The government and financial institutions will channel a combined 452 trillion won ($337.8 billion) into climate initiatives through 2030, as the country aims to cut its carbon emissions by 40 percent compared to 2018 levels by the end of the decade.
The chief of the KFB expressed his “regret” over the incomplete sales of high-risk investment products by banks, as the financial watchdog put forward a compensation guideline for losses incurred from the troubled Hong Kong-tied derivatives Monday.
The fund will provide low-interest loans and project financing in high-tech industries.
Banks in Korea are expected to ease their stance on extending loans in the first quarter of the year due to demand for home-backed loan refinancing programs, a central bank survey showed Tuesday.
Korea’s antitrust watchdog is investigating the country's four largest banks for potential collusion when extending loans.
Household loans lent out by the top five banks in January increased by 2.238 trillion won ($1.71 billion) from the end of December, according to the finance sector. Household loans made by top five banks have increased for eight consecutive months.
Financial authorities are discussing measures to increase access to low- and midrange loans from online-only banks to help citizens with below-average credit access capital.
The Financial Services Commission (FSC) is pressuring organizations within the industry to introduce practical solutions that can reduce borrowers’ burden amid high interest rates.
The Korean Federation of Banks has recommended former Cho Young-byoung as its next chairman. Cho, if nominated, will begin a three-year term on Dec. 1.
The government is set to announce a series of measures later this year to break the monopoly held by banks as they have been raking in record profits from interest income, according to sources from the presidential office on Friday.
Korea JoongAng Daily Sitemap