“The lawsuit is very important, partly because of the amount of money. And mainly because it can be a barometer of Korea’s financial openness. The Korean government will show that it is taking transparent and legal action in dealing with the issue. We are doing so under the principle of due process without procedural problems. [...]
SEOUL, March 12 (Korea Bizwire) — South Korea’s central bank unexpectedly slashed the base rate to a record low of 1.75 percent on Thursday, putting efforts to shore up growth on top of concerns over persistent household debt growth. The rate cut is the first since October, when the Bank of Korea (BOK) brought down the [...]
SEOUL, Dec. 15 (Korea Bizwire) – The Korean National Pension Service (NPS) recently sold its HSBC headquarters building in London, netting a total of 960 billion won (US$868 million) in dividends and trading profits. On December 14, the pension service that manages funds worth 568.2 trillion won (US$514.1 billion) announced that it had sold the HSBC building [...]
SEOUL, Aug. 20 (Korea Bizwire) — The number of Internet banking service subscribers is projected to reach 100 million within this quarter by the end of September. Of these, the ratio of smartphone-based banking customers has increased to 45.5 percent. According to the Bank of Korea on August 19, the total number of registered customers to Internet [...]
![[FastKorea] HSBC to Withdraw from Korean Retail Banking Market](http://koreabizwire.com/wp/wp-content/uploads/2013/07/HSBC-to-pull-out-of-Seoul-a-ATM-machine-message-800x449.jpg "[FastKorea] HSBC to Withdraw from Korean Retail Banking Market")
HSBC Holdings Plc plans to wind down its retail banking and wealth management business in South Korea as it seeks to revive profitability. Europe’s biggest lender plans to close 10 of its 11 branches in Korea pending regulatory approval, according to a statement from the London-based bank today. Plans by the U.K. lender to withdraw [...]