South Korea’s financial sector spends 2.4 trillion won on entertainment as scrutiny mounts

South Korea’s financial sector spends 2.4 trillion won on entertainment as scrutiny mounts

Malay Mail Online - Money·2024-10-09 15:01

SEOUL, Oct 10 — South Korea’s financial institutions, including banks, brokerages, and insurers, have spent a massive 2.4 trillion won (US$1.78 billion) on entertaining clients over the past five years, according to data revealed yesterday.

According to figures from the Financial Supervisory Service (FSS) submitted to Rep. Kim Hyun-jung of the Democratic Party of Korea, between 2019 and mid-2023, banks alone accounted for 957.8 billion won, brokerages 1.13 trillion won, and insurance companies 308.5 billion won in entertainment expenses.

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