[Global Finance Awards] Mirae Asset continues seeking overseas growth

ASSET MANAGEMENT MIRAE ASSET Mirae Asset Global Investments is continuing to make efforts to expand its presence in the global financial market by introducing innovation investment solutions to global investors, according to the company. It has been 15 years since the biggest Korean asset management firm started establishing its global network by launching overseas offices in many parts of the world. Still, the financier is seeking to grow further in the global market by launching various f

Nov. 28, 2019

[Global Finance Awards] JB Financial Group grows with communication-centered management

Provincial bank-led financial institution JB Financial said Thursday that its latest robust performance was driven by efforts to center its management style and work culture on communication. The new management style was adopted by the group’s Chairman Kim Ki-hong, who was appointed earlier this year. According to his philosophy of transparent management, the company must be able to communicate well internally in order to communicate smoothly with its clients. Kim’s efforts bega

Nov. 28, 2019

[Global Finance Awards] Woori Bank prioritizes user convenience, profits

CONSUMER FINANCE / BANKWOORI BANKFor Woori Bank, one of the top business goals this year was to reinforce trust in the market by protecting consumers’ rights and improving user convenience.The bank’s latest move was to revise its employee evaluation scheme to prioritize sustainable customer profit over short-term performance.Earlier this month Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung announced a business innovation road map for next year, which includes a plan

Nov. 28, 2019

[Global Finance Awards] Financial ecosystem should move in line with global trend

Under the belief that the competitiveness of the financial sector lays the foundation of the nation’s economic growth and development, The Korea Herald is holding the Global Finance Awards, marking its third year in action.The award seeks to recognize individuals and companies that have blazed new trails in the global market by providing innovative, user-friendly financial services in spite of tight regulations and other challenging conditions. These successful business models and achievem

Nov. 28, 2019

[Global Finance Awards] Kyobo Life stands tall among rivals with strong credit ratings, earnings

Despite an overall sluggish insurance industry, Kyobo Life Insurance is making headway against industry rivals with strong credit ratings, solid earnings reports and its long-standing support for education. South Korea’s third-largest life insurer earlier this month received the best ratings of any local insurance company from global rating agencies, earning an A+ from Fitch and an A1 from Moody’s.Kyobo first acquired the A1 rating from Moody’s in 2015, becoming the first local

Nov. 28, 2019

Using coin-minting tech to curb fake apparel

South Korea’s coin and bank note manufacturer, Korea Minting and Security Printing & ID Card Operating Corp., or Komsco, has unveiled its forgery prevention technology to stop illegal apparel sales, the agency’s CEO Cho Yong-man announced Thursday.Distribution of fake goods carrying “Made in Korea” labels at cheap prices have caused damage to local businesses here, Komsco said, explaining that the latest technology comes from its’ expertise in minting coins. &ld

Nov. 28, 2019

Banks' lending rates drop sharply in Oct.

Lending rates on fresh loans extended by banks in South Korea sharply fell from a month earlier in October, central bank data showed Thursday, an apparent outcome of two recent rate cuts.The average interest rate on all new loans extended by banks in the month came to 3.2 percent, down 0.11 percentage point from the month before, according to preliminary data from the Bank of Korea.The rate on all outstanding loans came to 3.45 percent, also down 6 basis points from 3.51 percent in September. Th

Nov. 28, 2019

W58b worth of cryptocurrency stolen from S. Korean exchange

About 58 billion won ($49.3 million) worth of cryptocurrency was stolen on Wednesday from Upbit, a South Korean exchange, in a cyberattack, the exchange's operator said.The company, Dunamu Inc., said deposit and withdrawal services were immediately halted after the finding. "At 1:06 p.m., 342,000 Ethereum worth 58 billion won, were transferred from the Upbit Ethereum Hot Wallet to an unknown wallet," it said in a statement posted on the website of its exchange under the name of its CEO

Nov. 27, 2019

KB Insurance teams up with Cafe24 on e-commerce insurance

KB Insurance, a unit of KB Financial Group, said Wednesday that it has signed a memorandum of understanding with global e-commerce platform Cafe24 to provide comprehensive insurance services for e-commerce merchants.The deal was signed by KB Insurance Chairman and CEO Yang Jong-hee and Cafe24 CEO Lee Jae-suk at the KB Insurance headquarters in Seoul.  Through the newly formed partnership, both firms plan to roll out more insurance and financial services for e-commerce merchants, in cooperat

Nov. 27, 2019

50,000 won bills last 3 years longer than 10,000 won bills: BOK

South Korean banknotes have different lifespans, with the most valuable bills circulating for three more years on average than smaller bills, according to data from the Bank of Korea earlier this week.The central bank said 50,000 won bills, Korea’s largest denomination, had an average lifetime of 162 months, while 10,000 won bills lasted only about 127 months. The lifespan of a banknote is the period of time between the note’s issuance by the BOK and its return to the bank due to dam

