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Macquarie censured for malpractice in Korea

The South Korean unit of Australia-based asset manager Macquarie Funds Group faces a three-month business suspension and was fined 100 million won ($91,000) for business malpractice linked to bond trading, the country’s financial watchdog said Friday.According to the Financial Supervisory...

Updated : 2014.11.28 21:13

Citibank Korea’s new chief to seek slimmer bank

Citibank Korea’s newly named president Park Jin-hei on Friday said the bank would become more efficient and security conscious in order to achieve future growth. The 57-year-old banker stressed that ...

Updated : 2014.11.28 20:57

Sales bid for Woori Bank fails due to lack of bidders

An auction to sell state-run Woori Bank failed on Friday due to a lack of bidders, the financial regulator said, the fourth such failed attempt by the government to privatize South Korea's No. 3 bank.“After closing the bid for Woori Bank's managerial rights, only China's Anbang Property &...

Updated : 2014.11.28 20:55

Shinhan Financial’s elite team seeks mobile innovation

Shinhan Financial Group, the nation’s No. 1 financial company both in assets and profits, shared its experience in mobile financial marketing Wednesday.Shinhan Smart Innovators, the group’s task for...

Updated : 2014.11.27 21:26

S. Korean banks' loan delinquency rate edges up in Oct.

The delinquency rate on loans extended by South Korean banks edged up in October from a month earlier as new debts were added, the financial watchdog said Thursday.  The average delinquency rate for bank loans stood at 0.90 percent at the end of October, up 0.04 percentage point from a m...

Updated : 2014.11.27 12:59

Bank lending rates sink to new low in Oct.

Bank lending rates for new loans in South Korea tumbled to a new low last month, with the pace of the decline quickening from September, central bank data showed Thursday.   The average rate for new loans to households, companies and other organizations reached 4 percent in October, dow...

Updated : 2014.11.27 12:49

S. Korea logs current account surplus for 32nd month

South Korea posted a current account surplus for the 32nd straight month in October on a rise in exports and a fall in dividend payments overseas, data showed Thursday.  The current account surplus reached US$9.01 billion last month, compared with a revised $7.41 billion in September, ac...

Updated : 2014.11.27 08:58

FSS chief focuses on legacy

The new Financial Supervisory Service governor Zhin Woong-seob is a man of few words, but one thing is certain ― he will be poles apart from his predecessor Choi Soo-hyun.Not only will he restructure...

Updated : 2014.11.26 21:11

Korean won in 4-day advance

The South Korean won rose against the U.S. dollar on Wednesday, extending its winning streak to a fourth day as it tracked peers’ moves against the greenback.The won closed at 1,106.50, up 2.60 won from the previous session’s close, after rising to as high as 1,106.20 won at one point.An...

Updated : 2014.11.26 21:07

Korea to ease investment regulations to boost stock market

South Korea will ease the stock investment limit for the state postal service agency as part of a comprehensive strategy to help invigorate the slumped local stock market and strengthen the market’s role in providing corporate capital, the financial regulator said Wednesday.Korea Post, on...

Updated : 2014.11.26 21:07

Stocks up 0.08% on foreign buying

South Korean stocks ended 0.08 percent higher Tuesday on an inflow of foreign capital, analysts said. The South Korean won gained ground against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) inched up 1.67 points to 1,980.21 near the end of the session after tradi...

Updated : 2014.11.25 21:16

Korea’s household credit hits new high in Q3

Household credit in South Korea extended its record-breaking streak to the third quarter, with its quarterly growth picking up from three months earlier on increased mortgage lending, data showed Tuesday.Household credit totaled 1,060.3 trillion won ($952.5 billion) as of end-September, up...

Updated : 2014.11.25 21:16

Korea tightens real-name financial system

All types of ill-intended monetary transactions under borrowed names will be banned from later this week in South Korea as the government fills up loopholes in the law to tighten the real-name financial system, the financial regulator said Tuesday.The revisions to the Act on Real Name Fina...

Updated : 2014.11.25 21:14

KB chief reiterates pledge to take over LIG

KB Financial Group’s new chairman Yoon Jong-kyoo was cautious in reiterating his pledge to take over LIG Insurance on Tuesday as he sought to avoid unnecessary disputes with the Financial Services Co...

Updated : 2014.11.25 21:13

New KB Financial head expresses strong will for LIG takeover

The chief of KB Financial Group Co. on Tuesday reaffirmed his strong will to acquire a non-life insurance company, a bid the top financial regulator has delayed approving until the banking group shapes up its sloppy governance structure.   "I still strongly desire to take over LIG Insur...

Updated : 2014.11.25 17:07