South Korean banks' lending to households posted its fastest rise in almost 3-½ years in May, reflecting a surge in borrowing to buy into one of the country's biggest IPOs.
The Bank of Korea said on Wednesday that banks' overall household loans increased by 4.4 trillion won ($3.57 billion) to 415.4 trillion won as of end-May from the previous month, the biggest monthly gain since December 2006.
In April, banking loans to households rose 1.7 trillion won.
Despite slow property transactions, a fall in lending rates and banks' aggressive marketing also boosted mortgage loans to households by 1.7 trillion won in May versus 1.8 trillion won growth in April, the central bank said in a statement.
The data did not include loans by non-bank financial services companies.
In May, South Korea's largest life insurer Samsung Life Insurance Co Ltd (032830.KS) made its trading debut in Seoul after raising $4.4 billion in the world's second-largest initial public offering this year.
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