Pandit may meet with regulatory officials to discuss investmentCitigroup Inc. chief executive Vikram Pandit plans to visit Seoul early next month as part of the global investment bank’s expansion policy in Asia, a source said Thursday. “On the occasion of the U.S.-based financial group’s 200th anniversary of its foundation, CEO Pandit will pay a visit to Korea and several other Asian countries in early February,” the source said.While his coming trip is seemingly focused on the group’s expanding

Jan. 12, 2012

Hana Financial Group president & CEO Kim Jong-yeol expressed his intent to resign on Wednesday, even though his term was not to expire until the end of February.The sudden resignation of the group’s No. 2 figure is drawing interest as the financial group has been striving to acquire Korea Exchange Bank from Lone Star Funds.Kim was quoted by a news provider as saying that he “does not want to be a hurdle for the realization of the KEB takeover deal.”There is a possibility that the relations betwe

Jan. 11, 2012

Woori Financial Group has been pushing for takeover deals in three overseas markets simultaneously, its chairman Lee Pal-seung told reporters Tuesday.“We have been in mergers and acquisitions talks in two regions (countries) in Southeast Asia. One of the two negotiations has seen good progress,” he said.He added that Woori Financial is also carrying out merger talks with a financial company in a country linking Asia and Europe.Group executives had said they were considering increasing the compan

Jan. 10, 2012

Hyundai edges out Ford, Volkswagen for North American Car of the YearHyundai Motor’s Avante, dubbed the Elantra in overseas markets, has been named the 2012 North American Car of the Year.The winner was confirmed at the North American International Auto Show in Detroit after the compact sedan polled the highest number among a group of 50 motoring journalists from the U.S. and Canada. The Avante has been in a tight race with its fellow finalists ― the Volkswagen Passat and the Ford Motor Focus. T

Jan. 10, 2012

Local firms’ cross-border takeover deals surge in value 51-fold in 5 yearsKorea has become the 10th-largest acquirer in the cross-border mergers and acquisitions markets, overtaking Germany and France.According to data of the Korea Capital Market Institute, Korean companies’ takeover of foreign players in the M&A markets was equivalent to $11.2 billion (12.7 trillion won) in combined asset value for the first 10 months of 2011.In 2010, Korean firms spent a net $9.9 billion on the overseas M&A de

Jan. 9, 2012

A diplomat who played a key role in negotiations for Korea-U.S. Free Trade Agreement will likely take the post of an executive director at Samsung Electronics.Kim Won-kyoung, a councilor of the Korean Embassy in the United States, tendered his resignation last weekend, according to diplomatic sources.The 45-year-old figure has reportedly been scouted by Samsung Electronics to hold the post of an executive director at the chipmaker’s U.S. sales corporation.Kim worked as the general director of th

Jan. 9, 2012

General Motors Co., with renewed verve as the world’s biggest automaker, will be in the spotlight at the Detroit auto show next week taking on BMW and its popular 3-Series line with a new compact Cadillac. The new model represents Chief Executive Officer Dan Akerson’s strategy for gaining ground in the compact-luxury segment. GM is trying to barge into the market for small, upscale cars, an important entryway for new customers that is dominated by German vehicles such as the 3-Series and the Mer

Mobility Jan. 8, 2012

Audi will add models to feed U.S. passion for sedans and sport-utility vehicles and gain ground on market leaders Daimler AG and BMW.Audi will use the Detroit motor show next week to unveil a concept “Vail” version of the compact Q3 SUV for the U.S. market and plans to build a sedan version of the A3 hatchback after the newest model comes to market this year, CEO Rupert Stadler said in an interview. U.S. growth is critical to efforts by Audi, the top seller in western Europe and China, to replac

Mobility Jan. 8, 2012