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Search results for Korea Federation of Savings Banks

Finance

FSS raises whistleblower rewards to 1 billion won at savings banks, mutual finance

South Korea’s Financial Supervisory Service is expanding whistleblower rewards for internal wrongdoing at savings banks, mutual finance groups and card and capital companies to as much as 1 billion won. The scheme will allow retirees and outsiders, not only current staff, to report misconduct. It will also expand eligible cases and clarify calculation standards. Firms must prove actions were not retaliatory if disadvantages occur within 2 years after a report.

People

Oh Hwa-kyung, head of Korea Federation of Savings Banks, joins \'Life-Saving Finance\' campaign

Oh Hwa-kyung (오화경), head of the Korea Federation of Savings Banks, joined a relay campaign aimed at preventing harm from illegal private lending and spreading inclusive finance. The federation said on Aug. 5 that Oh took part in the \'Life-Saving Finance\' campaign run by the Korea Inclusive Finance Agency. Oh joined after being nominated by the agency’s head, Kim Eun-kyung, and named Jeong Seong-ung and Kim Moon-seok as the next participants.

Finance

Savings banks raise deposit rates as money moves out, 4 percent products return

South Korean savings banks are raising deposit rates as deposit-like funds move out amid a stock market tilt. The average 1-year term deposit rate at 79 savings banks reached 3.74 percent as of June 26, the highest since November 2024. OK Savings Bank lifted rates to 4.5 percent on some products, while others raised term and demand-account rates toward 3 percent. Banks have also increased deposit rates, narrowing the gap.