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State Lenders to Offer $3 bln in Loans for SK hynix’s M&A

State Lenders to Offer $3 bln in Loans for SK hynix’s M&A

SEOUL, Jan. 19 (Korea Bizwire) — South Korea’s state-run lenders and SK hynix Inc. signed an agreement to provide US$3 billion in loans to support mergers and acquisitions by the world’s second-biggest memory chipmaker, officials said Tuesday. The Korea Development Bank (KDB), Export-Import Bank of Korea (Eximbank) and NH Nonghyup joined the financing deal, which [...]

S. Korea to Triple EDCF Loans for Digital, Green Energy Sectors by 2025

S. Korea to Triple EDCF Loans for Digital, Green Energy Sectors by 2025

SEOUL, Jan. 11 (Korea Bizwire) — South Korea plans to nearly triple its lower-interest loans for the digital and green energy projects sought after by emerging countries by 2025, the finance ministry said Monday. The country will increase the Economic Development Cooperation Fund (EDCF) in the digital and green energy fields to US$1.4 billion in [...]

Seoul City to Offer 800 bln Won in Low-interest Loans to Virus-hit Small Merchants

Seoul City to Offer 800 bln Won in Low-interest Loans to Virus-hit Small Merchants

SEOUL, Dec. 23 (Korea Bizwire) — The Seoul city government said Wednesday it is offering 800 billion won (US$721 million) in low-interest loans to small businesses hit hard by the coronavirus pandemic. Acting Seoul Mayor Seo Jeong-hyup unveiled the plan during a press briefing, saying small business owners can apply for up to 30 million [...]

Loans to Accommodation, Food Services Sectors Jump amid Resurgence of Virus

Loans to Accommodation, Food Services Sectors Jump amid Resurgence of Virus

SEOUL, Nov. 16 (Korea Bizwire) — Loans to accommodation and food services sectors have jumped due to a recent resurgence of the novel coronavirus, central bank data showed Monday. Outstanding loans to lodging and eating businesses totaled 71.1 trillion won (US$64.2 billion) as of September, up 21.5 percent from a year ago, according to the [...]

Internet Banks Under Fire for Failing to Meet Their Original Purpose

Internet Banks Under Fire for Failing to Meet Their Original Purpose

SEOUL, Nov. 13 (Korea Bizwire) — South Korea’s internet banks, including Kakao Bank, are being blamed for failing to meet their original purpose of establishment despite the South Korean financial regulator’s strong desire and support in anticipation of innovation. During the parliamentary audit of the Financial Services Commission (FSC) held last month, Kakao Bank faced [...]

Seoul City Offers Zero-interest Loans to Businesses Impacted by COVID-19

Seoul City Offers Zero-interest Loans to Businesses Impacted by COVID-19

SEOUL, Sept. 30 (Korea Bizwire) — The Seoul city government is offering zero-interest loans to small businesses impacted by the coronavirus pandemic. Under the program launched Monday, a total of 300 billion won (US$255 million) will be offered at a 0.03-0.53 percent interest rate to businesses that were forced to close or restrict services under [...]

Insurance Policy-linked Loans Rise amid Economic Slowdown

Insurance Policy-linked Loans Rise amid Economic Slowdown

SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]

Financially Vulnerable Groups with Good Mobile Payment Records to Have Easier Access to Loans

Financially Vulnerable Groups with Good Mobile Payment Records to Have Easier Access to Loans

SEOUL, Apr. 3 (Korea Bizwire) — Homemakers, university graduates, and other financially vulnerable groups will be able to qualify for loans more easily if they have been paying for their mobile plans diligently. The Financial Supervisory Service (FSS) announced on Tuesday that five major banks in South Korea will consider mobile payments and non-financial information [...]

Loans, Default Rate Both Increase for Self-employed in 2018

Loans, Default Rate Both Increase for Self-employed in 2018

SEOUL, Apr. 1 (Korea Bizwire) — Loans and the loan default rate both rose for the self-employed last year, the regulator’s data showed Monday. The loans extended to the self-employed totaled 389.8 trillion won (US$342.83 billion) at the end of the third quarter last year, up 13.9 percent from the same period of the previous [...]