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Finance

Hana Bank retirement pension assets top 52 trillion won, largest rise among banks this year

Hana Bank\'s retirement pension assets exceeded 52 trillion won as of the end of the third quarter, rising 3.77 trillion won from the end of last year, the largest increase among banks. Growth in individual retirement pension (IRP) and defined contribution (DC) plan balances led the overall increase. Hana Bank said assets totalled 52.16 trillion won at end-September. It is also expanding related services and products and running an event for new IRP customers through Nov. 30.

Finance

Securities firms race to expand size amid IMA, investment bank push, raise 8.7 trillion won

South Korean securities firms are accelerating capital expansion as they compete to enter integrated management accounts (IMA) and become comprehensive financial investment businesses. Thirteen brokerages have raised or are seeking 8.705 trillion won this year through rights issues and hybrid capital securities, about twice last year’s total. KB Securities led with 1.7 trillion won. The capital race is tied to rules that expand permitted businesses based on equity levels, including IMA eligibility at 8 trillion won.

Finance

Banks\' digital shift still leaves customer waits and staff burden unchanged

South Korea\'s banking sector is accelerating digital transformation and efficiency drives, but customers and frontline staff still feel the strain, industry sources say. As mobile banking expands, branches, ATMs and headcount are shrinking, concentrating complex tasks at remaining outlets. Customers report difficulty reaching branches by phone and long waits for consultations. From April next year, branch opening time is set to move to 9:30 a.m., cutting daily counter hours by 30 minutes.