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Ratings agency Moody's downgraded the outlook on the South Korean banks' credit rating to "negative" from "stable" Thursday, predicting their asset quality and profitability will weaken. The agency released a report on the Korean banking system and lowered the credit ratings outlook of 19 South Ko...
South Korean Finance Minister Choi Sang-mok held talks with his Vietnamese counterpart Friday and asked the Southeast Asian government to further improve the business environment to seek closer ties. Choi met his Vietnamese counterpart, Ho Duc Phoc, in Seoul to discuss ways to further bolster bila...
Currently, the bank employs approximately 640 private banking specialists dedicated to selling products for private banking and investment. Additionally, the bank is implementing a more intricate self-inspection process for customers before purchasing high-risk products. Following contract signing...
Finance Minister Choi Sang-mok on Thursday asked for major banks' role and support for the successful reform of the foreign exchange market, the finance ministry said. Choi made the request during a meeting with the chiefs of KB Kookmin Bank, the state-run Korea Development Bank, Shinhan Bank, Woo...
A NongHyup Bank employee is being investigated by local police for possible embezzlement reaching nearly 11 billion won ($8.2 million), the bank disclosed on Wednesday. The bank's internal investigation revealed a financial irregularity that could extend up to 10.95 billion won, which is the total...
The rise of such specialized offices follows warnings from local financial authorities regarding a significant reduction in branch numbers. According to data from the Financial Supervisory Service, the top four commercial banks -- KB Kookmin, Shinhan, Hana and Woori -- operated 2,824 offline branch...
Hana Bank, a leading commercial bank in South Korea, unveiled Monday the latest upgrade to its tailored banking app for foreign exchanges, Hana EZ, with a focus on delivering an enriched and user-friendly mobile banking experience for foreign residents in the country. A key improvement lies in the...
Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eu...
Local crypto exchanges are enjoying a boom in their returns amid the snowballing bitcoin rally. Upbit, the largest crypto exchange here, saw its transaction volume in the past 24 hours surpass 12 trillion won ($8.9 billion) as of Thursday at 3 p.m. It was the first time for the figure to go over 1...
The price of bitcoin traded in Korea climbed to its highest ever Thursday, fueled by a global rally initiated from spot exchange-traded funds and an impending halving. Bitcoin, the world’s biggest cryptocurrency, traded in Korea went above 88 million won ($66,000) at around 2 a.m. on Thursday, a ...
South Korea’s major banking holding firm Woori Financial Group and Abu Dhabi sovereign wealth fund Mubadala Investment Company took the first step toward partnership as their subsidiaries signed a deal for joint efforts in discovering global investment opportunities. Woori Venture Partners, the v...
Industrial impact According to government estimates, about 250 companies, including Samsung Electronics and Hyundai Motor Group, will be subject to the 15 percent minimum rule. Authorities cautioned about a heightened impact on the auto and energy sectors, which have been benefiting from US tax i...
South Korean authorities on Monday introduced a set of measures encouraging listed companies to boost their valuation as a part of efforts to shake off the so-called “Korea discount” which has been haunting the local capital market for decades. Under the “corporate value-up program,” firms lis...
KB Kookmin Bank, one of Korea’s top five commercial lenders here, launched its new Cambodian unit, KB Prasac Bank, to tap deeper into the market by offering loan programs for small merchants and digital banking services. KB Prasac Bank, Cambodia's fourth-largest commercial lender in terms of asse...
Korea Investment Corp., South Korea‘s sole sovereign wealth fund, pledged to increase its exposure to alternative assets to 21 percent by 2024, from 16.1 percent as of May 2021, its Chief Executive Officer Jin Seung-ho told reporters Thursday. The institutional investor, managing $183.1 billion i...
Korean builders nervous about possible setbacks in Middle East
HD Hyundai chair receives honorary doctorate from HUFS
SC Bank Korea offers special interest rate for new members
Hyundai-Kia marks 40 years of partnerships with over 100 suppliers: report
Samsung expected to introduce new Exynos processor in next Galaxy series
Woori, KB ink QR code payment partnership with Cambodia