Koreans Like Foreign Banks
Deposits at foreign banks increased by nearly 3 trillion won ($2.3 billion) last year, the Bank of Korea said Sunday, as many investors perceive them as safer than domestic banks.The central bank said that deposits at the 41 foreign banks in Korea totaled 5.85 trillion won at the end of last year, nearly double the figure from the year before. Savings deposits of 5.01 trillion won and demand deposits of 691 billion won accounted for most of the total.
Although banks like Citibank and HSBC offer interest rates similar to those of domestic banks, more savings are going into foreign-based banks. "Foreign banks are seen as safe, with the restructuring in the financial sector and the new partial deposit protection system," a central bank official said.
with the Korea JoongAng Daily
To write comments, please log in to one of the accounts.
Standards Board Policy (0/250자)