Samsung Group launches microcredit bank

The bank handles $257.12 million in funds and is geared to expand with five branches.

The Samsung Group opened the microfinance bank in Suwon, Gyeonggi Province, where its affiliates, such as Samsung Electronics are headquartered.

A Samsung Group spokesman said that within next month, the conglomerate targets the bank's expansion of around five branches or more across the country, according to the Korea Times.

"We will start accepting applications for loans. The one-off loans amount to somewhere between 5 million and 50 million won ($4,283 and $42,830) and have an annual interest rate of about 4.5 percent."

The repayment schedules will depend on the income, credit rating and the requested loan amounts of applicants.