SEOUL, Feb. 18 (Korea Bizwire) — Kwang Ju Bank, a local bank in Gwangju in South Jeolla province, is growing a strong customer base through a newly introduced mobile banking desk. The mobile offices have been installed on a remodeled 16-ton truck, outfitted with three counseling stalls and two ATMs. The ATMs were specifically arranged to be [...]
SEOUL, Feb. 18 (Korea Bizwire) — Chinese money is entering the Korean insurance market for the first time in its history. Anbang Insurance Group finalized a 1.13 trillion won (US$ 1.01 billion) takeover of Korea’s Tongyang Life on February 16, according to reports from the Korean finance industry. The Chinese company agreed to take a combined 63 [...]
SEOUL, Feb. 17 (Korea Bizwire) – A South Korean brokerage house has been declared bankrupt, a local court said Tuesday, following a trading mistake in late 2013 that left the firm with tens of millions of dollars in losses. The decision by the Seoul Central District Court came about a year after HanMag Securities Co., [...]
SEOUL, Feb. 17 (Korea Bizwire) – The Malaysian government is planning to set up a housing guarantee corporation to protect buyers, and is considering the introduction of a Korean style housing guarantee system. The Korean Housing Guarantee Corporation (KHGC) announced that it recently held a meeting with Malaysian officials from the Ministry of Urban Wellbeing, [...]
SEOUL, Feb. 13 (Korea Bizwire) — Standard Chartered signed a MoU with Shinsegae Corp. to implant sales and marketing channels at main Shinsegae retail stores, on February 12. Standard Chartered is also in talks to sell off its Cheil Branch in Myeongdong to Shinsegae, which is one of the largest retailers in Korea. Standard Chartered will install [...]
ARLINGTON, Va. Feb. 9 (Korea Bizwire) — Predictive modeling has notably increased in value across several areas of property & casualty (P&C) insurers’ business over the past six years, according to global professional services company Towers Watson’s (NYSE, NASDAQ: TW) annual Predictive Modeling Survey. Towers Watson first surveyed P&C insurers on their predictive modeling techniques [...]
SEOUL, Feb. 6 (Korea Bizwire) – South Korean lenders saw their combined net profit soar 60.4 percent last year from a year earlier as they set aside less reserves against bad loans, the financial watchdog said Friday. The combined net income of 18 local banks stood at 6.2 trillion won (US$5.7 billion) in 2014, up [...]
SEOUL, Feb. 2 (Korea Bizwire) – In the smart banking age, where a couple of screen touches can send money or allow you to check financial balances, bank accounts with no Internet access are attracting subscribers who want a place to keep secret money out of reach of their spouses. According to sources in the [...]
SEOUL, Jan. 29 (Kore Bizwire) – Dongbu Insurance will become the largest shareholder of Vietnam’s Post & Telecommunications Insurance (PTI) by acquiring 37 percent of its shares, investing a total of 50 billion won (US$45.8 million). Dongbu announced on January 28 that it would sign a contract to purchase the share of the fifth largest Vietnamese [...]
SEOUL, Jan. 28 (Korea Bizwire) — AXA Direct, the automobile insurance operating arm of AXA Group, a worldwide leader in insurance, announced on January 28 that it will launch its Global English website service from February 2 for expatriates in Korea, in a first for Korea’s insurance industry. Through the service, foreigners in Korea will [...]