SEOUL, March 16 (Korea Bizwire) — Amid growing interest in the protection of depositors resulting from the collapse of the United States-based Silicon Valley Bank, the value of uninsured deposits is estimated at more than 100 trillion won (US$762 billion) in South Korea, data showed Wednesday. According to the data that Rep. Kim Hee-gon of [...]
SEOUL, March 3 (Korea Bizwire) — South Korea’s financial regulator said Friday it will expand the disclosure of information on loan-deposit rate differences as part of efforts to promote competition in the banking sector amid criticism that it has been bent on making profits from the “interest business” without diversifying income sources. Banks have been [...]
SEOUL, March 3 (Korea Bizwire) — Corporate borrowers are flocking to the local debt market to take advantage of stabilizing market rates and strong investor demand, with even low-rated players coming back to raise money. Since late October last year, corporate borrowers’ borrowing costs had been on the rise in tandem with rising market rates [...]
SEOUL, March 2 (Korea Bizwire) — The value of foreign securities held by South Korean institutions fell in 2022 due to losses from heightened global market volatility, data showed Thursday. The outstanding amount of foreign securities held by institutional investors is estimated at US$365.29 billion as of the end of December, down from the previous [...]
SEOUL, March 2 (Korea Bizwire) — K-Bank, a South Korean internet-only bank, reported Thursday that its net income in 2022 nearly quadrupled to a record high thanks to a spike in interest income. K-Bank’s net income came to 83.6 billion won (US$64 million) last year, up from a net profit of 22.5 billion won reported [...]
SEOUL, March 1 (Korea Bizwire) — With the value of losses caused by voice phishing estimated at about 1.7 trillion won (US$1.28 billion) over the past five years, South Korean banks are exploring various measures to limit future losses from similar criminal activity. Shinhan Bank introduced an alarm system in March last year that uses [...]
SEOUL, Feb. 27 (Korea Bizwire) — The number of initial public offerings (IPOs) and the amount of funds raised from the process in 2022 decreased sharply due to market uncertainty caused by inflation and monetary tightening in major countries, data showed Monday. A total of 70 companies made their debuts on the main KOSPI and [...]
SEOUL, Feb. 14 (Korea Bizwire) — About 2,200 employees of South Korea’s major commercial banks have left on voluntary retirement since late last year in return for receiving huge severance pay. According to industry sources, KB Kookmin Bank, Shinhan Bank and Woori Bank reflected their voluntary retirement expenses in their fourth-quarter results. These banks provided [...]
SEOUL, Feb. 14 (Korea Bizwire) — Kakao Pay Corp., the online payment unit of South Korean tech giant Kakao Corp., is expected to see its earnings and share price decline due to Apple Pay’s debut in the country. DB Financial Investment last week downgraded shares of Kakao Pay from “buy” rating to “hold.” Considering that [...]
SEOUL, Feb. 9 (Korea Bizwire) — Foreign investors’ net selling of South Korean securities slowed sharply in January as they increased holdings of stocks amid expectations the U.S. Federal Reserve would slow monetary tightening and China’s economy would recover, central bank data showed Thursday. The value of their combined investment in local securities — stocks [...]