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Finance

FSS head Lee Chan-jin says savings banks must be partners for ordinary people and local economies

Financial Supervisory Service Governor Lee Chan-jin (이찬진) met savings bank chief executives and urged them to strengthen support for ordinary people and local economies while running their businesses responsibly. He said savings banks should reinforce inclusive finance, expand funding for local small businesses and improve consumer protection, including mid-interest loans and loan brokerage fees. He also called for stronger internal controls, adequate loan-loss provisions and capital buffers. CEOs asked for policy support.

Finance

South Korea FSC unveils savings bank development plan, allows mid-sized firm loans

South Korea\'s Financial Services Commission on Feb. 23 announced a plan aimed at the sound development of savings banks, allowing them to extend corporate lending beyond small and medium-sized companies to include mid-sized firms with assets of 500 billion won or more. The measures also include changes to loan-to-deposit ratio weights to favor lending outside the capital region, permitting certain large savings banks to handle debit cards and prepaid mobile coupons, and revising prudential and governance rules.