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Finance

Korean banks tighten household loans, cut mortgage limits and strengthen controls

South Korean banks are tightening household lending after the biggest year-on-year rise in bank household loans. KB Kookmin Bank capped home purchase loans at 300 million won and cut limits in the Seoul area and regulated zones. Shinhan Bank halted new mortgage applications via loan brokers and suspended new mortgage insurance sign-ups. Regulators are also expanding oversight, summoning regional banks to review compliance with household debt targets and second-half plans.

Finance

BNK Financial forms 50 billion won productive finance strategic fund

BNK Financial Group is launching productive finance investment to foster strategic industries in South Korea’s Southeast region and nurture local innovative companies. The group said it has completed the formation of the 50 billion won BNK Productive Finance Strategic Fund and will begin full-scale investment. The fund aligns with Chairman Bin Dae-in’s second-term management direction and serves as a group-level investment platform.

Finance

Youth Future Savings bonus rates disclosed, banks offer up to 8 percent

South Korea will launch the Youth Future Savings policy finance product on June 22. The Financial Services Commission said it disclosed interest rates and preferential conditions by institution on the Korea Federation of Banks\' consumer portal. The product carries a fixed base rate of 5 percent for three years, with preferential rates adding 2 to 3 percentage points to as much as 7 to 8 percent. With government contributions and tax exemptions, the commission said the effect can be similar to higher simple-rate savings returns.