April 19, 2024
Mobile & Internet
K bank raises deposit rate to fend off rival
[THE INVESTOR] K bank, Korea’s first internet-only bank, said on Aug. 9 it has raised its deposit rate, in an apparent bid to fend off its competitor Kakao Bank.
K bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao Bank.
The rate hike came as Kakao Bank has far outpaced the growth of K bank in terms of customer base and loans.
K bank, which began formal operations April 3, has attracted about 440,000 customers and made loans worth 630 billion won (US$558 million).
In comparison, Kakao Bank’s number of accounts exceeded 2 million, and it has made loans worth 770 billion won in just 13 days since launching operations.
K-Bank is led by KT, the nation’s biggest fixed-line Internet operator, while Kakao Bank is led by Kakao, operator of the nation’s dominant messaging app KakaoTalk.
By Alex Lee and newswires (alexlee@heraldcorp.com)
K bank increased the rate it offers on a 1-year time deposit by 10 bps to 2.1 percent, compared with 2 percent offered by Kakao Bank.
The rate hike came as Kakao Bank has far outpaced the growth of K bank in terms of customer base and loans.
K bank, which began formal operations April 3, has attracted about 440,000 customers and made loans worth 630 billion won (US$558 million).
In comparison, Kakao Bank’s number of accounts exceeded 2 million, and it has made loans worth 770 billion won in just 13 days since launching operations.
K-Bank is led by KT, the nation’s biggest fixed-line Internet operator, while Kakao Bank is led by Kakao, operator of the nation’s dominant messaging app KakaoTalk.
By Alex Lee and newswires (alexlee@heraldcorp.com)
