SEOUL, Feb. 14 (Korea Bizwire) — About 2,200 employees of South Korea’s major commercial banks have left on voluntary retirement since late last year in return for receiving huge severance pay. According to industry sources, KB Kookmin Bank, Shinhan Bank and Woori Bank reflected their voluntary retirement expenses in their fourth-quarter results. These banks provided [...]
SEOUL, Jan. 30 (Korea Bizwire) — Banks in South Korea returned to their pre-pandemic operation hours for the first time in about 1 1/2 years Monday in line with the government’s eased virus curbs despite their labor unions’ protest. First-tier banks, including KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup, along with other financial institutions, [...]
SEOUL, Jan. 26 (Korea Bizwire) — A financial regulator chief on Thursday warned of stern action against labor unions opposing banks’ plan to “normalize” their pandemic-caused shortened operation hours as the government is set to lift the indoor mask mandate later this month. “As far as I know, employers have determined the stance (of normalizing [...]
LONDON, Jan. 19 (Korea Bizwire) – Morrow Sodali and Nestor Advisors - A Morrow Sodali Company, are pleased to announce the publication of “Governance of sustainability in the largest global banks: A study of the top 30 European and North American banks”. This Report examines the sustainability governance practices of the 30 largest European and North American banks. In [...]
SEOUL, Jan. 12 (Korea Bizwire) — Household loans extended by banks in South Korea declined for the first time in 18 years last year, due mainly to higher borrowing costs, the central bank’s data showed Thursday. Banks’ outstanding household loans decreased by 2.6 trillion won (US$2.09 billion) to 1,058.1 trillion won, according to the data [...]
SEOUL, Jan. 10 (Korea Bizwire) — An unexpected boom of voluntary retirement is spreading across the South Korea’s banking industry, which has seen a major surge in profits in the last couple of years. KB Kookmin Bank received some 730 applications for voluntary retirement recently, up by more than 50 applications since January of last [...]
SEOUL, Dec. 18 (Korea Bizwire) — Five major South Korean banks have offered a voluntary retirement program to their 2,400 employees this year despite record profits amid higher interest rates, industry sources said Sunday. The voluntary retirement plans at the five lenders — KB Kookmin, Shinhan, Woori, Hana, and NH Nonghyup – are accelerating as [...]
SEOUL, Dec. 8 (Korea Bizwire) — To bring higher satisfaction to customers and to protect the environment, South Korea’s banking industry is changing how new year calendars for customers are distributed. Woori Bank, for example, made its 2023 calendar using eco-friendly paper certified by the Forest Stewardship Council. To ensure easy recycling, the triangular stand [...]
SEOUL, Nov. 17 (Korea Bizwire) — Banks in South Korea earned record net interest income in the first three quarters of the year, helped by sharp rate hikes by the central bank, data showed Thursday. Their interest revenue in the January-September period stood at a combined 40.6 trillion won (US$30.3 billion), up 6.9 trillion won [...]
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 [...]