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Korea Herald
27-05-2025
- Business
- Korea Herald
[Graphic News] Number of bank branches falls for 6th straight year
The number of bank branches fell for the sixth year running in 2024 amid the popularity of mobile and online banking services, data showed. South Korean banks ran 5,792 branches at home and abroad combined as of end-December, down 57 from a year earlier, according to the data compiled by the Bank of Korea. Banks have opted to shut down branches as part of cost-cutting measures as more customers prefer mobile and internet banking. The pace of branch closures appears to be accelerating this year. According to industry officials, the number of domestic branches operated by the five major banks - KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup - stood at 3,766 as of the end of the first quarter, down 76 from the previous quarter. (Yonhap)
Korea Herald
09-03-2025
- Business
- Korea Herald
Home-backed loans up over 34% in Feb. on rising housing demand
Home-backed loans extended by major South Korean banks climbed more than 34 percent from a month earlier in February, indicating a possible rebound in the housing market, data showed Sunday. Fresh home-backed loans extended by five major lenders -- KB Kookmin, Shinhan, Hana, Woori and NH Nonghyup -- reached 7.5 trillion won ($5.17 billion) last month, up 34.3 percent from a month before, according to the data from the banks. The reading marks the highest since September, when the five banks extended 9.2 trillion won worth of home-backed loans. It also marked the steepest rate of on-month rise since April, when such loans advanced 34.8 percent. Market observers believe housing loans are expected to increase further in the coming months as the Seoul city government recently eased regulations on land transactions in the city, pushing up real estate demand. The decrease in borrowing costs sparked by the Bank of Korea's recent rate cuts will also likely boost demand for mortgages, they said. The central bank slashed its key rate to 2.75 percent late last month following its back-to-back rate reductions in October and November, highlighting the need to support growth. (Yonhap)
