Online Bank's Loans and Deposits Soar Past W1.2 Trillion

  • By Kim Shin-young

    July 12, 2017 13:05

    Korea's first online lender K-Bank said Tuesday that the amount of loans extended and deposits collected has exceeded W1.2 trillion just 100 days after its launch (US$1=W1,152).

    K-Bank, which opened on April 3, said it lent customers W610 billion and they deposited W650 billion as of Tuesday. Its original target was W400 billion in loans and W500 billion in deposits for the whole of the year. The online bank has racked up 400,000 customers so far.

    A K-Bank staffer said, "It looks like round-the-clock service has drawn a lot more customers."

    Thanks to low overheads because it has no high-street branches, the bank is able to lend at lower interest rates than offline rivals and offer higher rates on deposits.

    Meanwhile, Kakao Bank, Korea's second online bank, is set to open later this month.

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