Lotte most active player in S. Korean M&A market

Lotte Group, South Korea's fifth-largest conglomerate, was the most active among local business groups in using mergers and acquisitions to diversify its business over the past five years, data showed Monday. Among 592 companies affiliated with the nation's top 10 business groups, 98 firms, or 16.6 percent, have been added through M&As since 2010, according to Chaebul.com, a website that tracks the nation's large enterprises. The number of newly acquired companies increased from 5 in 2013 to 14

Aug. 24, 2015

Taiwan-based Yuanta acquires S. Korean savings bank

Taiwan-based Yuanta Financial Holdings Co. said Monday that it has acquired a South Korean savings bank in a bid to expand its footprint in Asia's fourth-largest economy.The company said on its homepage that its flagship Yuanta Bank "acquired 100% of the ordinary shares of Hanshin Savings Bank in Korea for 135.1 billion won ($112.9 million).""Through this acquisition, Yuanta Bank will expand its overseas business in the North East Asia region and become more competitive," the statement said.Hans

Aug. 24, 2015

Corporate direct financing drops in July

The sales of stocks and bonds by South Korean companies fell 5.2 percent in July from a month earlier as they scaled back on selling debt, the financial watchdog said Monday.Local businesses raised a combined 14.16 trillion won ($11.9 billion) last month by selling stocks and bonds, compared with 14.95 trillion won a month ago, according to the Financial Supervisory Service.For the first seven months of the year, corporate direct financing gained 15 percent on-year to 79.9 trillion won from the

Aug. 24, 2015

Won falls to year low against euro, yen

South Korea’s currency has begun to lose ground against the euro and the Japanese yen, as its slide against the U.S. dollar continues.The Korean won held strong against the two currencies during the first half, amid uncertainty over Greece’s financial woes and Japan’s aggressive quantitative easing. The euro, after trading at a 100-month low of 1,198.59 won on March 17, dipped further to 1,155.86 won on April 14.While the euro usually ranged between 1,170 won and 1,260 won between January and Ju

Aug. 23, 2015

S. Korean stock rich suffers asset decline

South Korea's stock-rich tycoons were hit by a loss in their assets as the country's stock market fell to a two-year low last week amid continued jitters from China's currency devaluation, data showed Sunday. The combined securities assets of the country's 22 richest shareholders came to 64.64 trillion won ($54.14 billion) after the trading session closed Friday, down 7.6 percent from the 69.89 trillion won tallied a week earlier, on Aug. 13, according to the data compiled by market tracker Chae

Aug. 23, 2015

S. Korean stock market to suffer extended loss next week

South Korean stocks are expected to face an extended loss next week, as uncertainties about a potential rate hike by the U.S. Federal Reserve continue amid the lingering aftershock of China's yuan devaluations, analysts said Saturday. The benchmark Korea Composite Stock Price Index (KOSPI) slumped 5.5 percent this week to close at 1,876.07 on Friday, hitting the lowest point in two years. The main index began the week in negative terrain as the lingering aftershock from the yuan devaluations las

Aug. 22, 2015

KB launches fintech platform

KB Kookmin Bank said Thursday that it kicked off KB Bizstore, the first corporate fintech platform incorporating financial functions and a business service interface.KB Bizstore is a comprehensive financial management system, enabling user companies to manage their accounts, transfer cash, authorize e-payments and scan their business schedules through a single platform, officials explained.Companies may customize the application to their best interests. All forms of businesses, ranging from priv

Aug. 21, 2015

KRX seeks to become holding firm via IPO

The nation’s main stock operator Korea Exchange is gearing up to issue an initial public offering and become a financial holding company as part of its efforts to bolster global competitiveness.Since it was delisted from the public entity list in January, the KRX has announced three key strategies ― to grow into a leading exchange through alliances with global stock operators, to secure financing through overseas mergers, acquisitions and joint ventures, and to diversity its business portfolio.“

Aug. 21, 2015

Seoul stocks slide to seven-month low

Growing uncertainty from external factors further undermined South Korean stocks Thursday, pulling down its main index below 1,920 amid continued net-selling by foreign investors.The KOSPI lost 1.28 percent, or 24.83 points, to close at 1,914.55. It recorded its lowest mark in seven months since the benchmark index dipped to 1,902.62 on Jan. 19.Foreign investors dumped equities worth 294.5 billion won ($248.5 million), maintaining their net-seller stance for the 11th consecutive day of trading.

Aug. 20, 2015

Seoul shares dip to 7-month low on China aftershock

South Korean stocks shed 1.28 percent on Thursday, as foreign investors who got unnerved by China's stock market rout continued their selling spree here, analysts said. The Korean won gained slightly against the U.S. dollar. The benchmark Korea Composite Stock Price Index retreated 24.83 points to finish at 1,914.55, the lowest level since Jan. 15. Trading volume was moderate at 388.3 million shares worth 5.06 trillion won ($4.27 billion) with decliners outpacing gainers 598 to 223. "The global

Aug. 20, 2015

Gov't debt must not top 40 pct of GDP: finance minister

South Korea's government debt should not exceed 40 percent of the nation's gross domestic product despite more spending needs and decreased tax revenue stemming from slowing growth, the top policymaker said Wednesday.Addressing lawmakers of the Special Committee on Budget and Accounts at parliament, Finance Minister Choi Kyung-hwan pointed out that since the global financial crisis of 2007-2008, government debt of most key countries has risen, but Seoul has managed to rein in its debt level."The

Aug. 19, 2015

Shinhan’s retirement asset platform gains traction

Shinhan Bank’s retirement wealth management platform is getting a lot of positive response from those planning their finances in an aging society.“The key point was to break down the cash flow into simple indices so customers can figure out their asset situation at a single glance,” said an official of the bank.“Before starting to plan the details, it is crucial to enable customers to predict their average income and expenses.”In April last year, the top bank kicked off Shinhan Future Planning,

Aug. 19, 2015

FSC raids home of stock-rigging suspect

South Korea’s financial regulator recently exercised its search and confiscation right for the first time in an alleged stock-rigging case, since it was given the authority in 2002 under the revised law on securities trading.Inspectors from the Financial Services Commission raided the residence of a certified public accountant working for a major accounting firm on June 1, a regulatory official said Tuesday.The alleged scammer is suspected of engaging in unfair stock trading with colleagues by e

Aug. 18, 2015

Financial firms divided on Internet-only banking

Bracing for the introduction of Internet-only banks, financial firms and information and communications technology companies are making last-minute pitches to pair up with the best available partners and enter the business.So far, the move is more conspicuous in banks than securities companies, contrary to earlier predictions that the greatest synergy would be created in ICT-securities partnerships.KB Kookmin Bank, the nation’s largest bank in assets and mobile banking customers, is taking the l

Aug. 17, 2015

Mirae Asset decides not to enter Internet-only bank biz

Mirae Asset Securities Co., one of South Korea's largest brokerages, said Sunday that it has decided not to enter the Internet-only bank business, to better concentrate on its core areas.A corporate source said that the firm, which had set up a task force and actively considered branching out into the new sector, decided against taking such a step, so it can better enhance its competitiveness as an investment firm.Internet-only bank operations range from deposits, lending and cards to foreign ex

Aug. 16, 2015