Finance union to stage nationwide strike in September

[THE INVESTOR] The Korean Financial Industry Union announced on July 20 that it will stage a nationwide strike in September.The union put the strike plans to the vote on July 19, and 95.7 percent of the voting members approved the plans. The industry union said that of the 95,168 members, 82,633 participated in the vote. If the financial union goes ahead with the plans, it will be the first time since September 2014 that the union will go on a nationwide strike. The Korean Financial Industry Uni

July 20, 2016

Seoul will improve conditions for foreign financial instutions

[THE INVESTOR] Seoul will review the country’s financial industry environment for any shortcomings vis-a-vis global standards, Financial Services Commission Vice Chairman Jeong Eun-bo said on July 20.“(The financial authorities) will review whether there are elements in (South Korea’s) financial environment that fall short of global standards,” Jeong said at a meeting the chiefs of foreign financial institutions’ South Korean operations, saying that concerns are growing over their decision to re

July 20, 2016

Kiwoon Securities to acquire TS Bank

[THE INVESTOR] Kiwoom Securities will acquire a Seoul-based savings lender TS Bank to expand its revenue sources, the Korean brokerage firm said on July 20. Kiwoom plans to buy the entire stake -- 2 million shares -- in TS Bank for 88.5 billion won (US$77.52 million), according to the firm’s regulatory filing. Currently, TS Bank runs two branches in Yeoksam and Yeouido, Seoul. Kiwoom said the acquisition plan aims at “increasing revenue by entering the savings banking business.” The deal is the

July 20, 2016