(MENAFN) South Korea's five top financial institutes sold property belongings worth nearly USD67 million throughout the first six months, far surpassing last year's figures, based on the latest reports.
The banks are basically seeking to ride out drops in their net interest margins, plus they also need to reinforce their mobile services as demand for transactions through non-face-to-face channels is on the rise.
In more detail, the five banks; KB Kookmin Bank, KEB Hana Bank, NH Bank, Shinhan Bank and Woori Bank, disposed USD66.8 million worth of real estate in the Jan-June period, higher than assets sold in 2015.
"Faced with ever-deteriorating interest rates, banks felt the need to cut costs by selling some of their idling bank branches and other real estate assets," stated a top South Korean official.
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