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Finance

Finance union actions spread amid wage disputes and opposition to relocation

Collective action by finance-sector unions is spreading in South Korea. At KakaoBank, a dispute over performance rewards and wage increases has escalated into a strike, with about 700 members joining a one-day walkout in a “logout day” format. Separately, unions at NH Nonghyup and state-run policy banks are stepping up opposition to a second phase of the government’s plan to relocate public institutions outside the capital region.

Finance

South Korea FSC designates five financial holding groups, banks as D-SIBs; additional 1 percent capital next year

South Korea\'s Financial Services Commission designated five major financial holding groups and their banks as domestic systemically important banks and bank holding companies for 2027. The designation keeps a 1 percent additional capital buffer requirement next year, but the lineup is unchanged from the previous year, limiting any new capital burden. Ten firms were also designated as systemically important financial institutions, subject to recovery and resolution planning. Selected D-SIFIs must submit recovery plans within three months.

Finance

NH NongHyup Bank launches NH Modotour travel savings product

NH NongHyup Bank has launched a savings product in partnership with Modetour that combines travel funding with travel benefits. The bank will sell 10,000 accounts of the NH Modotour travel savings product from July 31 to Sept. 30. The 3-month flexible deposit savings plan allows monthly payments of 10,000 to 1,000,000 won. The base interest rate is 2.25 percent a year as of July 31, with additional preferential rates available.