The Financial Supervisory Services (FSS) announced Friday that it will appeal a Seoul Administrative Court ruling absolving Woori Financial Group Chairman Son Tae-seung of selling high-risk funds without properly explaining their risks.
Households will only be able to borrow as much money as their annual income as financial authorities try to curb the country’s growing household debt.
Fitch Ratings upped Woori Bank's long-term credit rating to A from A-, the bank said Friday, the first upgrade in 16 years.
Banks are betting on the metaverse, putting their younger employees and their customers into these computer-generated worlds in the hope that business will follow.
Banks are offering a broad range of services via their apps as they face brutal competition from tech companies rapidly expanding into digital finance.
Woori Financial Group Chairman and CEO Son Tae-seung has been sanctioned by the Financial Supervisory Service (FSS) and could be barred from another term as an executive or as a board member of the company.
Banks are offering help to small businesses in the aftermath of the coronavirus pandemic by sharing big data and promising assistance for online operations.
Woori Bank launched a mobile service to aid in the exchange and storage of foreign currency on Wednesday.
The average annual salary of employees at local commercial banks closed in on 100 million won ($88,000) last year, rising by over 8 percent compared to 2017.
Woori Bank said Monday it accepted the decision by a Financial Supervisory Service (FSS) committee that ordered it to pay restitutions for up to 78 percent of some investments made in Lime Asset Management funds.