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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