Woori Bank, a major commercial lender in South Korea, has entered the competition to secure a license for the country's fourth internet-only bank. An official from Woori Bank confirmed Tuesday that the company recently submitted a letter of intent to Korea Credit Data to join the firm's consortium to win approval to launch an internet-only bank. This marks the first time a local commercial bank has officially delivered its commitment to join the race. "Woori Bank has consistently

Industry May 14, 2024

South Korea's internet-only lender, K bank, witnessed a significant improvement in its earnings as it gears up for its market debut this year. The bank announced Monday that its net profit in the first quarter surged nearly fivefold to 50.7 billion won ($37 million), from 10.4 billion won in the same period last year, reaching a new quarterly high. The bank stated the record performance results from a balanced growth in both deposit and loan balances, which increased by 25.7 percent and 6.6

Industry May 13, 2024

Toss Securities, the online-only brokerage arm of Korean fintech giant Viva Republica, continues its upward trajectory, marking a significant milestone with its highest-ever quarterly net profit in the first quarter. The company announced Monday that its net profit soared to a record 11.9 billion won ($8.7 million) in the first quarter, rebounding from a net loss of 400 million won in the same period last year. This figure is equivalent to eight times the annual net profit of 1.5 billion won rec

Industry May 13, 2024

The reliance on bank loans among self-employed South Koreans has surged considerably since the onset of the pandemic, with the overall loan volume and the default rate rising steeply in the past four years. According to data from the nation's major credit ratings firm Nice, provided to Rep. Yang Kyung-sook of the main opposition Democratic Party of Korea, the outstanding loans to self-employed individuals from local financial institutions totaled 1,112.74 trillion won ($811 billion) as of t

Economy May 12, 2024

South Korea's chief financial regulator, Financial Supervisory Service Governor Lee Bok-hyun, said the agency plans to conclude its ongoing investigation into illegal short selling by the end of the year. He made the statement during a meeting with a group of reporters on Thursday. "We've completed investigations into some companies and made significant progress with three others. About five companies remain, and, if possible, our goal is to wrap up the investigation by the end of

Economy May 9, 2024

South Korean online-only lender Kakao Bank announced Wednesday that its net profit hit a record high of 111.2 billion won ($81.44 million) in the first quarter, a 9 percent increase from the previous year. Operating profit for the same period was 148.4 billion won, up 8.8 percent from last year. The bank said it achieved balanced growth across various business sectors, driven by a steady increase in customer numbers and the successful launch of products and services. Total customer numbers grew

Industry May 8, 2024

South Korea's National Pension Service will pour a record 1.5 trillion won ($1.1 billion) in alternative assets managed by external managers this year, the largest such allocation in the fund's history. The majority of the sum, 1 trillion won, will go to private equity funds, according to a recent announcement by the NPS, marking a 25 percent increase from the previous year. In 2023, the NPS allocated 800 billion won to private equity, with Macquarie Asset Management, IMM Private Equit

Industry May 7, 2024

The Korean government's corporate value enhancement guidelines revealed last week may have disappointed investors, yet experts believe there is room for improvement. After a three-month wait following the initial announcement of the corporate value-up program in February, the Financial Services Commission on Thursday issued several pages of guidelines detailing how companies should create their value enhancement plans and associated regulations. Under the guidelines, companies first select

Economy May 6, 2024

Woori Financial Group said Friday that it will launch a new brokerage arm in the third quarter by acquiring digital brokerage firm Korea Foss Securities and merging it into its existing investment banking subsidiary. The tie-up plan between Woori Investment Bank and Korea Foss Securities marks the financial giant's return to the stock trading business after a decade. Woori Financial Group's long-term goal is to become one of the country's top 10 brokerage firms within the next dec

Industry May 3, 2024

South Korea's exports increased for seven straight months, jumping 13.8 percent in April on strong chip demand and record-high automobile sales. Exports to the US, in particular, reached an all-time high, further widening the gap with China, the country's second-largest export destination. Outbound shipments came to $56.2 billion, up 13.8 percent on-year, according to data revealed by the Ministry of Trade, Industry and Energy on Wednesday. The data showed that imports rose by 5.4 perc

Economy May 1, 2024

Korean banking groups maintained solid capital adequacy despite significant payouts for consumer compensation due to misselling equity-linked securities tracking a Hong Kong index. Industry sources reported that the average capital adequacy ratio, or Common Equity Tier 1, among five major Korean financial groups -- KB, Shinhan, Hana, Woori, and NongHyup -- was 12.8 percent in the first quarter of this year, a slight decline from 13 percent in the previous term and 12.9 percent from the same peri

Industry April 30, 2024

The competition to acquire Lotte Insurance, South Korea's seventh-largest nonlife insurer, is intensifying, with Woori Financial Group recently joining the race. Woori Financial Group's Chief Financial Official Lee Sung-wook stated Friday that the company is reviewing the acquisition of the insurer "to fortify our competitiveness in the nonbanking sectors." The remarks came during the company's quarterly conference call. The move represents Woori's effort to reenter

Industry April 28, 2024

The majority of wealthy South Koreans have a negative outlook on this year's economy, with plans to maintain their current asset portfolios. However, some are considering investing in real estate if the economy improves. These findings are from the "2024 Korean Wealth Report," compiled by a think tank under Hana Bank based on a survey of around 2,600 Koreans conducted in December last year. Of the respondents, 746 with over 1 billion won ($726,000) in financial assets -- including

Economy April 25, 2024

Hanwha Life, a leading Korean insurance company and the life insurance subsidiary of Hanwha Group, has made a strategic move into the Indonesian banking sector through a stake investment. The company announced on Wednesday that its board had approved securing a 40 percent stake in Nobu Bank from Indonesia's Lippo Group, marking the first entry of a Korean insurer into the Indonesian banking industry. The decision was made during an extraordinary board meeting held on Tuesday. Hanwha Life�

Industry April 24, 2024

The Korea International Trade Association is ramping up its efforts to support the overseas expansion of local mobility companies in the Gwangju area. On Tuesday, the state-run trade agency's regional headquarters for Gwangju and South Jeolla Province announced that it had signed a memorandum of understanding with MobilityFund, a German venture capital fund, and the Gwangju Green Car Promotion Agency to help boost the global competitiveness of local future and eco-friendly automobile firms.

Industry April 23, 2024