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Regulator Gives Preliminary Nod to Hana Bank-KEB Merger

Regulator Gives Preliminary Nod to Hana Bank-KEB Merger

SEOUL, Jul. 23 (Korea Bizwire) — South Korea’s top financial regulator on Wednesday gave preliminary approval for the merger of two flagship banks of Hana Financial Group Inc., the country’s third-largest banking group by assets. Hana Financial had been pushing for the merger between Hana Bank and Korea Exchange Bank (KEB) since its acquisition of [...]

Regulator Likely to Approve Hana-KEB Merger Later This Week

Regulator Likely to Approve Hana-KEB Merger Later This Week

SEOUL, Jul. 20 (Korea Bizwire) — South Korea’s top financial regulator is planning to give preliminary approval for the merger of two flagship banks of Hana Financial Group Inc., the country’s third-largest banking group by assets, later this week, officials said Sunday. Hana Financial has tried to merge Hana Bank and the Korea Exchange Bank [...]

Korean Banks Tighten Belt as Interest Margin Declines

Korean Banks Tighten Belt as Interest Margin Declines

SEOUL, May 22 (Korea Bizwire) — As local banks suffer from reduced net interest margins, they are looking to reduce operational costs to overcome their difficulties. KB Kookmin Bank is urging its employees to report their business activities verbally or via email, not through color prints or full color Powerpoint charts to save costs on printer toner [...]

Korean Banks Withdrawing Loss Making ATMs

Korean Banks Withdrawing Loss Making ATMs

SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]

Banks Rush to Offer Exclusive Bank Accounts for “Bank Wallet Kakao”

Banks Rush to Offer Exclusive Bank Accounts for “Bank Wallet Kakao”

SEOUL, Nov. 11 (Korea Bizwire) – As KakaoTalk starts its Bank Wallet Kakao service from November 11, Korean banks are rushing to offer bank account products exclusively for the service. For the so-called “Katok Bank” service, Korean commercial banks including Woori Bank, Hana Bank and Korea Exchange Bank(KEB) rolled out the accounts exclusively for the service to [...]

KSD to Begin 5th Year Campaign to Return Balance in Dormant Stock Accounts

KSD to Begin 5th Year Campaign to Return Balance in Dormant Stock Accounts

SEOUL, Oct. 2 (Korea Bizwire) – The Korea Securities Depository will initiate a campaign, jointly with KB Kookmin Bank and Hana Bank, to find the owners of stock investment accounts and return the remaining balance in the dormant accounts. A Korea Securities Depository official said on October 1, “The three financial institutions will offer the service in support [...]

Hana Bank Connects Committed Credit Line with China’ ICBC

Hana Bank Connects Committed Credit Line with China’ ICBC

SEOUL, Sept. 4 (Korea Bizwire) – Hana Bank announced it signed an RMB loan commitment between the Seoul branch of Industrial and Commercial Bank of China (ICBC) worth US$50 million. Thanks to the agreement, Hana Bank, which had already secured committed lines denominated in dollar and yen for its urgent liquidity needs, could not only diversify its foreign currency lending [...]

Banks Rush Into the “War of Mobile Wallet”

Banks Rush Into the “War of Mobile Wallet”

  SEOUL, July 23 (Korea Bizwire) –The sense of urgency that IT companies are encroaching on the mobile payment market is making banks to competitively beef up their smartphone-based electronic commerce services and scramble into the “war of mobile wallet.” Mobile Wallet or E-Wallet is a service that provides a convenient and technologically quick method [...]