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Finance

Banks

Thu, April 15, 2021 | 04:41

Banking groups divided over internet banking services

Korea's major financial groups are divided internally over the possible launch of their own internet-only banking services amid fears that this may weaken their corporate identities just for the sake of jumping on the global bandwagon. It has been only recently that discussions started picking up steam in financial circles after the Korean Federation of Banks (KFB) conducted ...

2021-04-14 16:05

K bank cuts interest rates amid crypto-backed capital inflow

K bank, one of the major digital-only lenders here, is moving to cut deposit interest rates amid a surging deposit balance, as cryptocurrency investors place a massive amount of capital in the lender's accounts.

2021-04-13 16:36

Woori faces growing pressure to buy brokerage firm

Woori Financial Group is facing growing pressure to re-acquire a brokerage license to bolster its ...

2021-04-11 15:51

Union-backed outside directors become less likely in financial circles

Financial institutions in Korea will face a tougher time appointing labor-recommended outside directors after the Financial Services Commission (FSC) blocked a much-anticipated move by the Industrial Bank of Korea (IBK).

2021-04-09 16:37

K bank fast encroaches on mobile banking market

Based on its successful strategic partnerships with the country's largest cryptocurrency exchange, Upbit, K bank is swiftly growing in its number of customers and in the size of those customers' assets at the bank.

Anna J. Park | 2021-04-07 17:25

Shinhan, KB, NongHyup may be allowed to open internet-only banks

The financial authorities will review banking groups' plans to establish their own internet-only banks as early as July, after completing an assessment of the domestic banking industry's competitiveness in preparation for Viva Republica opening Toss Bank. “Based on the assessment, we will discuss whether to issue additional internet-only bank licenses and allow financial hold...

2021-04-07 17:24

NH Investment advised to pay full compensation to some investors over hedge fund scandal

An arbitration panel of financial authorities has advised NH Investment Securities to pay full compensation to some investors over a hedge fund scandal, citing a mistake in contracts promoting the fund, officials said Tuesday.

2021-04-06 17:29

SC, Citi urged to find new growth engines amid falling revenues

Standard Chartered (SC) Bank Korea and Citibank Korea desperately need to find the means to tackle their falling revenue in Korea - the two are major overseas lenders here that were hit hard by the COVID-19 pandemic last year. Both banks reported double-digit declines in net profit in 2020, compared to the year before. SC Bank Korea reported 257.1 billion won, down 18.2 perce...

2021-04-05 09:01

Rising digital demand pushes banks to shut down branches

Major commercial lenders here are reshaping their sales strategies by speeding up closures of conventional branch offices and shifting to digital banking. Banks consider the move “inevitable” at a time when they have to cut fixed costs and focus more on establishing their own online and mobile ecosystems.

2021-04-04 16:47

Banks cry foul over new regulation on legal interest rate cut

Korean commercial banks are crying foul over the government's recent decision to cut the legal interest rate limit, as they are forced to take on more of a “financial burden” to support those with low credit ratings, industry officials said Wednesday.

2021-04-01 16:29

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