Healing Bank from Australia, thriving business in Korea.
Pepper Savings Bank has been awarded the ‘Number 1 Best Brand by Consumer Recommendation’ among mutual savings banks for 2 consecutive years. Pepper Savings Bank was established in October 2013 by Pepper Group of Australia. Since then, the bank has grown steadily with principles based on ‘Profitability’, ‘Balance’, ‘Sound Financial Structure’ and ‘People Oriented’. Pepper Savings Bank started with only KRW 170 billion in assets, but has now grown to over KRW 3.3 trillion as of 2019 year end. It now ranks number 4 out of 79 mutual savings banks in Korea.
With over 180,000 customers, the bank is showing stable growth in terms of quantity as well as quality.
Pepper Savings Bank is operating in Korea with a slogan ‘Healing Bank from Australia’, operating in Gyeonggi and Jeolla province with diverse product portfolio such as Mid-rate Personal loans, Mortgage loans, SME loans and Auto loans.
In March 2019, the bank introduced its own mobile banking application ‘Pepper-Roo’ with distinctive savings and loan features. Unique mobile products include ‘Pepper-Roo 300’, KRW 3 million loan product with 8% interest rate which only takes 6 ~ 7 minutes to complete online and ‘Pepper-Roo Savings Deposit’ with 1.8% interest rate specifically for online deposit customers. Pepper Savings Bank is the first to launch the ‘Green Initiative’ among mutual savings banks, leading the bank industry in eco-friendly financial programs. Loan for house/building with
‘Green Level’ and ‘Energy Efficiency Level’ will get discounted interest rate of 0.3% ~ 1%. In Auto loans, Pepper Savings Bank offers 1% ~ 2% preferable interest rate for hybrid and plugged-in hybrid automobiles and 2% ~ 4% for electric and hydrogen automobiles.
According to ‘Korea Federation of Savings Banks,’ Pepper’s ‘Mid-Interest Credit Loan’ was number 1 out of 79 savings banks in mid-rate interest sector sales in Q4 2018 and Q1 2019. Also ‘Financial Services Commission’ rated Pepper Savings Bank number 1 in offering the lowest average interest rate for Personal Credit Loans out of 20 leading mutual savings banks.
Pepper Savings Bank is protecting customers with its exclusive customer protection / civil complaint team system. Recognizing these efforts, Pepper Savings Bank has been awarded the Grand Prize by the ‘Financial Services Commission’ for Anti Money-Laundry program in November 2019. It is notable that on the same month, Pepper Savings Bank’s ‘Retirement Pension’ term deposit balance surpassed KRW 1 trillion, a first in the industry.
Read the story in Korean on the Chosun Daily.