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Korean banks are ramping up debt relief for troubled borrowers as Seoul intensifies its inclusive-finance push, prompting closer scrutiny of how far lenders will be expected to shoulder social policy objectives. According to industry estimates Sunday, the five major commercial banks carried out over 4,600 in-house debt restructuring cases in the first four months of this year, nearly quadruple the 1,180 cases recorded a year earlier. The amount more than tripled to 35.9 billion won ($23.5 millio
The Export-Import Bank of Korea will provide $110 million in financing for Doosan's planned copper clad laminate production facility in Thailand, the policy lender said Wednesday, as it seeks to support the expansion of AI-related supply chains beyond China. The plant, which will manufacture high-end CCL used in AI networking equipment, is scheduled to begin construction this year at the Araya Industrial Park in Thailand. The funding follows a memorandum of understanding signed between Korea Exi
Mirae Asset Financial Group said Wednesday that client assets under management had surpassed $1 trillion as of the end of May, reaching approximately $757.1 billion in domestic assets and $259 billion overseas. By affiliate, Mirae Asset Securities accounted for about $531.3 billion in client assets, while Mirae Asset Global Investments managed roughly $451.6 billion. Mirae Asset Life Insurance and other affiliates held around $33.2 billion as of the end of April. The milestone caps several years
South Korean lenders are tightening access to unsecured borrowing as concern grows over surging household debt, with internet-only banks joining a pullback that started with major commercial lenders. K Bank went furthest among online lenders, suspending all new overdraft accounts through July 31, the company said Tuesday. It has also capped daily credit loan applications and plans to lower limits for high-income borrowers. Kakao Bank, the country's largest internet-only bank, said it will cut th
NH NongHyup Bank CEO Kang Tae-young met with Lady Mayor of the City of London Susan Langley and British Ambassador to South Korea Colin Crooks on Monday to discuss financial cooperation, digital assets and the bank's expansion in Europe. The meeting, held at NH NongHyup Bank's headquarters in Seoul, focused on ways to strengthen ties between Korean and British financial institutions, explore joint investment opportunities with the City of London and expand cooperation in emerging areas such as t
Hana Financial Group Chairman Ham Young-joo said "productive finance" should extend beyond support for advanced industries to include traditional manufacturing and smaller businesses, arguing that industrial and financial policies must work more closely together as technological change reshapes the economy. Ham made the remarks at a joint seminar on productive finance — investments that focus on infrastructure and productive industries rather than speculative returns — hosted by the Hana Institu
Woori Bank said Thursday it plans to launch a dedicated digital wallet for overseas tourists to South Korea in the second half of this year to simplify payments and improve access to local financial services. The bank said it signed a memorandum of understanding with fintech startup Crosshub on Wednesday to improve payments for foreign visitors and jointly develop financial services that address payment challenges commonly faced by those travelling to Korea. Under the partnership, the two compan
For Korean banks, green finance is becoming less about branding money as ESG and more about proving where that money goes. That shift is being driven by the Korean green taxonomy, also known locally as K-Taxonomy. The framework defines which activities can be considered environmentally sustainable and puts stricter standards around green loans and bonds. Woori Bank is moving ahead with loans and bonds screened against the taxonomy rather than broader ESG standards. The lender said it has provide
Woori Bank said Tuesday that its London trading center has secured approval from UK regulators to sell derivatives products to clients and conduct securities operations, advancing the lender's push to expand its capital markets business in London. The center received approval from the Financial Conduct Authority and the Prudential Regulation Authority on May 29, about 10 months after filing its application, following a process to meet local regulatory requirements and build an internal control f
Hana Financial Group said Tuesday it has signed a memorandum of understanding with the Ministry of National Defense to launch a support program for wounded service members, bereaved military families and troops serving in remote areas. Marking National Veterans Month in June, the financial group will provide about 1 billion won ($659,000) in annual support under the "Hero with Hana" initiative to nearly 300 service members and their families. The agreement was signed at the Defense Ministry head
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