Kumho Tire to delist from London bourse

South Korea’s second largest tire maker Kumho Tire has decided to delist its shares from the London Stock Exchange for cost efficiency, the firm said in a regulatory filing Friday. Its 76,034 shares are scheduled to be pulled out of the bourse on April 30, after which Seoul will be the only market where it will be listed, according to officials. Struck by the struggling replacement tire market last year, Kumho Tire had reported an operating loss of 89.9 billion won ($79.1 million) in

March 15, 2019

[Newsmaker] Prosecutors raid Seoul bourse on Samsung’s accounting probe

Prosecutors raided South Korea’s main bourse on Friday, as part of a probe concerning the accounting fraud by Samsung BioLogics.Officials of the Seoul Central District Prosecutors’ Office were sent to search the Korea Exchange in western Seoul, officials said. The raid, which reportedly started late Thursday, was part of a probe into Samsung BioLogics, which allegedly violated accounting rules by deliberately overstating the value of affiliate Samsung Bioepis ahead of its initia

March 15, 2019

KB Kookmin Bank, M. Chat collaborate in Seoul art performance

M. Chat -- the grinning yellow cartoon cat created by renowned French graffiti artist Thoma Vuille -- has arrived in South Korea via a collaborative partnership with KB Koomin Bank, one of the country’s major commercial banks.KB Kookmin Bank on Thursday hosted a live performance featuring Vuille painting his signature M. Chat and KB’s flagship characters “Liiv” at the facilities of the KB Rockstar Youth Lounge, an arts and culture space run by the bank in Hongdae, Seoul.

March 14, 2019

Hyundai Card to provide IT system for IBM Japan affiliate

Hyundai Card, South Korea’s credit card service provider, has been selected to provide its cloud-based credit card IT system to an affiliate of IBM Japan, the firm said Thursday. Exa Systems, a Japan-based major information technology solutions provider, will now utilize Hyundai Card’s Hyundai-Advanced Library System, which was developed in consideration of Japan’s pursuit of a “cashless society,” according to the Seoul-based firm. The system was also developed ahea

March 14, 2019

Homeplus cancels REIT IPO

South Korean hypermarket chain operator Homeplus said Thursday it has scrapped its plans to list its REIT on the nation’s main bourse, dissolving all anticipations surrounding what was expected to be the nation’s first real estate investment with an initial public offering worth more than 1 trillion won.“We have decided to cancel our plans to go public, considering that a recent survey pointed to difficult circumstances to properly assess our market value,” the firm said

March 14, 2019

K-pop stocks waver on ‘Seungri scandal’

Hit by the snowballing sex scandal surrounding an ex-member of boy band Big Bang, shares of major K-pop management agencies in South Korea have been wavering this week. Share prices of the Kosdaq-listed YG Entertainment -- home to former Big Bang member Seungri -- ended 5.2 percent higher from the previous day at 37,750 won ($33.32) Wednesday. They had opened 0.7 percent higher and steadily rose throughout the day.  The figure was a noteworthy rebound from the firm’s performance Tuesd

March 13, 2019

With rise of online banking, number of bank employees in Korea drops 9.2% over two years

The number of employees in South Korea’s banking-finance industry declined 4 percent over a recent two-year period, in part due to the latest expansion of internet-based banking services, according to new industry tracking data released Wednesday. According to local corporate tracking firm CEO Score, the number of employees working at Korea’s top 56 finance companies ranked by net capital stood at 153,195 as of the third quarter of last year.This marks a 4 percent decline from 159,57

March 13, 2019

Shinhan, Samsung, Lotte Card accept Hyundai’s fee hike offer

Hyundai Motor’s card transaction fee negotiations with Shinhan Card, Samsung Card and Lotte Card are nearing a conclusion, as the three card providers have agreed to accept a fee increase rate proposed by the carmaker, the involved companies said Wednesday.The three South Korean credit and debit card companies on Tuesday notified Hyundai that they each would accept the auto giant’s proposed rate hike. Hyundai is now said to be reviewing the terms of the respective deals.If Hyundai ac

March 13, 2019

Woori Financial builds up ICT, nonbanking and risk management amid industry upheavals

Facing the most drastic business evolution among South Korea’s major banking groups this year is Woori Financial Group, which has recently resumed its financial holding company structure after years of privatization struggles.As the transformation has come amid the fast rise of financial technology, the downturn of conventional banking business and a generally slowing economy, the novice financial group set its mind this year on buttressing information and communication technology, risk ma

March 12, 2019

New Woori Financial steps up nonbanking M&A with grand vision

Woori Financial Group, which began operating under a holding company structure from January, is stepping up its push to expand its nonbanking business by actively pursuing mergers and acquisitions.　Woori Bank officially adopted a holding company structure on Jan. 14, with Chairman Sohn Tae-seung pledging initial focus on acquiring small asset management firms, real estate investment trusts and savings banks.　The banking group plans to pursue larger M&A opportunities -- of securities and life

