Bithumb Korea, the operator of the country’s No. 2 cryptocurrency exchange Bithumb, has failed to seal a deal with major local lender KB Kookmin Bank for issuance of real-name accounts, jeopardizing its plan to attract more traders. KB Kookmin Bank informed Bithumb last week that it will not partner with the crypto exchange to provide real-name accounts, industry officials confirmed Friday. In Korea, virtual asset exchanges are required to utilize real-name accounts under commercial banks

Industry Feb. 16, 2024

South Korean companies are facing increasing shareholder activism with the government's recent push for improvements in corporate governance expected to fuel the trend, according to industry experts on Thursday. A report released Thursday by Diligent Market Intelligence, a solution from governance software provider Diligent, showed a record-high number of 77 companies headquartered in Korea were targeted by activist campaigns in 2023, outnumbering its economic peers such as Singapore and Ho

Market Feb. 15, 2024

Foreign investors have been racking up “underperforming shares” on the Kospi, Korea’s main bourse, backed by increased expectations of the government’s initiative to boost the local stock market. Since the government late last month vowed to come up with new measures to tackle the "Korea discount," offshore investors are increasingly flocking to invest in firms with low price-to-book ratios in anticipation of stock price recoveries. PBR is a metric used to compa

Market Feb. 12, 2024

The sale of top container shipper HMM drifted away late Tuesday, as negotiations between two state agencies and a local consortium broke off after weeks of remaining at odds over the terms. The state-run Korea Development Bank and Korean Ocean Business Corp. holding a combined 57.9 percent stake in HMM, had been in talks with a local consortium formed by agri-food giant Harim and private equity firm JKL Partners, to sell off the shipper. The stock purchase agreement deal was to be worth 6.4 tril

Industry Feb. 7, 2024

Top financial groups here have put forward animated characters as their faces in a bid to woo a wider range of customers. Woori Financial Group has recently brought back its band of animated characters, WiBee Friends, pulling them out of a six-year hiatus. Woori Bank CEO Cho Byung-kyu pushed for the return of the characters, seeing the need to appeal to customers with a softer, friendlier image, according to the firm. With Woori jumping on the bandwagon, all four of Korea’s top financial g

Industry Feb. 6, 2024

Hahn & Co., the nation's largest private equity firm based on assets under management, launched a bid on Monday to take full ownership of cement producer SsangYong C&E, offering over 700 billion won ($525 million) for the shares it does not hold. Hahn & Co. will offer 7,000 won per share for the cement producer to secure an additional 20.1 percent stake in the company, spending 701.8 billion won, according to an announcement made through regulatory filings from its special purpo

Industry Feb. 5, 2024

Two employees sort out dollars at Hana Bank's Counterfeit Notes Response Center in central Seoul on Monday. Korea's foreign reserves stood at $415.7 billion as of end-January, down $4.39 billion from the previous month, according to the Bank of Korea. It was the first time in three months for the figure to fall. The US greenback has been strengthening as the market has lowered its expectation of an early pivot in the Federal Reserve's monetary policy. Korea was the world's ni

Economy Feb. 5, 2024

Hahn & Co., the nation's largest private equity firm based on assets under management, announced Friday that it has acquired 100 percent stake in SKC's fine ceramics business for 360 billion won ($270 million). SKC operates as the semiconductor material arm under SK Group, the country's second-largest conglomerate. The acquisition comes three months after the contract was signed in late October. Under Hahn & Co.’s ownership, the company will operate with a new name

Industry Feb. 2, 2024

Viva Republica, the operator of financial technology app Toss, has kicked off procedures for an initial public offering, having selected lead underwriters. Securities firms estimate that the company's valuation could reach up to 20 trillion won ($15.1 billion). Viva Republica selected crosstown rivals in the local IPO market -- Korea Investment & Securities and Mirae Asset Securities -- as the lead underwriters, according to industry sources Friday. The securities firms have reportedly

Industry Feb. 2, 2024

Mastern America, the US subsidiary of local asset manager Mastern Investment Management, has joined hands with Hironic, a Korean medical device company, to expand its presence in the US market. Mastern America announced Friday that it has forged a four-party memorandum of understanding with Hironic, the city of Taylor, Texas, and the Taylor Economic Development Corp. A signing ceremony was held in Seoul on Wednesday, with Mastern America CEO Joseph Oh, Hironic CEO Lee Sang-won, Taylor Mayor Bran

Industry Feb. 2, 2024

Korea's inflation grew at slower pace in January, coming down to the 2 percent range for the first time in six months, data showed Friday. The government warned on the possibility of prices resurging in the months ahead. Consumer prices rose 2.8 percent on-year last month, according to data from Statistics Korea. The figure shows inflationary pressure easing significantly, following rises of 3.2 percent in December and 3.3 percent in November. It is also the smallest increase seen since 2.3 perc

Economy Feb. 2, 2024

Mirae Asset Global Investments is to launch a new exchange-traded fund product investing in interest rates, seeing lucrative opportunities amid the relatively high-interest rates, the asset manager said Thursday. The asset manager, with total assets under management surpassing 300 trillion won ($225 billion) as of the end of 2023, is to add a new product to its Tiger ETF lineup to secure the lead in the local ETF market. Named the Mirae Asset Tiger Synth CD 1Y Rate Active ETF, the financial prod

Market Feb. 1, 2024

The Korean government saw its tax revenue fall by more than 50 trillion won ($37.5 billion) in 2023 compared with a year earlier due to a slowdown in the chip industry and a contraction in the property market, the Finance Ministry said Wednesday. Korea’s tax revenue totaled 344.1 trillion won for 2023, down 13.1 percent or 51.9 trillion won, from the previous year's 395.9 trillion won, according to preliminary figures suggested by the Ministry of Economy and Finance. It was the first

Economy Jan. 31, 2024

Korean private equity firms are increasingly betting big on health-focused companies at home and abroad, in a bid to capitalize on the growth potential of the health care and wellness sector amid a globally aging population. In Korea alone, where accelerated demographic change is observed due to the low birth rate, the number of people aged 65 or over was 9.73 million in 2023, about 20 percent of the total population, surging from 10 percent back in 2010. Hahn & Co., the nation's largest pri

Market Jan. 29, 2024

Shinhan Financial Group Chairman Jin Ok-dong (center) and other company officials deliver coal briquettes to low-income households in Seodaemun-gu, northern Seoul, Thursday. The financial giant raised donations of 200 million won ($150,000), with some 150 million won coming from employees. The fund will be used to provide heat supplies through a local charity. (Shinhan Financial Group)

Industry Jan. 28, 2024