Financial institution branches in Seoul / Yonhap
The variety of financial institution branches fell for the sixth yr in a row in 2024 in keeping with the recognition of cellular and on-line banking providers, information confirmed Thursday.
Korean banks ran a complete of 5,849 branches at house and overseas mixed as of end-September, down 53 from a yr earlier, in accordance with the info compiled by the Financial institution of Korea (BOK).
The determine has been on a continuing decline since September 2018.
The information for the whole yr of 2024 is but to be obtainable.
Banks have opted to close down branches as a part of cost-cutting measures, as extra clients desire cellular and web banking.
In response, authorities got here up with tips for closures of financial institution branches to attenuate inconvenience to clients, whereas encouraging banks to plot measures additional to spice up clients‘ entry to banking providers. (Yonhap)
