Listed firms' dividend payouts jump this year on Samsung Electronics

The interim or quarterly dividend payouts by South Korea's listed firms surged this year, thanks to Samsung Electronics Co., which took steps to win back investors, data showed Tuesday. A total of 54 listed firms paid a combined 9.1 trillion won ($8.19 billion) in interim or quarterly dividends to shareholders this year, compared with 4.6 trillion won last year, according to the data by the Financial Supervisory Service.  Samsung Electronics delivered a total of 7.2 trillion won in payments

Dec. 4, 2018

Korea, China hold talks to boost investment

South Korea and China held working-level talks Monday to seek ways to lower trade barriers and boost investment between the two nations, Seoul's trade ministry said. South Korea's ministry of trade, industry and energy and China's commerce ministry held an investment promotion meeting in Beijing, the second such talks in four years. Senior trade officials discussed ways to create a joint industrial zone and develop investment platforms and reached an agreement to expand exchanges between compani

Dec. 3, 2018

Investment advisory firms shed net profit in Q2

The combined net profit for investment advisory firms shed 7.1 percent in the second fiscal quarter from the previous quarter this year, notably from a drop in collected commission fees, a regulator's data showed Monday.The net profit at 178 firms amounted to 13 billion won ($11.58 million) for the July-September period, according to the Financial Supervisory Service. Profit from conventional asset management, such as equity values and trading, gained 43.2 percent to 15.9 billion won, but profit

Dec. 3, 2018

Korean banks' NPL ratio falls below 1% for first time in decade

South Korean banks' nonperforming loans ratio fell below one percent for the first time in 10 years, due to corporate restructuring and stricter lending rules, the financial regulator said Sunday. The NPL ratio, which measures the rate at which a bank's loans are not repaid, fell to 0.96 percent at the end of the third quarter of 2018, the lowest level since it hit 0.82 percent at the end of September, 2008, the Financial Supervisory Service said in a statement.  "Conglomerates (partic

Dec. 2, 2018

Net profit of mutual financing firms soars 47% this year

South Korean mutual financing companies saw their earnings spike more than 47 percent in the first nine months of the year thanks to increased interest income, the financial regulator said Friday.The combined net profit of mutual financing firms came to 2.9 trillion won ($2.6 billion) during the January-September period, up 47.1 percent from a year earlier, according to the Financial Supervisory Service. The stellar bottom line was attributed mainly to a jump in interest income. Their total inte

Nov. 30, 2018

Finance minister meets Fitch Ratings officials

South Korea's chief economic policymaker has stressed that reduced geopolitical risks and the country's improved economic conditions call for a rating upgrade, the finance ministry said Thursday.In a meeting with Fitch Ratings President Ian Linnell in London on Wednesday, Finance Minister Kim Dong-yeon said the Seoul government will beef up the country's fiscal soundness, according to the finance ministry. Kim also stressed that the country's expansionary fiscal spending is aimed at creating mor

Nov. 29, 2018

[Global Finance Awards] KEB Hana Bank sweeps financial awards

KEB Hana Bank swept global awards from renowned financial publications this year, solidifying its status as a representative private bank in Korea. Early this month the bank was acknowledged as the best private bank in Korea at the 10th Global Private Banking Awards in London. The event was jointly hosted by two UK publications, The Banker and Professional Wealth Management. The Banker is a monthly international financial affairs publication, and Professional Wealth Management is a magazine

Nov. 28, 2018

[Global Finance Awards] Woori Bank CEO all set for ‘financial holding group’ era

When Sohn Tae-seung took office as Woori Bank CEO in December last year, his leadership had seemed to face multiple hurdles ahead, ranging from prolonged recruitment irregularities that led to the resignation of his predecessor to the uncertainties lingering in the domestic financial market.Over the past year, however, South Korea’s third-largest commercial lender in terms of operating profit has successfully gained new momentum under Sohn’s lead -- renewing its net profit record, to

Nov. 28, 2018

[Global Finance Awards] Securing global competitiveness through innovation, cooperation

The Korea Herald launched the Global Finance Awards with the understanding that in order for the South Korean economy to make new leaps in the fourth industrial revolution, it is imperative that a global-level financial ecosystem be established and that the competitiveness of the local financial industry be reinforced. The objectives of these awards are to honor financiers and financial firms that have made significant strides in providing convenient financial services with new technologies, des

Nov. 28, 2018

[Global Finance Awards] Korea Investment & Securities seeks to become Asia’s top investment bank

