Shinhan Financial Group said Monday that it has signed a deal to acquire BNP Paribas Cardif’s non-life-insurance subsidiary in South Korea in a bid to diversify its business portfolio to include the digital insurance sector. Through the share purchase agreement inked Friday, the Korean banking group will hold a 94.54 percent stake in BNP Paribas Cardif General Insurance, a firm that BNP Paribas ...

South Korea’s financial authorities have called on local banks to take action to ensure a stable supply of credit loans and tighter supervision of household debts, officials said Sunday. The policymaking Financial Services Commission and the market watchdog Financial Supervisory Service reportedly advised the nation’s commercial banks to submit the action plans, which can be either monthly or qu...

South Korean gaming firm Krafton has inked a deal to acquire 100 percent ownership of US video game developer Unknown Worlds Entertainment for $750 million, in the first takeover deal it has announced since the company went public in August, a filing showed Sunday. According to the disclosure filed with the Financial Supervisory Service, Krafton, a Tencent Holdings-backed company behind the batt...

Private Debt Investor, a publication covering the global private debt investing scene, said Sunday it plans to hold a virtual investor event in November and feature post-pandemic strategies of Korea’s sole sovereign wealth fund, Korea Investment Corp. During the event, named PDI Japan Korea Week, Choi Jin-suk, senior director of investment strategy group at KIC, will share the allocator’s key co...

A local court granted an injunction request by South Korean buyout firm Hahn & Co. to block Namyang Dairy Products Chairman Hong Won-sik from exercising his voting rights, noting that a sales and purchase agreement between the two parties is valid, according to a recent ruling obtained by The Korea Herald Thursday. The court’s decision indicated that Hong and his family members had failed to pre...

We are honored to receive the 2021 Korea Herald Advertising Awards with our “Appropriate Digital Asset Investment Campaign” by the Upbit Investor Protection Center. The Appropriate Digital Asset Investment Campaign is very meaningful in that it is the first official activity of the tentatively named, upcoming Upbit Investor Protection Center and the industry’s first mass campaign efforts to enha...

South Korea’s top financial regulator on Tuesday said it will implement stricter lending calculations for mortgage loans, called the “debt-service ratio,” or DSR, months earlier than expected as part of additional debt control measures. The DSR gauges how much borrowers pay for principal and interest in proportion to yearly income. Since July, a 40 percent DSR has been applied to borrowers seek...

The Korea Teachers’ Credit Union, an institutional investor responsible for 40 trillion won ($34.3 billion) of assets as of end-June, denied Tuesday rumors that it was considering exposure to bitcoin, the world’s largest cryptocurrency, through an exchange-traded fund created by a Korean external partner. “The KTCU has never reviewed an investment in a bitcoin-related ETF, and will never have a ...

IMM Private Equity said Monday it has signed a binding term to become the largest shareholder of South Korean kitchen and interior furniture goods manufacturer Hanssem in a 1.45 trillion won ($1.24 billion) deal. Under a sales and purchase agreement, the third-largest buyout firm based in Seoul, with $5.4 billion in assets under management, will buy 6.5 million ordinary shares -- or 27.7 percent...

Bank stocks in South Korea have long been regarded as an unappealing option for investors, but analysts say it may be their time to shine as the economy makes progress toward normalization and interest rates are no longer at record lows. The country’s big four banking groups -- KB Financial, Hana Financial, Shinhan Financial and Woori Financial -- are expected to see their combined profits grow ...

Edison, KDB make contrasting remarks over asset-backed financing to normalize ailing SUV maker

The amount of “jeonse” loans for homes extended to Koreans in their 20s and 30s surged by nearly 60 trillion won ($50.9 billion) in the last five years, raising alarm over the growing household debt burden among young borrowers, a lawmaker said Friday. Jeonse is a housing lease system unique to Korea whereby tenants pay a lump-sum deposit instead of monthly rent on a two-year contract. The outs...

South Korea’s KB Financial Group said Thursday its net profit in the January-September period came to 3.7 trillion won ($3.14 billion), eclipsing last year’s annual net profit. KB’s net profit in the first nine months of the year jumped 31.1 percent on-year and surpassed last year’s annual net profit of 3.4 trillion won, hitting a record high for the cited period. Onlookers said that the banking...

Blackstone-backed handbag maker Simone Acc Collection said Thursday it has dropped its plan to go public, dashing hopes for the New York-based private fund investor’s exit from its South Korean portfolio firm. According to the filing with the Financial Supervisory Service, Simone has canceled the upcoming plans for an IPO and listing on the Korea Exchange. Its lead underwriters were Samsung Secu...

Eight out of 10 young Koreans are currently investing in stocks, funds, cryptocurrencies and other assets, and their main purpose behind making such investments is to buy a home, a survey showed Thursday. According to the survey conducted by insurance agency Rich Planner Consulting Co. on 1,000 Koreans in their 20s and 30s, 88.2 percent of them answered they are investing in stocks. Nearly 35 pe...