Foreign banks raise fees despite regulators’ efforts
Published : 2013-02-27 20:27
Updated : 2013-02-27 20:27
Citibank Korea and Standard Chartered Bank Korea have raised commission fees for loan services despite state regulators’ efforts to lower them, according to reports.
Since the third quarter of 2012, state financial regulators have publicized a list of banks’ service fees, in an attempt to cut lending fees that are closely related to loan interest.
However, the two foreign banks raised lending fees, largely surpassing those of their domestic counterparts.
For mortgage loan services, fees were 0.41 percent for SC and 0.36 percent for Citibank, while average fees among domestic banks recorded 0.26 percent in the fourth quarter of 2012.
For credit loan services, SC Bank raised service fees by 0.13 percentage point and Citibank by 0.05 percentage point as well, between the third and fourth quarter in 2012.