Lending services for foreign nationals becomes next battleground for banks

Korean banks are expanding lending services to foreign residents as they seek to tap a growing customer base beyond traditional services such as bank accounts and overseas remittances, industry officials said Tuesday. The shift reflects intensifying competition for foreign customers, including migrant workers and international students, as lenders broaden their offerings to include loans. Major commercial banks have rolled out dedicated loan products for foreign borrowers in recent years. Hana Bank launched the Hana Foreigner EZ Loan in August for E-7 and E-9 visa holders, offering loans of up to 10 million won ($7,500) for terms of up to 30 months. Shinhan Bank introduced its SOL Global Loan with a maximum limit of 20 million won, while NH NongHyup Bank rolled out its K-Foreigner Credit Loan, which offers loans of up to 30 million won to foreign borrowers. Regional lenders have established an early foothold in the market. Jeonbuk Bank, based in North Jeolla Province, launched loan services for foreign customers in 2016 and introduced online lending services in 2023. Kwangju Bank, BNK Kyo