NH Financial Group, a major Korean banking group, vowed Wednesday to increase its global assets by nearly five times to 6 trillion won ($5.1 billion) by 2025, as part of its new global expansion strategy. According to the financial giant, its overseas assets stood at nearly 1.4 trillion won as of the end of December. It also plans to increase its net profit to 160 billion won in the same period, which came to 28.9 billion won as of December. NH Financial said it would expand its overseas

Market Feb. 12, 2020

Woori Financial Group on Tuesday announced the appointment of the new head of its flagship commercial banking unit, in a move that is projected to further escalate its tension with the financial authorities here. The financial giant’s chairman and executive recommendation committee tapped Kwon Kwang-seok, head of the Korea Federation of Community Credit Cooperative’s credit business, to replace current Woori Bank CEO Sohn Tae-seung. Sohn, who has been reappointed as the financia

Market Feb. 11, 2020

Giving the thumbs-up to South Korea’s capital market which is undergoing continuous reforms, the nation’s top financial regulator said Monday that foreign investors can discover fresh opportunities here. “Expanding cooperation with startups such as fintech firms, invigorating the asset management market by converting capital flow to corporates and keeping the growth of the pension funds will benefit investors immensely,” Financial Services Commission Chairman Eun Sung-s

Market Feb. 10, 2020

South Korea’s financial watchdog, the Financial Supervisory Service, has become the target of criticism for having failed to prevent the recent fiasco involving derivatives-linked funds. The state-run agency is also accused of trying to duck responsibility for the incident, which involved two of the largest banking groups here. The FSS on Monday decided to impose sanctions on the CEOs of major banking groups --  Woori Financial Group and Hana Financial Group -- which will have

Market Feb. 7, 2020

South Korea’s Woori Financial Group on Thursday said its current chief would maintain his role for the time being despite sanctions imposed by financial authorities for misselling of derivatives-linked funds. The announcement came as a result of a preliminary board meeting, on the eve of the regular board meeting scheduled Friday. Woori Financial’s seven board members, including Chairman Sohn Tae-seung, gathered with the goal of releasing a statement conveying the chairman’s

Market Feb. 6, 2020

South Korea’s foreign exchange reserves surged to a record high of $409.6 billion in January, surpassing its previous record from December, the nation’s central bank data showed Wednesday. The increase in reserves came despite a strong US dollar trend, which weakened the dollar value of other foreign currencies held by Korea, the Bank of Korea said. But a rise in profits and investment returns of other foreign assets under the country’s management contributed to the la

Economy Feb. 5, 2020

South Korea’s banking groups accused of misselling high-risk derivative products were treading on thin ice Tuesday, as they seek the best course of action to protect their governance against the financial watchdog’s decision to penalize top executives. Financial Supervisory Service Gov. Yoon Suk-heun on Monday gave his final seal of approval to the sanctions committee’s decision to impose “reprimands and warnings” on Woori Financial Group Chairman and Woori Bank

Market Feb. 4, 2020

South Korea’s financial institutions are announcing measures to assist local businesses -- mostly small and medium-sized enterprises, which are likely to bear the brunt of the recent coronavirus outbreak. Commercial banks here are at the forefront of efforts to support small businesses, with many expanding their loan programs and offering discounted interest rates for SMEs. Announcing its support package on Sunday, KB Kookmin said it would offer loans of up to 500 million won ($417,000)

Market Feb. 3, 2020

The South Korean government’s intervention in the foreign exchange market, including the buying and selling of US dollars, has so far helped stabilize volatile exchange rates, a report released by the nation’s central bank showed Monday. According to the Bank of Korea’s recent report on the local foreign exchange industry, the government’s decision to purchase around $100 million from 2005 to 2018 helped rein in currency volatility by 0.003 percentage point in terms of

Economy Feb. 3, 2020

South Korea’s Woori Financial Group is likely to have a tough week ahead, as the financial watchdog’s recent decision to impose sanctions on its chairman threatens its governance. Woori Financial’s regular board meeting is scheduled Friday, and an intense round of discussions is expected to take place over the fate of Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung. The Financial Supervisory Service on Thursday slapped Sohn and Hana Financial Vice Chairman

Market Feb. 2, 2020

South Korea’s financial watchdog on Thursday said it has decided to impose heavy sanctions on the top executives of two major banking groups -- Woori Bank and KEB Hana Bank -- for misselling derivatives-linked funds last year. The Financial Supervisory Service’s sanctions committee has decided to hand Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung as well as Hana Financial Vice Chairman and former Hana Bank CEO Ham Young-joo “reprimands and warnings,”

Market Jan. 30, 2020

Silence prevails at KEB Hana Bank’s main branch in Myeong-dong, central Seoul, on Wednesday in Seoul, except for a bell ringing that a bank clerk -- wearing a mask -- is ready to serve the next customer. At the entrance, customers wonder if they are entering a hospital by mistake, as they are greeted with noncontact infrared thermometers and hand sanitizers placed at every corner, along with signs that read “preventative measures top priority.” The branch is one of many bri

Market Jan. 29, 2020

South Korea will use 20.8 billion won ($17.7 million) of its national budget to contain the new Wuhan coronavirus, while keeping a close watch for potential negative effects on the local economy from the outbreak, the top fiscal policy chief said Tuesday. “Of the budget allocated for this year, 6.7 billion won set aside for building a quarantine system, 5.2 billion won for diagnosis and 2.9 billion won for isolated treatment -- culminating in a total of 20.8 billion won -- will be execut

Economy Jan. 28, 2020

Protests outside the state-run Industrial Bank of Korea are expected to intensify, with the union’s fight against the top-down appointment of CEO Yoon Jong-won gaining support from powerful national labor associations in recent weeks. The Federation of Korean Trade Unions, one of the two largest umbrella labor organizations here, announced Wednesday that it was joining the IBK unionists in protesting what they see as excessive government meddling in the organization’s personnel affai

Market Jan. 23, 2020

The Export-Import Bank of Korea said Thursday that its employees volunteered at a soup kitchen near Seoul Station earlier this week, as part of its efforts to consistently engage in community welfare. Twenty Eximbank’s employees, who were part of the lender’s Hope Seed Volunteer program served hearty meals to the homeless on Tuesday, ahead of this year’s Jan. 24-27 Lunar New Year holidays, the bank said. Eximbank has been funding Warm Hearted Food Supply Center near Seoul Stati

Market Jan. 23, 2020