Korea's bank loans to self-employed people reach $88.8B

Bank loans in South Korea taken out by self-employed business owners reached a record high in November.

Outstanding loans extended by the country's five major banks, including Kookmin Bank and Shinhan Bank, to self-employed people reached 102.8 trillion won or US$88.8 billion at the end of last month, compared with 92.8 trillion won at the end of last year.

Industry data revealed that local lenders were in a fierce competition to extend loans to retired people.

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