March 12, 2019

Woori Bank, witness to Korea’s modern economic history

South Korea’s financial districts Yeouido and Jung-gu have experienced the country’s ups and downs throughout modern history, with few businesses surviving the political and financial upheavals.And only a few are as steeped in the nation’s financial history as Woori Bank, one of South Korea’s four major lenders, established 119 years ago. The bank’s roots are embedded in Daehan Cheon-il Bank, which was established by Emperor Gojong in January 1899 with funds from th

March 12, 2019

Regulator to give some leeway on independent audits

The financial regulator said Tuesday it will offer some leeway to firms when they are subject to external audits, citing concerns that excessively tight probes could hamper business activities.Kim Yong-beom, vice chairman of the Financial Services Commission, told a meeting with corporate executives that the FSC understands the difficulties they face carrying out external audits. "There are voices that corporate vitality could be undermined due to audits," Kim told the meeting. Th

March 12, 2019

Citibank targets 25% revenue growth in Asian trade corridors

Citibank aims to achieve 25 percent growth in revenue from client work in intra-Asia trade corridors this year by boosting its corporate financing business in the region, the firm said Monday.A key strategy in achieving the goal is to help businesses based in Asian nations to enter other Asian markets, it said. The bank’s key corridors are South Korea to ASEAN, Korea to China, Korea to India, Japan to ASEAN, Japan to China and China to ASEAN.　 To solidify its presence in the Asian mar

March 11, 2019

Korea's auto market feels heat from credit card issue

After a week of trying to minimize damage, Hyundai Motor Group is unable to accept payments using Shinhan Card, Samsung Card and Lotte Card in South Korea from Monday, due to unresolved disputes with local credit card companies over transaction fees.　The development is the latest in an escalating conflict between the Korean automaker and local credit card companies over a transaction fee hike that has been facing flak for inconveniencing customers in the process.Last week, Hyundai Motor and Kia

March 11, 2019

About 117,000 people apply for debt write-off program

About 117,000 people applied for a debt write-off program over the past year, the financial regulator said Monday, as part of the government's efforts to promote inclusive financing. The scheme was launched in November 2017 to help borrowers who have failed to repay debts of less than 10 million won ($8,803) for over 10 years. Applications for the scheme had been extended to the end of last month.Including the 117,000 people, the government has written off or will write off the debts of 627,000

March 11, 2019

Major S. Korean financial groups’ dividends top W2.5tr

The cash dividends of South Korea’s four major financial groups topped 2.5 trillion won ($2.23 billion) in 2018, according to reports Sunday.According to the groups -- KB Financial, Shinhan Financial, Woori Financial and Hana Financial -- they handed out a combined 2.52 trillion won to shareholders in dividends last year. The amount was up 8.8 percent from the previous year, when they paid a record 2.3 trillion won. It was also 157.3 percent higher than 979.9 billion won in 2011 when

March 10, 2019

Zero Pay system handles under W200m payments a month, despite Seoul City’s drive

Despite Seoul City’s aggressive backing, the state-sponsored Zero Pay mobile payment system has handled less than 200 million won ($177,000) a month, signaling poor performance so far, data from the Financial Supervisory Service showed Wednesday.In January, Zero Pay facilitated 8,633 transactions totaling 199 million won, according to Zero Pay tracking data provided by the FSS to Rep. Kim Jong-seok of the main opposition Liberty Korea Party.This accounts for 0.0006 percent of the 1.56 bill

March 6, 2019

Brokerage firms turn to YouTube

Taking a leaf from YouTube trends, such as eating shows, major South Korean brokerage firms are using the video sharing platform to increase online interaction with investors and inject creativity into market reports. Kiwoom Securities, an online brokerage services provider, has been a front-runner in the trend for years, with 22,193 subscribers to its YouTube channel as of Tuesday. The channel, launched in 2013, has the most subscribers among local brokerage firms. Most of the uploaded content

March 6, 2019

S. Korean securities firms expand real estate portfolio

South Korean securities firms are seeking to solidify their presence in both local and overseas real estate markets this year by clinching licenses as real estate trust operators while expanding territories in the overseas property market. On Sunday, the Financial Services Commission granted preliminary licenses to three securities companies.They join 11 real estate trust operators, which are all brokerage houses. The three are also the first few to obtain licenses in 10 years.The three firms ar

March 5, 2019

Korean securities firms’ 2018 net profit surges 9.6% on-year on strong commission earnings

South Korea’s securities brokerage companies saw their net profit grow 9.6 percent on-year to 4.17 trillion won ($3.7 billion) last year, on the back of strong commission fees from facilitating trades, the Financial Supervisory Service said Tuesday.According to the FSS’ earnings review of Korea’s 56 securities companies, their combined net profit in 2018 is the highest since a combined net profit of 4.43 trillion won logged in 2007. The firms’ return on equity, a measure

March 5, 2019