Loan Fraud Hits Major Banks: KB Kookmin, Shinhan, Woori, and IBK Lose 49 Billion Won
KB Kookmin Bank Reports New Financial Incident of 3.57 Billion Won
Shinhan, Woori, and IBK Also Revise and Increase Loss Amounts
On August 12, four major commercial banks—KB Kookmin Bank, Shinhan Bank, Woori Bank, and IBK Industrial Bank of Korea—announced that they had suffered a total of KRW 49 billion in financial accidents caused by loan fraud.
KB Kookmin Bank, in its newly released disclosure on the same day, revealed that it had experienced a financial accident amounting to KRW 3,577.9 million due to external fraud. The bank noted that the expected amount of loss has not yet been determined.
The period during which KB Kookmin Bank's financial accident took place spans from September 26, 2023, to December 11, 2024. The incident was discovered through reports of key information received from branch offices, and authorities are currently conducting related investigations.
Shinhan Bank, Woori Bank, and IBK Industrial Bank of Korea also revised upward the previously disclosed amounts for financial accidents caused by external fraud.
Shinhan Bank's total financial accident amount now stands at KRW 17,343.55 million. In December of last year, the bank had disclosed an amount of KRW 2,964.4 million, which was raised to KRW 6,968.9 million this past June and has now been revised upward once again in the most recent disclosure.
Woori Bank also disclosed that a financial accident caused by external fraud amounted to KRW 9,871 million. The figure reported in June was KRW 4,080 million.
IBK Industrial Bank of Korea increased the reported amount for a June financial accident caused by external fraud from KRW 4,785 million to KRW 18,221 million in its latest disclosure.
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Although the total amount of financial accidents disclosed by these four commercial banks on this day reaches KRW 49 billion, the overall losses are likely to increase further as additional cases come to light during ongoing investigations.
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