Business · Economy · 1 day ago
Deposits at South Korea’s Five Largest Banks Fall Sharply
Demand deposits at South Korea’s five largest banks fell by 20.1 trillion won in the first four business days of October, compared with the end of September.
These accounts let customers withdraw money at any time and can hold funds waiting to be invested.
Term deposits also fell by 2.7 trillion won, after rising for five months, while installment savings deposits increased.
The declines have been interpreted as a possible sign of customer concern after a series of cyberattacks on financial companies.
Seven institutions have confirmed customer or corporate data exposure, including three of the five banks.
Some attacks may have used automated tools involving artificial intelligence, but that possibility has not been confirmed.
Police have announced a dedicated 28-person team and a formal investigation into the hacking cases.
Demand deposits at South Korea’s five largest banks fell by more than 20 trillion won in the first four business days of October.
The banks’ fixed-term deposits also declined, ending a five-month run of increases.
The declines have been interpreted as reflecting customer concern about a series of cyberattacks on financial firms.
By contrast, installment savings deposits rose slightly.
- Who
- KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, South Korea’s five largest banks.
- What
- Demand deposits fell by 20.133 trillion won, and fixed-term deposits fell by 2.729 trillion won.
- When
- In the first four business days of October, through October 7.
- Where
- South Korea.
- Why
- The declines have been interpreted as reflecting customer concern about a series of cyberattacks on financial firms.
This story does not have two clearly opposing sides.
No direct quotes in the coverage so far.
Demand deposits at the five banks stood at 675.5249 trillion won, and fixed-term deposits stood at 1,006.0871 trillion won.
Demand deposits were 655.3919 trillion won, while fixed-term deposits were 1,003.3581 trillion won.
Donga Ilbo reported the deposit declines and their possible link to customer concerns over cyberattacks.
- Demand deposits
- 655.3919 trillion won on October 7
- Demand deposit decline
- 20.133 trillion won from September 30
- Fixed-term deposits
- 1,003.3581 trillion won on October 7
- Fixed-term deposit decline
- 2.729 trillion won from September 30
- Installment savings
- 46.781 trillion won, up 506.1 billion won from September 30
Sources
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