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Finance

South Korea FSC unveils savings bank development plan, allows mid-sized firm loans

South Korea\'s Financial Services Commission on Feb. 23 announced a plan aimed at the sound development of savings banks, allowing them to extend corporate lending beyond small and medium-sized companies to include mid-sized firms with assets of 500 billion won or more. The measures also include changes to loan-to-deposit ratio weights to favor lending outside the capital region, permitting certain large savings banks to handle debit cards and prepaid mobile coupons, and revising prudential and governance rules.

Finance

Banks barred from adding statutory costs to loan rates as Bank Act revision passes parliament

South Korea will in principle ban banks from adding statutory costs to loan interest rates after a revision to the Bank Act passed the National Assembly, the Financial Services Commission said. The ban covers reserve requirements, deposit insurance premiums, and contributions to guarantee funds, as well as contributions to the Korea Inclusive Finance Agency. An exception allows limited inclusion of some guarantee-fund contributions. Banks must conduct compliance checks at least twice a year, and violations can trigger sanctions.