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RETAIL BANKING | Cesar Tordesillas, Korea

Korea's savings bank pay fat salaries to execs despite losses

Korean savings banks pay their executives hundreds of millions of won per year despite losses and threat of insolvency.

This fact was noted by the Financial Supervisory.

Solomon Savings Bank Chairman Lim Suk received 410 million won or $361,000 in 2010, despite his bank recording a 126.6 billion won loss that year. That same month, Solomon’s operations were suspended due to its high risk of going bankrupt.

Lim’s salary for the last year has not been revealed.

Executives and board members at other suspended savings banks were also generously rewarded as shareholders suffered.

The average salary for executives at Jeil Savings Bank was 300 million won last year, followed by Tomato Savings Bank with 235 million won, Jinheung Savings Bank with 160 million won and Hyundai Swiss with 152 million won.

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