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Reporter : Yi Whan-woo
Tue, October 3, 2023 | 16:59
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...
Gov't in dilemma between growth and inflation
Persistently high inflation in the 5-percent range is posing a dilemma for the government in shifting the focus of its 2023 policy from stabilizing prices to spurring economic growth. Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho said in December that inflation has passed its peak although it is likely to stay at a high plateau for the time being.
Gov't to study cases of overseas firms in governance overhaul of Korean banking groups
The government will look into the governing structures of banking groups overseas and capitalize on these cases as examples for overhauling banking groups here. The planned study to be made by the Financial Services Commission (FSC) comes as the Yoon Suk Yeol administration finds the banking groups not transparent when picking their new leaders and also when extending their t...
Hana donates to Korean school in Jakarta
Hana Bank said on Sunday that it donated 500 million Indonesian rupiahs ($33,000) to a Korean school in Jakarta as a part of efforts for a joint-prosperity campaign carried out by its parent company, Hana Financial Group. The lender said the donation will be used to support 20 students enrolled at Jakarta Indonesia Korean School for the next four semesters.
Banks criticized for windfall profits as Koreans endure tough economic conditions
Jin Soo-jin, a self-employed person in her 30s, says she felt extremely disadvantaged last week when she learned of the profits that the major banking groups announced for their 2022 earnings, driven by soaring interest incomes that rose to an all-time high as opposed to her business, which continues to struggle with its loan repayments.
Pension reform in stalemate due to gov't-parliament discrepancy
The government and the National Assembly are at odds over what measures should be prioritized in the overhaul of the state-managed retirement pension system to prevent pension funds from being depleted in the decades to come. Operated by the National Pension Service (NPS), the pension is receivable by the majority of retirees who paid premiums to the service during their work...