KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further strengthening KB's Cambodian unit, KB Prasac Bank, which is already doing

Yang Jong-hee, the final candidate for the chairman position and current vice chairman of KB Financial Group, on Monday vowed to prioritize revitalizing the group's money-losing Indonesian subsidiary. He picked Bank KB Bukopin as one of the three critical tasks he would resolve if he takes the top seat of the Korean banking conglomerate in November. "Even within our domestic market, the process of acquiring troubled companies and restoring them requires time. When undertaking similar p

LG Innotek CEO Jeong Cheol-dong joined the “Zero Disposables Challenge,” an environmental initiative launched by the Ministry of Environment in February to encourage the use of reusable items in public, the firm said Monday. The campaign typically involves CEOs posing for a photo, signaling their commitment to slashing single-use plastic waste. The photo is then posted on social media platforms, with the CEO naming the next participant. Since its launch, a number of key business le

KB Financial Group, Korea's top financial holding company, has selected Vice Chairman Yang Jong-hee as its next chairman candidate. Yang's selection is considered to be a reflection of the importance the Chairman Candidate Recommendation Committee places on Yang's extensive background in both the banking and non-banking sectors. This development came on Friday, following comprehensive two-hour interviews --conducted by the committee of the group -- with three finalists. "Yang

The expansion of the Korean fried chicken market has been driven by young Korean consumers using delivery services, with the biggest spenders accounting for nearly half of the sales, data showed Thursday. According to data released by KB Kookmin Card, a subsidiary of South Korea's KB Financial Group, the top 10 percent of individuals who splurge the most on Korean fried chicken constitute 41.5 percent of total fried chicken sales. On average, these individuals shell out approximately 80,0

KB Financial Group is set to host its women's golf championship from Thursday through Sunday at the Blackstone Golf Club in Icheon, Gyeonggi Province, it said Tuesday. Called KB Financial Group Star Championship, the annual competition is a major tournament for the 2023 Korea Ladies Professional Golf Association Tour. With 1.2 billion won ($905,000) in prize money, including 216 million won for the winner, the tournament will see a number of South Korean star golfers contending for the titl

South Korea's largest telecommunications carrier SK Telecom said Monday that it has become the third-largest shareholder of Persona.AI, a Seoul-based artificial intelligence contact center, or AICC. The company did not disclose other details, including the deal size and the amount of the stakes it secured. An AICC offers 24-hour customer consultations via AI chatbots and callbots. Persona.AI, using its own natural language processing engine, offers related solutions and subscription-based s

In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face

Lotte Group Chairman Shin Dong-bin was the highest-paid business leader in Korea for the first half of this year, regulatory filings posted Monday by major firms in Korea showed. Shin received total compensation of 11.2 billion won ($8.37 million) from the retail giant's six affiliates in the January-June period, up from 10.2 billion won tallied a year earlier. He maintained the highest-paid business leader title for a second consecutive year. The wage reflects Shin's management perf

Business leaders have sent congratulatory messages to celebrate the 70th anniversary of The Korea Herald. – Ed. Chey Tae-won, Korea Chamber of Commerce and Industry chairman My sincere congratulations to The Korea Herald on its 70th anniversary. The Korea Herald, then The Korea Republic, was first published to introduce Korean society following the Korean War and to solidify international cooperation. The Korea Herald has witnessed the moments of reconstruction, growth and the Miracle

KB Financial Group Chief Yoon Jong-kyoo has decided not to seek his fourth term, the group said on Sunday, just days before the conglomerate's planned announcement of its shortlist of candidates for the head position. Yoon said he made the decision for the group's "new future and transformation." The incumbent chairman has held the post since 2014 and his three-year-long third term is set to expire on Nov. 20. Yoon also hoped to see a new chief driving sustainable growth, ena

KB Kookmin Bank said on Sunday that it has received final approval to merge its two affiliates in Cambodia ― Prasac Microfinance and Kookmin Bank Cambodia ― on Friday. This announcement came after the bank sought the green light from Cambodian authorities to merge its two affiliates and launch a new commercial bank, KB Prasac Bank, in early 2022. Preliminary approval for this new commercial bank was granted July 16. In 2009, KB Kookmin Bank made its initial entry into the Cambodian market with t

Bank KB Bukopin, the Indonesian subsidiary of Korean lender KB Kookmin Bank, has continued its loss-making run in the first half of the year, with its losses reaching over 1.49 trillion rupiah ($98.1 million) as of the end of May, according to data Wednesday. It also showed a notable surge from the loss of 26.82 billion rupiah recorded in the first quarter, indicating a dramatic increase in losses over just the two-month period. The incurred loss holds significance for KB Kookmin Bank, as Indone

KB Financial Group reclaimed its position as the top financial group in Korea with a net profit of 2.99 trillion won ($2.34 billion) in the first half, surpassing other players. The group's flagship KB Kookmin Bank also regained the leading bank title with a net profit of 1.85 trillion won in the same period. Although KB set aside more than 1.31 trillion won for bad debt reserves in the first half of 2023, the expansion of net interest income and robust profits from nonbanking businesses dr

  KB Financial Group on Thursday announced the details of its candidate selection process for a new chairman ahead of the upcoming shareholders’ meeting, set to take place in November. The group's Chairman Candidate Recommendation Committee held its first meeting on Thursday and decided on the procedure to shortlist candidates. On Aug. 8, the committee plans to draw up a shortlist of six candidates, and on Aug. 29, it will conduct the first round of interviews and narrow down the sh