SEOUL, Nov. 21 (Korea Bizwire) – KB Kookmin Bank, South Korea’s largest retail lender, will focus on providing customized services to the public without drastic job cuts or sharply reducing the number of outlets, the lender’s new president said Tuesday. After integrating some redundant branches, KB Kookmin Bank currently operates 1,061 outlets in South Korea, [...]
SEOUL, Nov. 20 (Korea Bizwire) — The number of car accidents caused by senior drivers more than quadrupled over the past 10 years, insurance data showed Monday, leading to 304.8 billion won (US$277.21 million) in damage. The accident tally for private drivers from the Korea Insurance Development Institute showed there were some 29,000 accidents caused [...]
SEOUL, Nov. 14 (Korea Bizwire) – A portmanteau of “chat” and “robot”, chatbots are computer programs designed to simulate human conversation in both spoken speech and text format. With the seemingly inevitable advent of artificial intelligence approaching nearer by the day, South Korean airlines, entertainment and banking industry players are taking measures to get ahead [...]
SEOUL, Nov. 10 (Korea Bizwire) – Prosecution investigators raided Woori Bank’s training center Friday over allegations of unfair hiring of employees, just three days after the bank’s head office was raided. Investigators from the Seoul Northern District Prosecutors’ Office searched the training center in Anseong, south of Seoul, as part of an investigation into suspicions [...]
SEOUL, Nov. 9 (Korea Bizwire) — With KB Financial Group Inc.’s extraordinary shareholders meeting 10 days away, a global corporate advisory firm has objected to two agenda items offered by the major banking group’s labor union, industry sources said Thursday. In a recent report, U.S.-based Institutional Shareholder Services Inc. (ISS) has advised shareholders to vote [...]
SEOUL, Nov. 3 (Korea Bizwire) — The head of Kakao Bank, South Korea’s second Internet-only bank, expressed concern Friday that restrictions on ownership of a financial firm by a non-financial company could undermine innovation in the country’s banking sector. “The pace of innovation could slow down unless the restrictions are eased,” Yun Ho-young, one of [...]
SEOUL, Nov. 2 (Korea Bizwire) — South Korea has signed an agreement with the European Investment Bank to export a corporate technology evaluation system, the Ministry of SMEs and Startups said Thursday. The technology evaluation system, developed by the Korea Technology Finance Corp. (KIBO), has been exported to emerging markets, including Vietnam, Thailand and Peru. [...]
SEOUL, Nov. 1 (Korea Bizwire) – Members of the Korea Financial Investment Association (KFIA) gathered in Seoul’s Yeouido financial district on October 31 to announce the test run launch of “Chain ID”, an identification system built on blockchain technology that was described by KFIA Chairman Hwang Young-key as “the world’s first successful attempt in commercializing [...]
SEOUL, Oct. 31 (Korea Bizwire) – Sources within the financial industry reported on October 30 that a coalition of major South Korean banks consisting of KB Kookmin Bank, the Korea Exchange Bank and Nonghyup Bank had filed a $230 million suit against U.S. online retailer Newegg Inc and others in a Los Angeles district court [...]
SEOUL, Oct. 25 (Korea Bizwire) — Foreign currency deposits at banks in South Korea fell in September from a month earlier as exporters decreased their deposits in U.S. dollars, central bank data showed Wednesday. Outstanding foreign currency deposits held by banks here reached US$63.66 billion at the end of September, down $3.48 billion from a [...]