South Korean full-time employees' average annual income reached $42,300 last year, placing the country 19th among 35 members of the Organization for Economic Cooperation and Development, data showed Sunday. The figure was the highest ever for the nation’s fourth-largest economy. Korea’s next-highest average annual income was in 2003, when it posted $32,100 and ranked 24th, said Rep. Yang Kyung-s...

Yoo Myung-soon, interim chief executive officer of Citibank Korea, was recommended as the sole candidate for the bank‘s top post, paving the way for her to become the first female CEO of the local branch of the US lender. The appointment recommendation committee under the South Korean subsidiary of the New York-based bank is set to confirm the appointment of Yoo during a general meeting of stock...

The Korean Federation of Community Credit Cooperatives, the nation’s leading mutual financial institution, held an annual exchange program with its counterpart in Thailand to introduce the group’s ongoing projects and management tips, officials said Wednesday. Arranged as one-day videoconference in line with the government’s strict quarantine measures against the COVID-19 resurgence, the trainin...

A string of hacking attempts to break into South Korea’s financial institutions from abroad have continued in recent years, data showed Monday, prompting calls for financial authorities to impose tougher security measures. As of August, there have been a total of 37 hacking cases targeting local financial firms from overseas over the past five years, said Rep. Hong Sung-guk of the ruling Democra...

For some, reselling of holiday packages has become a way to make a little extra money. Gift sets primarily from employers, including of Korean traditional sweets, red ginseng and canned ham, are continually updated at online flea markets like Junggonara and Carrot Market. Meanwhile, the stock trading fever boosted by the COVID-19 pandemic will likely continue to gain steam during the holiday sea...

Standard Chartered Bank Korea said Monday it has partnered with Toss -- a financial services app operated by Viva Republica -- to launch a short-term lending program on Wednesday. Under the partnership, SC Bank Korea outsources credit evaluation process to Toss. SC Bank Korea is the first lender operating here to outsource credit evaluation of customers to a fintech company. SC Bank Korea recei...

KB Financial Group said Sunday it has decided to halt financing construction of coal-fired power plants and to expand investment in infrastructure projects aimed at improving and conserving environment. As part of its corporate roadmap to combat global climate change, the South Korean financial giant will no longer participate in financing of new thermal power plant construction in and out of th...

Prosecutors on Thursday raided KEB Hana Bank‘s headquarters in Seoul in an apparent move to add fresh fuel to the investigation of Optimus Asset Management’s private equity fund misselling. KEB Hana Bank was one of trustee banks of the disputed funds. According to the Seoul Central District Prosecutors’ Office, investigators searched the lender’s consignment sales unit to seize computer drives a...

The Korea Trade Insurance Corporation said Thursday that it had signed a memorandum of understanding with the Korea Land and Housing Corporation to help South Korean companies secure more overseas construction projects. Under the deal, the state-run trade insurance firm will provide overseas business financing insurance and various trade insurance products to LH and partner companies bidding for...

The chief of South Korea’s financial watchdog on Tuesday urged private financial firms to disclose corporate environmental information, as part of a move to mitigate the detrimental effects of climate change on financial circles. “Global consensus has arisen over the so-called ‘green finance’ and ‘sustainable financial services’ following a series of environmental improvement agreements,” Yoon S...

The combined market capitalization of Hyundai Motor Group affiliates surpassed the 100-trillion won ($85.9 billion) mark last week on the back of market expectation on its strength in green vehicle technology, data showed Monday. As of Thursday, the auto giant‘s 12 listed affiliates had a combined market capitalization of 100.2 trillion won, re-entering the 100-trillion-won club for the first ti...

The South Korean government has rolled up its sleeves once again to help virus-battered small businesses. Next Wednesday it plans to expand its ongoing emergency loan program for merchants and entrepreneurs, and a Finance Ministry representative said it will also try to minimize the impact of the lockdown measures on the economy. “The government has raised the credit limit on the second round ...

To facilitate remote working amid the prolonged COVID-19 pandemic, the nation’s financial watchdog will ease restrictions on external access to network systems at local financial companies. The Financial Supervisory Service said Thursday it would allow employees to stay connected to the company’s internal communication software throughout the day by revising the regulations on the supervision of...

Global Komsco Daewoo, a Korean cotton pulp maker in Uzbekistan owned by the state-run Korea Minting Security Printing and ID Card Corp., has become a major supplier of raw materials for banknotes to minting agencies in more than 10 advanced economies, the company said Wednesday. Cotton pulp is widely used in making bills, checks, gift vouchers, and secured bank papers. It also serves as a main m...

The number of consumer complaints brought against local financial companies jumped 15 percent on-year in the first-half of 2020, mainly related to the mis-selling of private equity funds and a surge in requests for loans to counter the coronavirus impact, data showed Tuesday. According to data from the Financial Supervisory Service, the financial watchdog received a total of 45,922 consumer comp...