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Finance

BNK Financial to provide 1.6 trillion won in Chuseok funding for SMEs and small merchants

BNK Financial Group will provide special loans worth a total of 1.6 trillion won to regional small and medium-sized companies and small merchants ahead of the Chuseok holiday. BNK Financial said on Sunday it will supply the BNK 2026 Chuseok Special Loan through BNK Busan Bank and BNK Kyongnam Bank from Aug. 24 to Oct. 26. Each bank will support 800 billion won, split between new funding and maturity extensions. Borrowers may receive interest-rate cuts of up to 1.0 percentage point.

Finance

BNK Financial strengthens consumer protection governance, guarantees two-year CCO term

BNK Financial Group has set up financial consumer protection committees under the boards of Busan Bank and Kyongnam Bank and will strengthen the independence and authority of its chief consumer protection officer. The board will directly decide on the appointment and dismissal of the CCO, whose term will be guaranteed at 2 years. The group is also running an internal contest to identify and improve practices and procedures deemed unfavorable to consumers.

Finance

Regional financial groups slip in H1 results as BNK-JB merger talks collapse

Three region-based South Korean financial holding firms posted weaker combined first-half results as declines at BNK Financial Group and iM Financial Holding outweighed gains at JB Financial Group. Their combined controlling-stake net profit fell 5.4 percent to 1.0931 trillion won. The gap versus the four major financial groups widened as their combined profit rose to 11.3392 trillion won. BNK and JB also rejected reviewing a merger proposed by Align Partners.