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Finance

Woori Financial steps up push to become full-service financial group

Woori Financial Group has refined its second-half execution strategy to accelerate its move toward a full-service financial group. It plans to expand its customer base and boost cross-selling among affiliates, while restoring bank profitability, strengthening non-bank competitiveness and widening its AI transition. The group also discussed tighter profitability and soundness management, talent development and stronger AI-based security and consumer protection. It raised its Future Shared Growth Project target to 90 trillion won.

Finance

BOK shifts to tightening as growth rebounds, leaves door open to more rate hikes

The Bank of Korea raised its policy rate to 2.75 percent from 2.50 percent, marking a shift toward tighter monetary policy. It cited cost pressures from oil and the currency, and demand-side inflation risks as AI investment and a semiconductor boom lift income and support consumption. The central bank also pointed to financial stability risks including housing prices, household debt and exchange-rate volatility, and did not rule out additional rate increases.

Finance

KB Kookmin Bank to cut interest burden for Saehuimang Holssi borrowers

KB Kookmin Bank will support principal repayments for customers who switched existing KB Kookmin Bank unsecured loans to Saehuimang Holssi II, as it seeks to reduce financing costs for vulnerable borrowers. The bank said on June 28 it will run the Saehuimang Holssi II financing cost support programme through year-end. Eligible customers who have paid interest faithfully can apply through branches. The bank will support interest burdens above a 7 percent loan rate.