Fisher Richesse Administration Latest Information: Bank deposits rise 3.2 pct in H1 - Venture - Administration

Fisher Capital Management Most current News: Bank deposits rise 3.2 pct in H1

SEOUL, July 12 (Yonhap) -- South Korean banks' deposits increased 3.2 percent in the initially half as the financial recovery and greater deposit rates lured prospects into fairly secure assets, sector data showed Tuesday.

Deposits held by local six banks which includes leading lender Kookmin Bank amounted to 810.five trillion won (US$761 billion) as of finish-June, up 24.8 trillion won from the finish of last year, according to the data.

Five key banks saw their deposits rise in the initially half, but deposits at Korea Exchange Bank (KEB), controlled by U.S. buyout fund Lone Star Funds, declined in the cited period, spawning industry issues that its capacity to do enterprise may well be dented.

Deposits at KEB, South Korea's No. five lender, reached 67.five trillion won as of the finish of last month, down 1.8 trillion won from six months earlier. Compared with a year ago, its deposits fell by 1.97 trillion won, data showed.

The data came as the protracted sale of KEB and Lone Star's receipt of a record interim dividend are raising uncertainty surrounding the bank's enterprise.

Hana Financial Group Inc. agreed on Friday to extend a deal to invest in KEB inside six months at a lower cost of four.41 trillion won amid the regulator's delay in its assessment of Lone Star's eligibility as the leading shareholder of KEB.

KEB's choice to spend out a quarterly dividend triggered Lone Star to rake in dividends worth 496.9 billion won. The choice invited public criticism that the fund is trying to exit the Korean industry after fattening its pockets.

But an official at KEB said that the decline in deposits primarily resulted from seasonal elements, not from a customer exodus, adding that provided the size of its assets, the volume of deposits and loans remained at an appropriate level.

KEB's total assets stood at 106.2 trillion won at the finish of March, up 6.8 percent from three months earlier. KEB's industry share in foreign exchange markets accounted for 47.five percent as of finish-May possibly, up from 43.five percent the prior month.

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