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Finance

NACF mutual loans delinquency at 17.5 percent; executive bonuses paid at loss-making co-ops

South Korea\'s parliamentary audit spotlighted weakness in mutual finance at local agricultural cooperatives under the National Agricultural Cooperative Federation, with joint-loan delinquency cited at 17.5 percent. Data presented by opposition lawmakers showed higher delinquency in loans to non-members and quasi-members and most estimated losses tied to those loans. Lawmakers also raised concerns about executive performance bonuses at loss-making cooperatives and questioned oversight, internal controls and the effectiveness of supervision and audits.

Finance

Shinhan Bank arranges 2.28 trillion won financing for Bokjeong Station area development

Shinhan Bank has completed arranging project financing totalling 2.28 trillion won for the Bokjeong Station-area mixed-use development project. The bank said it finished arranging a second main PF loan of 380 billion won after a first main PF loan of 1.9 trillion won. The project will develop office, residential and commercial facilities around Bokjeong Station, including a 500,000-pyeong business complex cluster.

Finance

P2P lenders gain momentum as rules ease; financial CEO appointments gather pace

Korea\'s online investment-linked finance industry is accelerating mid-rate lending to mid-to-low credit borrowers and sole proprietors after regulatory improvements. The Financial Services Commission plans to raise self-funding investment limits and financial-company linked investment caps, and expand limits for general investors. Major financial institutions are also stepping up CEO selection processes, while regulators tighten oversight of bank asset quality, governance and internal controls. Payment and digital-asset businesses widen partnerships and services.