Outgoing KB Financial Group Chairman Yoon Jong-kyoo and former Shinhan Financial Group Chairman Cho Yong-byoung joined a pool of six candidates vying to become the next leader of the Korea Federation of Banks (KFB), the federation said on Nov. 10.
The combined net income of local commercial lenders will fall to 19.6 trillion won ($14.9 billion) next year from 21.6 trillion won this year, led by a slowdown in healthy asset growth associated with credit risks, and compounded by reductions in net interest margins (NIM) due to declining interest rates, according to a private think tank.
Unsecured loans rose over 608 billion ($460 million) in October from the month before, breaking nearly two years of sustained decline, after leveraged borrowers sought a new line of credit due to tightened mortgage rules, data showed Friday.
CEOs of the country’s major banking groups, both active and retired, are drawing attention as potential candidates to next lead the Korea Federation of Banks (KFB), a lobby group representing lenders, according to industry sources, Tuesday.
Sara Rousalova, a Czech citizen who has been living in Korea for about six years, tried to open an online bank account three years ago. “But it didn’t work as it wasn’t open to foreigners. I had a lot of trouble with verifying my identity for various services online,” she said. The difficulty in accessing online services due to issues of identity verification has long been a frustration for f.