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Finance

Audit 2026: Lawmakers rap five big bank CEOs over hacking response, compensation and loan rates

Chief executives of South Korea\'s five biggest banks faced sharp questioning at a National Assembly audit over loan-rate calculations, personal data leaks and consumer protection. Lawmakers alleged banks offset cuts in add-on rates mandated by a legal revision by reducing preferential rates to raise interest income. KB Kookmin Bank and NH NongHyup Bank were pressed on rate adjustments. KB Kookmin also faced scrutiny over its initial response to a hacking incident, while lawmakers criticised unspent security budgets and compensation systems.

Finance

Lawmakers criticise banks over interest rates, hacking, IT errors and governance questions at audit

Issues ranging from banks’ loan-rate calculations to hacking incidents, IT system management and financial holding companies’ governance were raised at a National Assembly audit. Lawmakers questioned whether banks cut preferential rates after tighter rules on loan add-on rates. They also probed differences in cybersecurity systems among banks and called for stronger standards. Delayed detection of internal system errors, including cases at Toss Bank, was cited. Governance and outside director appointment procedures at BNK Financial Group, Woori Financial Group and KB Financial Group affiliates were also questioned.

People

Shinhan Bank CEO Jung Sang-hyuk joins relay campaign to prevent illegal private lending

Jung Sang-hyuk (정상혁), CEO of Shinhan Bank, has joined a relay campaign aimed at preventing damage from illegal private lending and protecting financially vulnerable people. Shinhan Bank said on Oct. 12 that Jung took part in the “Finance that saves lives” campaign led by the Korea Inclusive Finance Agency. Jung joined after being nominated by K Bank CEO Choi Woo-hyung and urged a stronger role for finance.