Korea Investment & Securities to offer special-offer promissory notes at 5% a year; sales to end early if allocation is exhausted

[Financial News] Korea Investment & Securities Co., Ltd. is launching sales of special-offer promissory notes offering a contracted annual yield of 5%. It is offering preferential rates to customers depositing new funds, targeting inflows from customers seeking high-yield products. Korea Investment & Securities Co., Ltd., a subsidiary of Korea Investment Holdings, said on the 8th that it would sell the special-offer promissory notes on a first-come, first-served basis through the end of October.
The special offer is available to Bankis customers doing business with Korea Investment & Securities Co., Ltd. for the first time this year, as well as customers who deposit new funds. Customers who meet the requirements can sign up for a one-year product at a contracted annual yield of 5.0%, or a six-month product at 4.7%.
Existing customers who hold accounts with Korea Investment & Securities Co., Ltd. can also sign up for its regular promissory note products. The one-year product carries a contracted annual yield of 4.4%, while the six-month product carries a contracted annual yield of 4.1%. Sales are scheduled to run through the end of October, but may end early if the allocated amount is exhausted.
Since receiving approval from the Financial Services Commission in November 2017 to operate a short-term financial business—the first such approval in South Korea’s securities industry—Korea Investment & Securities Co., Ltd. has expanded its promissory note business. As of the end of September, it was managing funds totaling about 24.5 trillion won through promissory notes and comprehensive investment accounts (IMAs), among other products, and supplying funds to various areas, including corporate finance.
Kim Do-hyun, head of the Personal Customer Group and an executive vice president at Korea Investment & Securities Co., Ltd., said, “We prepared this special offer to provide competitive products and services that meet customers’ diverse needs for managing their funds. Going forward, we will continue to introduce products that help grow customers’ assets, based on stable asset management and thorough risk management.”

[email protected] Kang Jung-mo Reporter