South Korean banks are stepping up competition to attract young customers following the launch of the government-backed Youth Future Savings product. With most banks offering similar structures such as base rates, government contributions and tax breaks, lenders are differentiating through preferential-rate conditions, promotional events and group affiliate benefits. Banks aim to secure long-term relationships as only one account per person is allowed. The government has signalled it will accommodate eligible applicants even if demand exceeds the budget.

Woori Financial Group Chairman Lim Jong-ryong (임종룡) will visit Japan and Taiwan from June 22 to 25 to conduct overseas investor relations, the group said on Sunday. Lim plans to explain the launch of Woori Investment & Securities and the acquisitions of Tongyang Life Insurance and ABL Life Insurance as part of a strategy to expand the group’s non-bank portfolio. He will also present a medium- to long-term growth direction based on capital strength and shareholder return policies.