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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 [...]

Banks’ H1 Net Down 9.9 pct on Decreased Non-interest Income

Banks’ H1 Net Down 9.9 pct on Decreased Non-interest Income

SEOUL, Aug. 18 (Korea Bizwire) – South Korean banks saw their net profit decline 9.9 percent on-year in the first half as their non-interest income shrank, data showed Thursday. Their combined net income came to 9.9 trillion won (US$7.5 billion) in the January-June period, compared with a profit of 11 trillion won tallied a year [...]

Banks Offer Hefty Bonuses to Executives After 3 Years of Interest Rate Hikes

Banks Offer Hefty Bonuses to Executives After 3 Years of Interest Rate Hikes

SEOUL, Aug. 4 (Korea Bizwire) — Banks in South Korea have offered hefty bonuses to their executives on the back of the profits they chalked up by steadily raising interest rates over the past three years, a lawmaker said Wednesday. The aggregate value of bonuses given to the executives at the nation’s top four commercial [...]

FSC Chief Highlights Need to Ease Restrictions Preventing Industrial Businesses from Owning Banks

FSC Chief Highlights Need to Ease Restrictions Preventing Industrial Businesses from Owning Banks

SEOUL, July 19 (Korea Bizwire) — South Korea’s top financial regulator said Tuesday it is necessary to ease a rule that restricts industrial businesses from owning banks, saying that such deregulation could generate mega players like BTS in the financial sector. The government restricts industrial capital from being used to purchase stakes in banks and [...]

Short-term Deposit and Installment Saving Products Gaining Popularity

Short-term Deposit and Installment Saving Products Gaining Popularity

SEOUL, July 11 (Korea Bizwire) — Short-term saving products are gaining popularity as the stereotype of saving money by pouring money into deposit or installment saving products for more than one year has lost appeal. KakaoBank Corp., a South Korean internet-only bank, released the ’26 week-long installment saving product’ in June 2018, and the number [...]

Commercial Banks Develop Their Own Characters to Attract Customers

Commercial Banks Develop Their Own Characters to Attract Customers

SEOUL, June 2 (Korea Bizwire) — South Korean financial companies are beefing up efforts to foster their own characters based on judgment that they would help attract more customers. Among the characters that are famous in the banking industry is Shinhan Bank’s polar bear “SOL,” designed based on the motif of the Little Bear that [...]

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 [...]