SEOUL, Oct. 31 (Korea Bizwire) – Sources within the financial industry reported on October 30 that a coalition of major South Korean banks consisting of KB Kookmin Bank, the Korea Exchange Bank and Nonghyup Bank had filed a $230 million suit against U.S. online retailer Newegg Inc and others in a Los Angeles district court [...]
SEOUL, Aug. 22 (Korea Bizwire) – The former head of Lone Star Korea Steven Lee has been arrested in Italy after twelve years on the run. The 48-year old American citizen was apprehended by police earlier this month, according to the Ministry of Justice. His wanted status stems from questions over his role at the [...]
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 [...]
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 [...]
SEOUL, July 13 (Korea Bizwire) — Major banking group Hana Financial Group said Monday that it plans to complete a merger between its two banking units — Hana Bank and Korea Exchange Bank (KEB) — before October as KEB’s labor union has agreed on the proposed merger. Hana Financial has been pushing for the merger since its [...]
“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, Feb. 12 (Korea Bizwire) – Hyundai Motor Group and Korea Exchange Bank have joined together to form a new model to develop social enterprises. On February 11, the world’s fifth largest automobile maker and the exchange bank signed a business agreement to jointly invest in social enterprise EasyMove, a manufacturer and marketer of physical aids [...]
SEOUL, Feb. 3 (Korea Bizwire) – Korea Exchange Bank (KEB) is launching 15,000 sets of Lunar New Year gift boxes composed of foreign currency bills. The gift sets will be sold on a limited basis, starting from February 4, and will only be available for purchase at KEB branches. Korean elders have a custom of giving [...]
SEOUL, Nov. 24 (Korea Bizwire) — U.S. private equity investor Lone Star Funds, which withdrew from Korea with a handsome profit of 4.6 trillion won (US$4.14 billion) after selling the controlling stake in Korea Exchange Bank, has won a lawsuit with the Korean court to ask for a refund for taxes withheld at the time of the [...]
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 [...]