[Weekly Savings Bank] Representative Change After 8 Years and Launch of New Mid-Interest Rate Product

Yunho Park, CEO of JT Chin-Ae Savings Bank

[Asia Economy Reporter Kim Min-young] JT Chin-Ae Savings Bank has changed its CEO for the first time in 8 years.

JT Chin-Ae Savings Bank announced on the 25th that it held its regular shareholders' meeting and board meeting and appointed Park Yoon-ho as the new CEO.

CEO Park is the second CEO following the inaugural CEO Yoon Byung-mook. He is the first new CEO in 8 years since the bank's launch in 2012.

CEO Park first became connected with JT Chin-Ae Savings Bank as an outside director in August 2012. Since taking on the role of full-time audit committee member in February 2013, he has made significant contributions to improving overall management risks over more than seven years, the company explained. Since March last year, he has served as a full-time audit committee member at JT Savings Bank.

Born in 1952, CEO Park graduated from Seoul National University with a degree in Business Administration and earned an MBA from Claremont Graduate University in the United States. He worked for over 20 years at the Bank of Korea (Bank Supervisory Agency) and later served as a full-time auditor at Hana Daetoo Securities and as vice president at Hana UBS Asset Management.

CEO Park emphasized sustainable growth. He said, “JT Chin-Ae Savings Bank aims to achieve solid growth through portfolio optimization and thorough risk management amid increasingly challenging business conditions. We will continue to faithfully fulfill our role as a financial institution for ordinary citizens and do our best to grow together with the local economy.”

◆ Welcome Savings Bank Launches New Mid-Interest Loan Product

Welcome Savings Bank has launched the ‘Welbang Mid-Interest Loan’ product.

The company explained that thanks to a refined credit scoring system (CSS), interest rates have decreased and loan limits have increased. Welcome Savings Bank improved the CSS by adding various non-financial information such as telecommunications, real estate, and insurance data.

According to Welcome Savings Bank, a customer who previously qualified for a loan limit of 10 million KRW with an annual interest rate of 16% can now receive a loan limit of 12 million KRW with an interest rate of 14.3% under the newly applied CSS. This means the loan limit increases by 20% and the interest rate decreases by about 10% compared to before.

The application conditions for this product require a minimum of 6 months of continuous employment and enrollment in the four major social insurances. The maximum loan limit is 50 million KRW, with interest rates ranging from 5.9% to 19.4% annually. There is no prepayment penalty, and the repayment period can be up to 60 months.

The product can be applied for through the Welcome Digital Bank (Welbang) mobile banking platform application. The entire process is conducted non-face-to-face.

◆ Eugene Savings Bank Recruiting Customer Evaluation Group

Eugene Savings Bank is recruiting its 2nd Customer Evaluation Group.

The Customer Evaluation Group is open to anyone interested in financial products and services who can participate in both online and offline activities. Applications can be submitted on Eugene Savings Bank’s website until the 24th of next month.

From the applicants, six final members will be selected through a first-round document screening and a second-round phone interview.

During approximately two months, members will engage in activities such as advertising review and inspection, evaluation of customer contact channels, and proposing ideas for service improvements.

Evaluation group members will receive a monthly activity fee worth 500,000 KRW, transportation expenses, awards for excellent proposals, and recognition for outstanding members.

Kwangsik Kim, Full-time Audit Committee Member at Moa Savings Bank

◆ Moa Savings Bank Appoints Former Hana Bank Auditor Kim Kwang-sik as Full-Time Audit Committee Member

Moa Savings Bank, based in Incheon, announced that at the regular shareholders' meeting held on the 23rd, it appointed Kim Kwang-sik, former full-time audit committee member of Hana Bank, as a full-time audit committee member.

Auditor Kim joined the Bank of Korea in 1982 and has served as director of the Financial Supervisory Service’s Public Relations Office, president of the Financial Security Institute, and full-time audit committee member at Hana Bank.