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Reporter : Yi Whan-woo
Sat, June 10, 2023 | 20:37
Banks rush to share economic burden following gov't pressure
Commercial banks are taking a series of measures aimed at sharing the economic burden felt by the public after the government slammed the lenders for making windfall profits from rising interest rates, while turning a blind eye to the worsening livelihoods of Koreans.
NongHyup Bank to enhance global partnership with ING
NH NongHyup Bank said Tuesday that a high-ranking executive of Dutch multinational banking company ING visited Seoul to discuss ways to enhance their partnership. The Korean bank said Deputy President Lee Yeon-ho met ING Global Head of Transaction Services Elvira Kruger at the bank's headquarters in central Seoul, Monday.
Planned alcohol price hike to add to livelihood woes
Prices of beer and soju may go up again following last year's hike, which would add to the people's woes in the midst of economic uncertainties. Beer and soju have been possibly the two most-sought-after drinks among consumers at times of economic difficulty as they are cheap compared to other alcoholic beverages.
Robot delivery service to be available for Korean consumers from 2026
The government said Monday it will push to commercialize the delivery of packages by robots and drones starting in 2026 and 2027, respectively, on its path to build a next-generation logistics system. It also said it will begin urban air mobility (UAM) vehicle tests with six Korean consortiums to fully commercialize them in 2025, while opening an independent organization resp...
Citibank Korea to send highest dividends in 3 years to US headquarters
Citibank Korea will hand out 73.2 billion won ($56.3 million) in dividends to its shareholders this year, according to the company and the Korea Federation of Banks, Friday. The amount will mark the highest in the past three years, including 2019 and 2020 when the dividend payouts amounted to 65.2 billion won and 46.5 billion, respectively.
Hana Bank to offer 1% cash reward to low-income borrowers
Hana Bank will reward low-income borrowers with cash that is worth 1 percent of their remaining principal balance after they make withdrawals from the bank under the government's special loan program, the company announced on Friday. The reward will come in line with the Yoon Suk Yeol administration's call on major banks to lessen the financial burden of everyday citizens.
BOK feels increasing pressure to raise rate amid undying inflation
The Bank of Korea (BOK) is being pressed to increase its policy rate again next week, as inflation here may possibly be rising again since January after cooling down in November and December. The BOK may not be able to take a breather in its rate policy, also due to a slower-than-expected decline in U.S. inflation last month.
Vice finance minister meets global investors to encourage investments in Korea
First Vice Finance Minister Bang Ki-sun met with a group of global investors in New York City to correctly address Korea's economic situation and encourage investment toward the country, the ministry said Wednesday. It said Bang's meeting at Lotte New York Palace hotel from Monday to Tuesday involved 21 executives from big-name companies.
Banking industry ponders ways to share profits with society
Commercial banks are keeping a low profile following President Yoon Suk Yeol's criticism of them for sharing last year's record earnings among themselves while borrowers struggled with repayments due to a steep rate hike. “The banking industry as a whole is considering possible ways to capitalize on sales to directly help out the socially vulnerable, in addition to charity se...
Young borrowers in need of small sums targeted by loan sharks
People in their 20s and even teenagers who want to borrow a small amount of money on credit are being targeted by loan sharks while banks and other licensed lenders would refuse to lend the money considered too tiny to be taken out through standard loans. What is more of a concern is that victims of loan sharks tend to go unnoticed by law enforcement as the money they are cha...