South Korea’s KB Financial Group on Thursday launched its new premium private banking and asset management brand to better cater to its wealthy clients. “KB Gold & Wise the First” plans to adopt a “Credit Suisse-like” model in which private bankers and asset managers from KB Kookmin Bank and KB Securities and experts from areas such as investment, tax, real estate and trusts are brought together as a single team for their clients, according to the firm. Clie

KB Financial Group said Monday that its wine collection using its character design won the Red Dot Award for Brands and Communication Design. The character design, which the firm created to boost its image as a friendly bank open to ordinary Koreans, is aimed at raising domestic wine sales amid the pandemic when small business owners face greater economic challenges, the firm added. “We are grateful for the award because we feel acknowledged for our efforts to help those most in need,&r

Top commercial banks have come under fire for increasingly denying customer requests to lower their interest rate repayments, while profiting heavily from of their lending programs, data showed Wednesday. The growing criticism comes as borrowers have been facing heavier debt repayment burdens in recent months, with lenders keeping their borrowing rates in pace with the central bank’s aggressive rate hikes. Last year, the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and

South Korean stocks advanced for the fifth consecutive session Friday as investors speculated that a second consecutive quarterly contraction in the US economy may prod the US Federal Reserve to take rate hikes that are less aggressive than previously expected. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) added 16.23 points, or 0.67 percent, from the previous session to close at 2,451.5 points. The figure is up 2.44 percent from a week ago. T

South Korea’s KB Financial Group on Thursday released its annual sustainability report for 2021 sharing its achievements in and insights on environmental, social and corporate governance. The report includes KB’s experience in dealing with key ESG issues such as climate change, green financing and diversity alongside the firm’s stance on corporate governance, ESG management and social responsibility. In October 2021, KB was officially endorsed by the Science Based Targets

South Korean opened higher Thursday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 6.24 points, or 0.26 percent, to trade at 2,393.09 points in the first 15 minutes of trading. Overnight, US. stocks rose as tech shares rallied on solid corporate earnings. The Dow Jones Industrial Average inched up 0.15 percent, and the tech-heavy Nasdaq composite surged 1.58 percent. In Seoul, tech and chemical shares gathered ground, while financials and autos fe

South Korean stocks ended higher Wednesday, as investor sentiment was boosted by Wall Street gains and the expected resumption of Russian gas to Europe. The Korean won gained ground against the U.S. dollar. The Korea Composite Stock Price Index rose 15.88 points, or 0.67 percent, to close at 2,386.85. Trading volume was moderate at 328.96 million shares worth 7.36 trillion won ($5.61 billion), with gainers outstripping decliners 630 to 228. Retail investors picked up shares worth a net 65.73 bil

South Korean stocks got off to a strong start Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index added 32.69 points, or 1.38 percent, to trade at 2,403.66 points in the first 15 minutes of trading. Overnight, US stocks rallied on better-than-expected corporate earnings. The Dow Jones Industrial Average jumped 2.43 percent, and the tech-heavy Nasdaq composite surged 3.11 percent. In Seoul, most big-cap shares gathered ground, with techs and financi

South Korean stocks soared nearly 2 percent higher Monday, as the US Federal Reserve will unlikely deliver a full-percentage point interest rate hike amid deepening concerns over an economic slowdown. The Korean won gained ground against the US dollar. The Korea Composite Stock Price Index (KOSPI) rose 44.27 points, or 1.90 percent, to close at 2,375.25. Trading volume was moderate at 318.99 million shares worth 6.99 trillion won ($5.31 billion), with gainers outstripping decliners 778 to 116. F

KB Financial Group Chairman Yoon Jong-kyoo said Friday that he would better serve customers by giving them what they need amid worsening inflation pushing up interest rates, at a biannual meeting with executives held in-person for the first time since January 2020. “The mission of financial institutions like us is to offer protection to clients, like having whatever they have with us stay unharmed in the event of a crisis,” Yoon said, describing client protection as the top priority

KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York. KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank. KB said the airport renovation financing project

When South Korea’s key stock index surpassed the 3,000-mark for the first time in its 40-year history in January 2021, it seemed the bull market would last forever. But risks stemming from high inflation, fears of recession and the global supply bottleneck this year has beaten down the index down to some 2,400 points as of this week, with analysts warning investors that they are unlikely to feel the relief of recovering to 3,000 anytime soon. “Our base Kospi target of 3,000 implies

KB Financial Group Chairman Yoon Jong-kyoo and Tomas Anker Christensen, Denmark’s ambassador for climate change, discussed the role of the financial sector in achieving carbon neutrality, officials said Friday. In the meeting held Thursday, Yoon explained KB’s efforts in promoting awareness of a low-carbon economy and shifting the group’s strategy in line with carbon neutrality. KB is currently pursuing its net-zero goals with a strategy called “KB Net Zero S.T.A.R,&rdq

South Korean stocks finished nearly unchanged Wednesday, weighed by concerns about inflation and an economic recession. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) slipped 0.19 points, or 0.01 percent, to close at 2,626.15 points. Trading volume was moderate at about 561 million shares worth some 7.4 trillion won ($5.9 billion), with losers outnumbering gainers 481 to 360. Institutions sold a net 75 billion won, and foreigners offloaded 103

South Korean stocks opened higher Wednesday, tracking overnight gains on Wall Street. The benchmark Korea Composite Stock Price Index (KOSPI) rose 6.51 points, or 0.25 percent, to 2,632.85 in the first 15 minutes of trading. Overnight, the tech-heavy Nasdaq composite grew 0.94 percent, and the Dow Jones Industrial Average rose 0.8 percent, on a technical rebound. In Seoul, top cap Samsung Electronics added 0.31 percent, and No. 2 chipmaker SK hynix increased 1.92 percent. Leading chemical firm L