SEOUL, Sept. 21 (Korea Bizwire) – A new survey has revealed that most South Korean financial consumers still prefer safer choices such as installment savings plans, despite low interest rates and a booming stock market. According to the online survey conducted by pollster NICE R&C with a sample of 19,300 people aged between 20 and 64 [...]
SEOUL, Sept. 21 (Korea Bizwire) — KB Kookmin Card Co. said Thursday it is pushing to tap into Myanmar’s credit card market after getting the nod to set up an office in the Southeast Asian country. KB Kookmin Card, a unit of South Korea’s banking giant KB Financial Group Inc., said it won approval from [...]
SEOUL, Sept. 21 (Korea Bizwire) — The head of the Financial Supervisory Service (FSS) said Thursday the regulator seeks to build an innovation-friendly financial environment to help the growth of the financial technology industry. Choe Heung-sik, governor of the FSS, made the remarks during a conference in Seoul to debate how best the financial industry [...]
SEOUL, Sept. 18 (Korea Bizwire) – The government will decide soon whether to sell its remaining stake in Woori Bank, the nation’s top financial regulator said Monday. As part of a plan to privatize Woori Bank, the government sold a 28 percent stake to seven institutional investors last year but still holds an 18 percent [...]
SEOUL, Sept. 14 (Korea Bizwire) – KB Financial Group Inc.’s chairman nomination committee said Thursday it named current chairman Yoon Jong-kyoo the sole candidate for next chairman. Yoon, has held the post since 2014, became the sole candidate as two other rivals dropped out of the race. Yoon, 62, started his career at the Korea [...]
SEOUL, Sept. 14 (Korea Bizwire) – A job expo for the financial services industry on September 13 attracted throngs of young men and women in their finest, some lining up hours before the event opened to get a chance for an interview with one of the top 6 banks (Kookmin, Shinhan, KEB Hana, Woori, Nonghyup [...]
SEOUL, Sept. 8 (Korea Bizwire) — South Korea’s publicly offered overseas investment funds are regaining popularity among local investors, data showed Friday, as they seek tax benefits and higher returns. According to the data by the Korea Financial Investment Association, the combined net worth of such funds came to 39.4 trillion won (US$34.9 billion) as [...]
SEOUL, Sept. 5 (Korea Bizwire) – Kakao Bank, South Korea’s second Internet-only bank, implemented a 500 billion won (US$441.9 million) capital increase on Tuesday as a part of a refinancing plan to bolster its lending business. Kakao Bank, launched in late July with paid-in capital of 300 billion won, has attracted about three million accounts [...]
SEOUL, Aug. 30 (Korea Bizwire) — Banks in South Korea saw their financial health improve slightly in the second quarter of this year helped by modest gains in their profits, the financial regulator said Wednesday. The average capital adequacy ratio of 18 commercial and state-run banks stood at 15.37 percent as of end-June, up 0.23 [...]
SEOUL, Aug. 28 (Korea Bizwire) — The Bank of Korea submitted a report to the Strategy and Finance Committee of the National Assembly today in which it predicted that this year’s economic growth would fall short of 3 percent despite the improving global economy and supplementary revisions made to the national budget. The central bank [...]