpassing 100,000 people for the first time this year, local banks are targeting foreign retail banking customers to cash in on the rising expat population. Some banks have started offering banking [...]

Banks Preparing for Possible Resumption of Inter-Korean Projects

Banks Preparing for Possible Resumption of Inter-Korean Projects

SEOUL, Jun. 14 (Korea Bizwire) — South Korean banks have stepped up preparations for a possible resumption of economic projects in North Korea, as a historic summit between U.S. President Donald Trump and North Korean leader Kim Jong-un raised hopes of more reconciliation between Seoul and Pyongyang. After about five hours of talks in Singapore [...]

Banks Ramp Up Prep for Possible Inter-Korean Cooperation

Banks Ramp Up Prep for Possible Inter-Korean Cooperation

SEOUL, May 21 (Korea Bizwire) — South Korean banks are redoubling efforts to tap into possible business opportunities in North Korea in the wake of a recent thaw in inter-Korean relations, sources said Monday. The two Koreas held a historic summit in late April, adopting a joint declaration that focuses on working toward a complete [...]

Banks Downsize Staff, Branches by Greatest Number Since 2000

Banks Downsize Staff, Branches by Greatest Number Since 2000

SEOUL, Apr. 1 (Korea Bizwire) — Local banks reduced their workforces and branch offices last year by the greatest number since 2000, with digitalization-driven downsizing accelerating, data from the financial regulator showed Sunday. The number of employees in the banking sector at the end of last year totaled 111,173, down 3,602 from the previous year, [...]

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

Banks to Implement Stricter Rule for Mortgages in Q4 Next Year

SEOUL, Nov. 27 (Korea Bizwire) — South Korea’s financial regulator said Sunday it will require first-tier banks to implement a stricter rule for mortgage lending in the fourth quarter of next year, in a fresh bid to better manage growing household debt. Currently, people’s repayment ability for home mortgages is calculated on a ratio that [...]

CGAP Launches Guide for Financial Service Providers to Better Meet the Needs of Low-Income Customers

CGAP Launches Guide for Financial Service Providers to Better Meet the Needs of Low-Income Customers

Washington, D.C., Sept. 28 (Korea Bizwire) — CGAP today launched the Customer-Centric Guide, a web-based collection of toolkits and experiments to help financial service providers deliver products and services that better meet the needs of low-income customers. The number of people with a financial account grew by 721 million between 2011 and 2014, reducing the ranks [...]

Bank Investment in Tech Startups Soars in H1

Bank Investment in Tech Startups Soars in H1

SEOUL, Sept. 28 (Korea Bizwire) — South Korean banks sharply scaled up their investment in tech startups in the first half of the year with their lending to the sector climbing solidly, the financial regulator said Thursday. Domestic lenders’ investment in low-credit startups with a high level of technology stood at some 1.2 trillion won [...]

Banks See Gains in Second Quarter: Citibank Korea Posts Capital Ratio of 18.47 Percent

Banks See Gains in Second Quarter: Citibank Korea Posts Capital Ratio of 18.47 Percent

SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]