Commercial banks here have come under criticism for cutting their savings interest rates on a larger scale than those from loan products. According to data from Korea s top five banks - KB, Shinhan, Hana, Woori and NongHyup - the average interest rate for their savings product with a one-year maturity was within a band from 3.36 to 3.6 percent as of Wednesday. This is a drop of more than 1 percentage point from November last year when they promised to offer annual returns of more than 5 percent for their major savings products.
Suhyup Bank s first female CEO, Kang Shin-sook, took office as the new leader of the fisheries cooperative s banking arm, Friday. She presented five core management goals after being inaugurated to the position. They include stable revenue generation, preemptive risk management, agile digital transformation, future-oriented organizational reform and enhanced support of fishermen.