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Finance

Audit 2026: Financial holding companies face \'shadow executive\' row; bank rate and security weaknesses also flagged

At a comprehensive parliamentary audit of the financial sector, lawmakers raised issues spanning governance, loan rate-setting, security and consumer protection. They flagged practices in which retired executives stay on as advisers, and concerns over former Financial Supervisory Service officials taking jobs in financial holding companies. Some banks were criticised for raising add-on rates and cutting preferential rates. Low compensation under a voice phishing scheme and vulnerabilities in bank security software were also questioned, along with a lack of long-term fixed-rate mortgages.

AI & Enterprise

BNK Financial pushes groupwide AI system adoption, picks Samsung SDS as preferred bidder

BNK Financial Group is seeking to build a groupwide generative AI platform shared by all affiliates to reduce duplicated investment and manage risks from applying AI to financial tasks. The group has selected Samsung SDS as the preferred bidder and is negotiating details. BNK plans to roll out generative AI functions in internal rules and accountability checks, lending and foreign exchange operations, internal search and groupware. It will also develop groupwide AI management standards and an AI governance portal.

Finance

Banks race for local government treasury contracts heats up amid fairness row over criteria

Competition among banks to win local government treasury contracts is intensifying, with a growing dispute over whether evaluation criteria are fair. The Financial Supervisory Service has warned about excessive competition driven by banks with stronger capital through cooperation project funds. Regional banks are also protesting that some municipalities count local agricultural cooperative branches as part of NH NongHyup Bank’s network. Jeonnam-Gwangju and Sejong are receiving proposals this week for 2027-2030 contracts.