SECURITIESKOREA INVESTMENT & SECURITIESKorea Investment & Securities is quickly becoming Asia’s leading investment bank, as it increases its presence in major global markets while securing a stable profit model.The Korean securities firm has been pursuing a two-track model combining investment banking with asset management and trading, with aims to develop a stable profit model. As a result of such efforts, Korea Investment & Securities posted net profit of 410.9 billion won ($

Nov. 28, 2018

[Global Finance Awards] Hyundai Capital leads CPO business with strict inspections, credibility

When buying a used car, customers look for the highest quality possible at the best price. Although South Korea has a wide range of dealerships for used cars, many still find it difficult to make a decision, mainly because of the issue of trust. To ease concerns over cheating, such as dealers concealing information about vehicles, Hyundai Capital, a Korean provider of consumer financial services, has been taking the lead in providing certified pre-owned programs with a strict inspection process

Nov. 28, 2018

[Global Financial Awards] Samsung Fire & Marine Insurance packages break boundaries

Subscribing to a premium insurance program is not easy, even for a healthy person, if one has a record of treatment for a major health problem.But Samsung Fire and Marine Insurance, a major insurance company in South Korea, has introduced a new package that covers customers from a wide range of age groups as well as those who have undergone or are currently undergoing medical treatment.Anyone between the ages of 30 and 75 can apply for the Yoo-byeong-jang-soo Plus package, unless they have been

Nov. 28, 2018

[Global Finance Awards] KB Kookmin Bank brings digital transformation to finance services

INNOVATIVE SERVICES/ BANKKB KOOKMIN BANKSouth Korea’s KB Kookmin Bank is continuing to digitally transform its diverse finance service offerings, with the aim of delivering more innovative and convenient banking services to its customers in both online and offline settings.　Bringing a digital touch to traditional mobile finance apps, KB introduced a chatbot banking platform last year called “Liiv Talk Talk,” which allows customers to activate certain banking services by convers

Nov. 28, 2018

Regulator to ease rules for banks to acquire more fintech firms

The financial regulator said Tuesday it will ease rules for banks and other financial institutions to acquire more financial technology firms, in a fresh bid to support the fintech industry. Currently, banks and other financial institutions are allowed to acquire fintech firms only in the sectors of electronic payment and software development.  Critics say such a rule is outdated, given the fast-growing market for fintech firms. Since 2015, local financial firms have acquired only 3 fintech

Nov. 27, 2018

[Advertorial] Hyundai Card spruces up Design Library

Hyundai Card Design Library wrapped up its renovation and reopened its doors to visitors in early November, aimed to improve visitor experience and better meet visitors’ needs. The facility opened in 2013 as the world’s largest design library at the time, and is now one of four libraries operated by the South Korean credit card company, alongside a travel library, music library and cooking library. Marking the sixth anniversary of its operation, Hyundai Card Design Library has b

Nov. 26, 2018

Samsung’s Bixby to have investment management service with voice recognition

An investment management service that works through voice recognition will be added to Bixby, Samsung Electronics’ flagship artificial intelligence-based platform.Through voice commands, Bixby will not only be able to deliver company information, such as revenue and profit, from financial statements, but also invest in certain stocks or market sectors upon a user’s request.The development of the new Bixby service is set to be completed by the first half of 2019, according to financia

Nov. 23, 2018

Chief financial regulator urges for more risk-bearing IPOs

Financial Services Commission Chairman Choi Jong-ku said Wednesday more risk-bearing initial public offerings in the Korean stock bourse are prerequisites for a breakthrough in the growth of Korean companies, calling it an “elemental role of the capital market.”“Ordinary companies draw investments through a cooperation between banks and a capital market,” Choi said in a meeting with representatives of Korean securities firms. “Startups and budding venture companies

Nov. 21, 2018

Woori Bank vows to allocate W3tr to nurture midsized firms

Woori Bank, South Korea’s third-largest commercial lender in terms of operating profit, said Wednesday that it will allocate 3 trillion won ($2.7 billion) to supporting midsized enterprises by 2022.The bank unveiled its road map during a business summit at Seoul’s Plaza Hotel, an event hosted jointly with the Association of High Potential Enterprises of Korea.Announcing a mid-term plan named “Great Vision 2022,” Woori Bank pledged to create a financial package worth about

Nov. 21, 2018

Korea urges financial firms to advance into Thailand

South Korea’s Financial Supervisory Service and the Korea Federation of Banks on Tuesday co-hosted a seminar to encourage South Korean financial institutions to advance into Thailand, a move in line with the Moon Jae-in administration’s New Southern Policy that aims to boost Korea-ASEAN economic ties. The Korean financial authorities invited representatives of the Bank of Thailand, the nation’s central bank and financial watchdog, to the KFB headquarters in Seoul to meet with K

Nov. 20, 2018