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KOREAN BANKS MOVE TO CUT BACK ON LENDING TO COMPANIES AMID SLUMP.
SEOUL, Aug 1 Asia Pulse - South Korean banks are poised to cut their lending to corporate borrowers or step up loan-screening procedures as a long-running economic slump has raised default risks, banking sources said Friday.
The tightening of corporate lending is expected to be a body blow to small and medium enterprises, which usually have a tough time securing funds due to their low credit ratings.
The sources estimated large companies, which have ample cash, are likely to go scot-free even if banks cut back on corporate lending.
With the economy showing few signs of recovery, Hana Bank (KSE:02860), South Korea's third-largest lender, has recently scaled back its 2003 target of loans to companies.
At the start of the year, Hana planned to increase its corporate lending by 25 per cent this year from 2002, but the growth target has been reduced to less than 10 per cent.
The cut is construed as signaling that Hana will not expand its loans to companies in the second half.
"We can't increase corporate lending unreasonably, with corporate default risks escalating due to the ...
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Source: HighBeam Research, KOREAN BANKS MOVE TO CUT BACK ON LENDING TO COMPANIES AMID SLUMP.