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Korean Banks Tighten Belt as Interest Margin Declines

Korean Banks Tighten Belt as Interest Margin Declines

SEOUL, May 22 (Korea Bizwire) — As local banks suffer from reduced net interest margins, they are looking to reduce operational costs to overcome their difficulties. KB Kookmin Bank is urging its employees to report their business activities verbally or via email, not through color prints or full color Powerpoint charts to save costs on printer toner [...]

Korean Banks Withdrawing Loss Making ATMs

Korean Banks Withdrawing Loss Making ATMs

SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]

12 Banks Designated for Won-Yuan Direct Transaction Market Makers

12 Banks Designated for Won-Yuan Direct Transaction Market Makers

SEOUL, Nov. 4 (Korea Biwire) — A total of 12 domestic and international banks including Shinhan Bank and Bank of Communications have been selected as “market makers” for won-yuan direct transactions. The Bank of Korea said on November 3 that it designated 12 banks as market makers as part of a policy measure to encourage transactions between the [...]

“Stock Grant” to be Implemented to Discourage Banks’ Self-protectionism

“Stock Grant” to be Implemented to Discourage Banks’ Self-protectionism

SEOUL, Aug. 20 (Korea Bizwire) — After President Park Geun-Hye publicly denounced the prevalent mannerism in the financial industry, financial authorities are considering adopting long-term performance-based incentive payment schemes such as “stock grant” for commercial bank employees to remedy the situation. Most banks have already adopted long-term incentive payment systems, but only executives and high-ranking managers are allowed [...]

Shinhan Bank to Expand M&A Financing Market Focusing on SMEs

Shinhan Bank to Expand M&A Financing Market Focusing on SMEs

SEOUL, July 24 (Korea Bizwire) – Shinhan Bank plans to offer professional and systematic consulting service dealing in mergers and acquisitions of small- and medium-sized companies (SMEs) by prospecting for companies with M&A intentions. The leading bank in Korea announced on July 22 that it would make a full-fledged M&A service for SMEs by offering differentiated service [...]

Banks Rush Into the “War of Mobile Wallet”

Banks Rush Into the “War of Mobile Wallet”

  SEOUL, July 23 (Korea Bizwire) –The sense of urgency that IT companies are encroaching on the mobile payment market is making banks to competitively beef up their smartphone-based electronic commerce services and scramble into the “war of mobile wallet.” Mobile Wallet or E-Wallet is a service that provides a convenient and technologically quick method [...]

Bank Alert Apps Gaining Popularity among Banking Service Users

Bank Alert Apps Gaining Popularity among Banking Service Users

SEOUL, July 14 (Korea Bizwire) — “Alert Apps” of banks have become popular among smartphone users. The apps allow users to receive text message alerts whenever they make banking transactions. In addition, the apps can prevent banking fraud such as smishing. For example, the subscriber number of “One Touch Alert” provided by Woori Bank has recently [...]

Bank Loans Customized for Small Business Owners Revive the Main Street

Bank Loans Customized for Small Business Owners Revive the Main Street

SEOUL, Korea, April 30, 2014 (Korea Bizwire) – New loans offered by commercial banks to small business owners are gaining popularity. According to banking sources on April 29, “Neighborhood Loan” given out to self-employed businesspeople was sold 20.3 billion won in 544 cases as of April 22, with an outstanding loan balance at 15.4 billion [...]

Shinhan Investment Corporation Begins ‘Stock-Loan Service’

Shinhan Investment Corporation Begins ‘Stock-Loan Service’

SEOUL, Korea, August 05 (Korea Bizwire) – Shinhan Investment Corporation announced on August 2 that it will begin a ‘Stock-Loan Service’ and hold a promotional event until October 31. The ‘Stock-Loan Service’ is a financial service by which Shinhan Investment Corporation lends stocks of one investor to a third party while offering a certain profit. Customers that [...]