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Finance

Saemaul Geumgo completes sales of MG Hope Sharing Baby Snake savings product

The Saemaul Geumgo Federation said on Jan. 8 it has completed sales of its MG Hope Sharing Baby Snake savings product introduced in April last year to support efforts to overcome low birth rates. The one-year fixed-deposit savings product was capped at 50,000 accounts and ended after 49,803 accounts were sold, a 99.6 percent sales rate. The federation said contracts totalled 114.1 billion won and interest of 6.44 billion won is due this year.

Finance

Saemaul Geumgo nears first direct election for chairman as mutual finance leadership reshapes

South Korea\'s mutual finance sector is preparing to pick new leaders as asset quality worsens and internal control controversies persist. Saemaul Geumgo will hold its first full direct election for chairman on Dec. 17, with three candidates vying for the post. The race includes allegations against the incumbent and competing reform pledges. The National Credit Union Federation of Korea also faces a leadership change, with an election set for Jan. 7 amid continued losses and rising delinquencies.