Articles by Kim Yon-se
Kim Yon-se
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KB Financial nominates Lim as next chief
KB Financial Group has nominated its incumbent president Lim Young-rok as chairman of the financial service firm, who will succeed the outgoing chief Euh Yoon-dae.The group said Wednesday that its personnel recommendation committee singled out Lim as the final candidate out of the four contenders. It added the committee members unanimously voted for him. Following approval procedures at meetings of shareholders and board members, the 58-year-old nominee “is expected to take office as the next ch
June 5, 2013
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Citibank Korea warned for irregular lending
The Financial Supervisory Service said Tuesday that it has fined Citibank Korea 169 million won ($153,600) for engaging in irregular deals with its affiliates.The state regulator also issued an institutional “warning” against the bank for breaching the law on the intra-group credit offering and glossing over employees’ unauthorized access to customers’ personal information.In addition, 44 employees were subject to disciplinary measures including suspension of duties.The U.S. Citigroup’s Korean u
June 4, 2013
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KEB launches foreign language website
Korea Exchange Bank on Tuesday opened a website for foreign residents offering financial and nonfinancial information in four languages: English, Chinese, Japanese and Vietnamese.The website, dubbed “EasyOne for foreigners,” provides non-nationals with a variety of “information on Korean society” as well as Internet banking services, said the commercial bank.KEB said it expected that more consumers would also easily access financial benefits of the EasyOne service via the Internet, whereas befor
June 4, 2013
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Four vying for top KB Financial post
KB Financial Group said Monday it planned to pick the nominee for its chairman to succeed outgoing chief Euh Yoon-dae as early as this week.In a statement, the financial services firm said its personnel recommendation committee singled out four out of 11 initial candidates earlier in the day.“The committee is considering nominating the final candidate before next week after it conducts another round of interviews with the four figures this Wednesday,” said KB Financial.The four figures are KB Fi
June 3, 2013
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Korea to raise W134tr to fund election pledges
The Finance Ministry on Friday announced a state-led fundraising plan between June 2013 and February 2018 to carry out the Park Geun-hye administration’s 140 major policies.The state fundraising plan is set at 134.8 trillion won ($122.5 billion) over the next five years, which will be poured into four major sectors ― vitalization of the economy, people’s happiness, cultural prosperity and readiness for Korean reunification.According to the ministry, policymakers aim to achieve the state financin
May 31, 2013
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Hanwha Life raided for alleged offshore tax evasion
Tax authorities on Thursday raided the headquarters of Hanwha Life Insurance to look into whether the company played a crucial role in the alleged tax dodging of Hanwha Group as its flagship financial unit.The National Tax Service secured a variety of documents and computer hard disks by dispatching some 100 inspectors to Hanwha Life headquarters at the 63 Building in Yeouido, Seoul.Its investigative action comes days after a group of independent journalists revealed names of high-profile busine
May 30, 2013
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Eximbank teams with 7 banks to offer joint project financing
The Export-Import Bank of Korea is vitalizing its support in financing overseas projects such as energy plants, highways, railroads, resources and other segments of construction to help Korean companies win deals.In particular, the state-controlled bank recently signed a pact with another state-funded bank and six commercial banks on providing Korean companies with loans in the form of project financing in the overseas markets.The seven banks are the state-run Industrial Bank of Korea, KB Kookmi
May 30, 2013
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FSS to boost contact with foreign CEOs
The nation’s chief financial regulator has promised to meet with chief executives from Korean branches of foreign financial service firms twice a year.“Under the authorities’ policy to expand communication channels, I will hold the biannual meetings with CEOs of foreign financial firms (operating here),” said Financial Supervisory Service Gov. Choi Soo-hyun during FSS Speaks 2013, a forum held in downtown Seoul on Tuesday.Choi’s predecessors had held them once a year. According to financial indu
May 28, 2013
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Ssangyong E&C creditors reluctant to agree rescue
Following the financially distressed STX Group woes, commercial banks are suffering from critical liquidity problems at Ssangyong Engineering & Construction.While creditors of Ssangyong E&C have been pressured to bail out the ailing builder by financial authorities, some of them say that it would be better for the authorities to scrap the state effort to rescue the company, highlighting extremely insolvent assets.Research analysts as well as bank officials estimated that some 1.1 trillion won ($
May 28, 2013
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FSS to facilitate opening of foreign financial branches
Korea’s top financial supervisor has pledged to reduce inconveniences experienced by foreign financial services firms operating in the country.“We plan to simplify business licensing procedures, which would shorten the period between foreign firms’ application for opening branches and regulators’ endorsement,” said Financial Supervisory Service Gov. Choi Soo-hyun during an interview with The Korea Herald last week. He took office in March as the first FSS governor under the Park Geun-hye adminis
May 27, 2013
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BNP Paribas investigated for unauthorized activities here
Financial regulators launched an investigation into the Korean unit of French-based BNP Paribas for engaging in allegedly unauthorized business practices, sources said Sunday.The largest bank in France has operated an investment banking business in Seoul without regulators’ permission, multiple sources told The Korea Herald.The banking regulations stipulate that there should be a strict firewall between the (commercial or corporate) banking and the investment banking units unless there is regula
May 26, 2013
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FSS investigating CJ Group for stock manipulation
The Financial Supervisory Service is making inquiries into CJ Group over the allegations the business group engaged in fraudulent stock trading, regulatory officials said Sunday.According to the officials, the regulatory investigation is focused on whether CJ had conducted business practices that include stock manipulation or illicit use of insider information.The probe was initiated on suspicion that CJ Chairman Lee Jay-hyun might have used slush funds secretly in borrowed-named, offshore bank
May 26, 2013
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1 million people to benefit from state-led debt workout programs
The number of individuals benefiting from the government-led debt-restructuring programs will reach up to 1 million this year, data showed Sunday.The Park Geun-hye government has been pushing to rescue people saddled with debt for a long time as part of efforts to help them resume their ordinary economic lives. This is also part of a drive to ease rising household debts, which are feared to weigh on the overall economy.In a related move, the government recently launched the debt relief program d
May 26, 2013
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Exporters hit by weak yen in first quarter: report
South Korean exporters saw their first-quarter sales shrink as the impact of the weak yen continued to put them at a disadvantage against Japanese rivals, a report showed Sunday.The yen has weakened against the U.S. dollar significantly since the fourth quarter of last year, apparently driven by the so-called Abenomics ― a mixture of aggressive monetary and fiscal policies preached by its Prime Minister Shinzo Abe.A weak yen makes Japanese products less expensive, making them a challenge for Sou
May 26, 2013
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KRX chairman offers to step down
The head of South Korea’s stock bourse operator has offered to resign, signaling what could be the beginning of a replacement at the top of brokerage-related agencies, industry sources said Sunday.Kim Bong-soo, the chairman of the Korea Exchange recently expressed his intent to step down to Financial Services Commission Chairman Shin Je-yoon, according to the sources.Kim, 59, offered to resign, saying that he has done his part and now is the time to leave, a source said on condition of anonymity
May 26, 2013
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