Nov. 27, 2019

Big firms' debt-service ability worsens on falling profit

Large South Korean companies' ability to service their debts worsened sharply in the first nine months of this year due to plunging profits, a corporate tracker said Wednesday.The interest coverage ratio for 241 out of the country's top 500 firms averaged 5.08 as of end-September, compared with 10.01 a year ago, according to CEO Score, which tracks financial details of conglomerates.The ratio is obtained by dividing a company's operating profit by its interest expenses. A reading below 1 means t

Nov. 27, 2019

IBK seals partnership with Myanmar’s SME policy headquarters

The Industrial Bank of Korea has clinched a partnership with Myanmar’s SME policy headquarters as part of its blueprint to expand business in the Southeast Asian region, officials said Tuesday.The South Korean state-run bank and the Myanmar MSME Development Working Committee signed a memorandum of understanding at Lotte Hotel Busan on Monday.Under the latest agreement, the two organizations vowed to cooperate to nurture small and medium-sized enterprises in both countries and develop joint

Nov. 26, 2019

Banks' loan delinquency rate inches down in September

The delinquency rate for South Korean banks' won-denominated loans edged down in September due to a slight decline in the number of firms that failed to repay their debts, government data showed Monday. The rate for bank loans more than 30-days overdue stood at 0.44 percent at the end of September, down 0.06 percentage point from a month earlier, according to the data from the Financial Supervisory Service. Compared with a year ago, the rate was also down 0.1 percentage point, it said.The delinq

Nov. 25, 2019

S. Korean investors turn to overseas funds amid sluggish market

South Korean investors have increased their investments in overseas funds in recent weeks, as they seek to escape from heightened stock volatility stemming from global trade issues, data showed Sunday. According to the Korea Financial Investment Association, nearly 4,700 overseas funds created and managed by local entities have drawn a combined 177.4 trillion won ($150.4 billion) from investors so far, an increase of 2.5 trillion won from the end of last month.  The combined net worth of th

Nov. 24, 2019

Brokerages eye real estate investment amid slow growth, low interest rates

Sluggish economic growth and a bleak stock market outlook have pushed South Korean securities firms to expand their horizons by turning to real estate investment.While some brokerages prefer to operate teams dedicated to real estate investment trusts, or REITs, others choose to establish subsidiaries, suggesting full-scale portfolio expansion.Yet the trend has some observers worried that the competitive game might result not in market diversification but in an oligopoly among top-tier players.&l

Nov. 24, 2019

Seoul shares to trend lower next week on US-China trade deal uncertainties

South Korean stocks are expected to remain weak next week as the United States and China struggle to reach a deal on their yearlong trade dispute and escalating unrest in Hong Kong poses yet another risk to the local stock market, analysts said Saturday.The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,101.96 points on Friday, down 2.7 percent from last week. Earlier this week, South Korean stocks closed lower as investors remained cautious over mixed signals regarding a potent

Nov. 23, 2019

Investors lose trust in financial firms amid derivative fiasco: survey

South Korean investors have lost their faith in financial firms and their products, amid the latest series of investment fiascos here, a survey showed Friday.According to a poll conducted by the Korea Financial Investors Protection Foundation on 1,000 respondents aged from 25 to 69, 10 out of the 12 questions scored below 50 out of 100 points.Scoring the lowest were the financial firms’ duty to inform investors of all possible investment risks beforehand and their liability for advertiseme

Nov. 22, 2019

Woori Bank resolves ‘overhang’ issue by divesting holdings share

Woori Bank has cleared out its remaining stake in Woori Financial Holdings, removing the overhang for potential stock value, Woori Financial Group officials said Friday.The bank has disposed of its last remaining 1.8 percent stake in the group’s holding unit Woori Financial Holdings in an over the counter block transition.The corresponding stake was the second batch of the 5.8 percent stake which the bank was holding as part of the all-inclusive exchange of shares to restructure Woori Card

Nov. 22, 2019

Hyundai Capital expands presence in Brazil

Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, is expanding its presence in Brazil with new retail financial products, officials said Thursday.The financial firm’s joint venture with Santander Brasil -- Banco Hyundai Capital Brasil -- which was launched in April this year, is set to unveil a new retail product that guarantees the residual value of a car, called “personal contract purchase.” It computes the expected price of used cars in the futur

Nov. 21, 2019

KB Kookmin Card acquires 80% stake in Indonesian credit finance firm

KB Kookmin Card, the credit card operator of KB Financial Group, will take over a major credit finance company in Indonesia, in a move to expand its presence in Southeast Asia. The company’s board has signed off a deal to purchase an 80 percent stake in Indonesia’s PT. Finansia Multi Finance for 94.9 billion won ($80.6 million), aiming to close the transaction by the first quarter of 2020, officials said Thursday.“The prime reason of the investment is to expand (the group&

Nov. 21, 2019