The Korea Herald

Korea urges financial firms to advance into Thailand

MarketsNovember 20, 2018

South Korea’s Financial Supervisory Service and the Korea Federation of Banks on Tuesday co-hosted a seminar to encourage South Korean financial institutions to advance into Thailand, a move in line ...
Large-scale executive reshuffles loom in Korea’s banking sector

MarketsNovember 19, 2018

South Korea’s financial groups are facing potentially massive reshuffles of their executive teams as a majority of the incumbents at commercial lenders and their holding companies approach the end of...
[News Focus] State-sponsored ‘Zero-Pay’ scheme brings sustainability into question

MarketsNovember 18, 2018

South Korea’s capital city is poised to set up a state-sponsored financial infrastructure project aimed at lowering card payment-processing costs for small merchants. But there are already doubts ab...
Conglomerates' spending on business assets jumps 10.9%

IndustryNovember 18, 2018

Affiliates and subsidiaries of South Korea’s top 30 conglomerates spent a combined 64.9 trillion won ($57.3 billion) on acquiring business assets, such as facilities and projects for research and dev...
Citibank Korea pays out W827.5b dividend for ‘capital optimization’

MarketsNovember 15, 2018

Citibank Korea said Wednesday it plans to pay out an interim dividend worth some 827.5 billion won ($731.3 million) in cash to its Delaware-based US parent company Citibank Overseas Investment Corpor...
Nonprofit organization to provide W345b to stimulate startups, create 11,000 jobs

MarketsNovember 14, 2018

South Korean nonprofit organization Banks Foundation for Young Entrepreneurs unveiled Wednesday plans to provide 345 billion won ($304.7 million) over three years to local startups to support their g...
Global ‘investment war’ looms: Kofia chairman

MarketsNovember 13, 2018

The chief of South Korea’s capital investment business association on Tuesday urged the nation to prepare for a looming global “investment war,” which he views as a global phenomenon that will soon s...
Woori Bank’s M&A capability in question despite new holding company structure

MarketsNovember 11, 2018

While South Korean commercial bank Woori Bank and its subsidiaries are inching closer to a holding company structure, possibilities of aggressive mergers and acquisitions to expand the banking group ...
Korean financial institutions suffer $150m cross-default on Chinese bond insolvency

MarketsNovember 10, 2018

South Korea’s financial institutions suffered insolvency of asset-backed commercial papers Friday at midnight, following a Chinese firm’s default on payments due for bonds. The ABCPs were backed by ...
Relief rally in Korean markets after US midterm elections result

MarketsNovember 8, 2018

South Korean stock markets were bullish Thursday on strong foreign buying, as the midterm elections results in the United States stoked investors’ appetite for risk. The benchmark index of top-tier ...
Woori Bank CEO tapped to head holding firm

MarketsNovember 8, 2018

Woori Bank nominated its incumbent Chief Executive Officer Sohn Tae-seung as the chairman of a new holding company set to control the nation’s fourth-largest commercial bank, officials said Thursday....
Woori Bank to adopt financial holding company structure

MarketsNovember 7, 2018

Woori Bank, South Korea’s fourth-largest commercial bank and the parent company of 19 financial subsidiaries, has gained regulatory approval to adopt a financial holding company structure. The Finan...
Seoul to provide W15b for Korean firms eyeing ASEAN market

EconomyNovember 7, 2018

Some 15 billion won ($13.4 million) will be allocated in the national budget next year to assist Korean small and medium-sized companies making inroads into the Southeast Asian market, a presidential...
FSC chairman hints at securities transaction tax cut

MarketsNovember 6, 2018

Financial Services Commission Chairman Choi Jong-ku hinted Tuesday at cutting or removing the securities transaction tax on the Korean equity market and to discuss the matter with tax authorities. “...
Regulator standardizes QR code for electronic payment

MarketsNovember 6, 2018

The Financial Services Commission, South Korea’s financial regulator, unveiled Tuesday a set of standards for QR codes for electronic payment, in a nation where the smartphone penetration rate is hig...