SEOUL, Dec. 19 (Korea Bizwire) – South Korea will relax a regulation on the capital ratio of local banks this week in a move to reduce their financial burden, the country’s finance regulator said Monday. The Financial Services Commission (FSC) will allow them to designate their loan-loss reserves as common capital stock under the revised [...]
SEOUL, Dec. 13 (Korea Bizwire) – The board of directors at seven major commercial banks decided Monday to implement a performance-based pay system – a controversial wage system introduced under the troubled Park Geun-hye administration. The seven institutions are Woori Bank, Shinhan Bank, KB KookminBank, KEB Hana Bank, SC Cheil Bank, and Citibank. Officials have [...]
SEOUL, May 10 (Korea Bizwire) – CoCo bonds, or contingent convertible bonds, are fixed-income instruments that are equity-convertible in cases of pre-specified trigger events. Despite their liability-like properties, they are classified as assets, which is prompting many banks to issue CoCo bonds as means of expanding capital. So technically, they’re asset-convertible debt. Major Korean banks, [...]
SEOUL, Feb.18 (Korea Bizwire) – With the adoption of a new account transfer system and Individual Savings Accounts (ISA), banks are going all out to attract clients with various giveaways. Industry analysts note that Shinhan Bank is currently running a promotion in which customers will have a chance to win a Hyundai Avante. Clients who [...]