Will internet banks beat regional banks in earnings? koreatimes.co.kr - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from koreatimes.co.kr Daily Mail and Mail on Sunday newspapers.
Recognizing an expansion of the foreign population in Korea, banks are striving to improve access for foreign residents here by providing customized services from the point of arrival to departure. With the constant decline in population amid the plunging birth rate, foreign nationals are expected to take up a significant portion of Korea’s demographics shortly. Local lenders are expanding services to woo custo.
The popularity of online mortgage refinancing loan services is soaring in the country, with over 1.3 trillion won ($970 million) worth of requests for transferring housing loans to other lenders having been made in just a few days since the service s launch in the past week.
BNK Kyongnam Bank is coming under heavy criticism for internal control failures, as clearly illustrated by cases involving an employee embezzling 300 billion won ($231 million) and a senior official trading stocks using borrowed names, according to market watchers, Wednesday.