Lee Bok-hyun, head of South Korea's Financial Supervisory Service, pledged Thursday to promote "sound and fair finance," aiming to enhance the country's allure as an investment destination for foreign investors. Lee addressed officials from global financial firms and foreign diplomats during the annual "FSS Speaks" forum held in Seoul under the theme "toward sound and fair finance." "In striving for this objective, we aim to cultivate market practices

Economy March 28, 2024

South Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday, KB Kookmin Bank, one of the country's leading lenders, announced a partnership with Poland's Bank Pekao to establish a "Korea Desk." According to Kookmin Bank, the signing ceremony for the deal was held on Monday at Pekao's Warsaw headquarters. The event was attended b

Industry March 26, 2024

The new CEO of Kyobo Life Insurance, the nation's leading life insurer, has pledged to achieve "sustainable growth" that benefits all stakeholders. Upon assuming office on Monday, CEO Cho Dae-kyu cautioned about the life insurance industry's current challenges, citing "stagnant growth and declining profitability." During his inauguration ceremony at the company's headquarters in Gwanghwamun, central Seoul, the CEO stressed the urgent need for "change and i

Industry March 25, 2024

South Korean banks are beginning compensation measures for losses stemming from the misselling of equity-linked securities tied to Hong Kong's Hang Seng China Enterprises Index, with the sector's smallest seller, Woori, leading the initiative. Woori Bank officially announced Friday it would begin the compensation process next month, in line with the outline issued by the financial watchdog. The decision was made during the company's board meeting that day. According to Woori Bank,

Industry March 22, 2024

The Bank of Japan's first interest rate hike in almost two decades has rattled the global economy, yet it may not have as much of an impact in South Korea, at least not for a while. The central bank of Japan on Tuesday announced it is lifting its short-term policy rate to a range of 0 to 0.1 percent from minus 0.1 percent, stepping away from the negative interest rate policy it had been applying since 2016 to fight chronic deflation. It also marked the central bank's first interest rat

Economy March 20, 2024

The South Korean government and local banks on Tuesday pledged to jointly invest 452 trillion won ($337.4 billion) until 2030 to tackle the climate crisis. The move aligns with the country's intensified efforts to achieve carbon neutrality by 2050 and bolster domestic firms' competitive edge in overseas markets. "This unprecedented climate crisis we face today demands action not only to enhance our companies' competitiveness but also for the generations to come," said Ki

Economy March 19, 2024

Despite internal setbacks, South Korean finance giants are forging ahead with a robust rally in the local stock market, as several companies reach historic highs. The share prices of KB Financial Co. and Hana Financial Co., two of the nation's biggest finance holding firms, soared to unprecedented levels Thursday. KB Financial's shares hit 78,600 won ($59) after three consecutive days of record-setting gains, while Hana's reached 64,600 won. Shinhan Financial Co.'s shares als

Economy March 17, 2024

Webull Corporation, a prominent US-based online stock trading platform, has initiated preliminary operations to establish its presence in South Korea. Speculation surrounding the debut of the New York-headquartered company's services rose recently following reports indicating Webull's engagement with local financial regulators to secure related licenses for domestic operations. Citing Webull Korea Preliminary CEO Rhee Won-jae, Herald Biz disclosed last month that Webull "plans to

Economy March 13, 2024

With losses from equity-linked securities tied to a Hong Kong index expected to reach almost 6 trillion won ($4.57 billion) this year, South Korean financial regulators announced Monday that sellers may face full compensation for the loss. The announcement follows the Financial Supervisory Service's inspection of local banks and brokerages that sold large amounts of ELS products tied to the troubled Hang Seng China Enterprises Index. From Jan. 8 to Friday, the watchdog conducted a thorough

Economy March 11, 2024

S&P Global Ratings on Thursday lowered the outlook for two major Korean asset management firms, Mirae Asset Securities and Korea Investment & Securities, from "stable" to "negative." The agency kept their long-term issuer credit ratings at BBB and short-term ratings at A-2. The negative outlook reflects the agency's concern that property risks could strain the asset quality and profitability of Korean securities firms over the next one to two years. "Headwin

Economy March 8, 2024

Ratings agency Moody's downgraded the outlook on the South Korean banks' credit rating to "negative" from "stable" Thursday, predicting their asset quality and profitability will weaken. The agency released a report on the Korean banking system and lowered the credit ratings outlook for the local banking sector to "negative." In its assessment, Moody's anticipated a deterioration in the business environment for domestic banks over the next 12 to 18 mo

Economy March 8, 2024

Woori Bank, South Korea's fourth-largest commercial lender, is enhancing its private banking services to solidify its reputation as a trustworthy institution for clients. In a press conference Thursday, the bank unveiled its renewed commitment to expanding its presence in the asset management sector amid ongoing trust issues within the banking industry. With this vision, Woori Bank has assembled a team of experts spanning various sectors, such as tax, foreign exchange and real estate. The l

Industry March 7, 2024

A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total amount of the financial products the accused employee had handled at the related department between March 2019 until November last year. According to an official from the bank, a 1.2 billion won d

Industry March 6, 2024

Jung Gue-don, the former chief technology officer of Kakao Bank, has recently been nominated as the tech chief of Kakao, the Internet giant and the online-only lender's largest shareholder, according to industry sources on Tuesday. The new appointment, however, is facing a backlash, as Jung had come under fire for selling off some 7.6 billion won ($5.7 million) of stocks in Kakao Bank for a quick profit. He dumped 90 percent of his shares just three days after the lender’s market debu

Industry March 5, 2024

Orange, green and blue -- the mixture of these vibrant colors is not something you would commonly expect to see at a commercial bank's branch in Korea. Yet welcoming customers into Shinhan Bank's Sillim-dong branch are color-coded floor lines guiding customers to their respective services. For instance, following the green line leads to desks handling simple tasks like deposits and withdrawals. This Sillim-dong branch, situated in southern Seoul's Gwanak-gu district, is among Shin

Economy March 4, 2024