South Korea’s first internet-only bank K Bank has attracted more than 200,000 subscribers in its first two weeks in business, the bank said on Tuesday.

Deposits over the first two weeks reached 230 billion won ($202 million), achieving 46 percent of its annual goal of 500 billion won while loans totaled 130 billion won, 32.5 percent of its full-year target of 400 billion won.

Half of the deposits were in general savings account, exceeding demand deposits, it said.

About 85 percent of its loans were lent out to salary-earners on credit in mid-range rates.

Individuals on monthly payroll can take out overdraft from the online bank without the usually demanded documental papers.

By Chung Ji-sung

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]