Kookmin Bank is accelerating its major manpower restructuring, transferring 219 underperforming employees to an extra department designed for retraining. A certain portion of them will likely face dismissal or be pressured to quit if they fail to reach a certain level of performance within about two years, an official of the nation’s largest bank said Tuesday. The employees at the department ar...

Financial groups may see reputation undermined by acquiring distressed institutions The Financial Services Commission has come under criticism for apparently pressuring major financial groups to take over distressed savings banks. Bankers expressed skepticism over the financial watchdog’s move after it unveiled plans last week to put ailing savings banks up for auction and suspend operations at...

The labor union of Korea Exchange Bank is bracing for an all-out struggle, including a general strike, to block Hana Financial Group from acquiring the lender, which they fear could lead to a massive restructuring, sources said Tuesday. U.S.-based Lone Star Funds plans to sell its controlling stake in the bank to Hana this year, which is opposed by a majority of the bank’s workers. “They had ho...

Korea plans to set up grain procurement companies in major countries such as the United States and Brazil to directly bring in agricultural products as part of its long-term effort to fend off consumer price inflation. After initially establishing a grain company in North America, the government plans to make active inroads into the markets, which include South America and Central Asia, by 2020....

The labor union of Korea Exchange Bank filed a court injunction Monday to block U.S.-based Lone Star Funds’ plan to sell its controlling state in the bank to Hana Financial Group. In its filing with Seoul Central Court, the unionized workers called for KEB executives named by Lone Star, including bank CEO Larry Klane, to suspend the scheduled share selling. Lone Star signed a contract with Hana...

Hyundai Motor Group looks set to win its months-long competition with Hyundai Group to take over Korea’s top construction company. Creditors of Hyundai Engineering & Construction, including Korea Exchange Bank, launched their preparations Wednesday to sign a memorandum of understanding with the automobile giant by as early as next week. Their move followed a court ruling Tuesday which supported...

Woori Bank filed complaints against several former executives with the prosecution last month to investigate allegations that they issued illegal loans and took kickbacks, sources said Tuesday. Among them were two former deputy CEOs of the nation’s second-largest bank in charge of loan business and trust business. The two executives resigned before the bank referred them and several staffers to...