SEOUL, April 2 (Korea Bizwire) — Large companies listed on the South Korean main KOSPI bourse will be required to begin issuing key regulatory filings in English next year, the country’s financial and stock exchange regulators said Sunday. According to the Financial Services Commission (FSC) and the Korea Exchange, companies with at least 10 trillion [...]
SEOUL, March 31 (Korea Bizwire) — Toss Bank, the country’s third internet-only banking firm, said Friday it suffered a loss last year due to increased loan-loss reserves. Toss Bank, which went into operation in October 2021, reported a net loss of 264.4 billion won (US$203.3 million) in 2022, the lender said in a statement. Toss [...]
SEOUL, March 30 (Korea Bizwire) — Foreign investors have been rushing to buy South Korean bonds on expectations of global monetary easing since the recent collapse of Silicon Valley Bank (SVB) in the United States, industry sources said Thursday. Foreigners bought a net 11.09 trillion won (US$8.5 billion) worth of South Korean bonds between March [...]
SEOUL, March 27 (Korea Bizwire) — South Korea’s financial regulator said Monday that local banks showed no signs of abnormality in their withdrawal and deposit operations. The assessment by the Financial Supervisory Service (FSS) came amid concerns of a global banking crisis following the recent failures of two U.S. banks — Silicon Valley Bank and [...]
SEOUL, March 26 (Korea Bizwire) — The loan exposure of nonbanking financial companies to real estate project financing (PF) has spiked to an alarming level in recent years, posing potential credit risks amid a decline in the housing market, industry data showed Sunday. The volume of exposure by insurance companies, securities firms, credit card companies [...]
SEOUL, March 23 (Korea Bizwire) — South Korean brokerage firms saw their combined net profits plunge in 2022 due to a fall in transaction fees and shrinkage in profits from stock and bond markets, data showed Thursday. The combined net profit of 58 brokerages stood at 4.51 trillion won (US$3.47 billion) last year, compared with [...]
SEOUL, March 17 (Korea Bizwire) — As a bank run carried out from smartphones has been identified as one of the factors behind the rapid downfall of Silicon Valley Bank, which collapsed in just 36 hours, concerns are growing that South Korea’s online lenders could also fall prey to a fast-moving bank run. Under the [...]
SEOUL, March 16 (Korea Bizwire) — South Korean banks saw their 2022 earnings rise nearly 10 percent from a year earlier on sharply increased interest income, data showed Thursday. Their combined net profit came to 18.5 trillion won (US$14.1 billion) last year, up 9.6 percent from the previous year, according to the preliminary data from [...]
SEOUL, March 16 (Korea Bizwire) — South Korea’s financial authorities called on local banks to ramp up efforts to prepare for possible crises amid the fallout from the collapses of two U.S. banks, officials said Thursday. The call came after the recent failures of Silicon Valley Bank and Signature Bank, which sparked concerns over their [...]
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 [...]