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The Korea Herald

Finance

June 02, 2024
Chubb unites Korean insurance arms under 'Lina' brand

US insurance group Chubb is uniting its three Korean affiliates under the Lina brand, seeking to create synergies by integrating brand identities. Formerly known as Ace American Fire and Marine Insurance Company Korea, Chubb's general insurance subsidiary announced Friday that it will rebrand as L...
June 02, 2024
Toss Bank racks up profits for third quarter in row

Toss Bank has achieved its third consecutive quarter of net profit, fueling anticipation for the internet-only bank's first profitable year in 2024. The bank announced on Friday a net profit of 14.8 billion won ($10.72 million) in the first quarter, marking a turnaround from the net loss of 28 bil...
May 28, 2024
Finance minister hints at tax incentives for local firms

The South Korean government is ramping up discussions on specific tax incentives aimed at enhancing the market value of local companies, with plans to conduct public hearings over the next two months. "We talked about tax incentives for the Value-up Program on several occasions. But now is the tim...
May 27, 2024
KB Financial to announce ‘value-up’ plans in Q4

KB Financial Group is to release a plan to uplift its corporate value in the fourth quarter as part of the government's "corporate value-up” directive, the financial giant said Monday in a regulatory filing. Its board members and executives held a meeting Friday, discussing how to boost its corpo...
May 26, 2024
Banks to resume compensation talks for ELS losses

Major local banks are expediting compensation procedures for losses tied to Hong Kong-linked derivative products, with some poised to distribute payments this week. KB Kookmin Bank, the largest seller of equity-linked securities tracking the troubled Hang Seng China Enterprises Index, will officia...
May 21, 2024
[Herald Interview] Korea inspires other donors for development funding: World Bank vice president

Akihiro Nishio, the World Bank’s vice president for development finance, said Korea becoming the host country for the International Development Association's 21st replenishment cycle could uplift the spirit of contribution for the global solidarity fund. The IDA21 replenishment final meeting, arr...
May 19, 2024
[KH Explains] Why Korea's so tough on short selling

Since November, South Korea has intensified its crackdown on illegal short selling by institutional investors, uncovering widespread practices among global banks. In an interim results announcement earlier this month, the Financial Supervisory Service revealed that all nine banks investigated had ...
May 19, 2024
Jeonbuk Bank to develop cross-border credit rating system with Cambodia

Jeonbuk Bank signed a memorandum of understanding with Credit Bureau Cambodia and Korea Credit Bureau, the leading credit rating agencies in Cambodia and Korea respectively, to provide credit information services for Cambodian customers. The signing ceremony, held during the Cambodia-Korea Busines...
May 19, 2024
Woori, KB ink QR code payment partnership with Cambodia

Meanwhile, KB Kookmin Bank, another major lender here, also plans to work with Cambodia to develop the cross-border QR payment system. On Friday, KB Bank said its Cambodian subsidiary KB Prasac Bank will be leading the development and operation of the QR code-based payment system. By Im Eun-byel (...
May 19, 2024
SC Bank Korea offers special interest rate for new members

Standard Chartered Bank Korea said Friday it will offer a special promotion for new customers who open a money market deposit account with a deposit of 30 million won ($22,125) or more, up to an individual limit of 2 billion won. Running until May 30, the promotion provides a special interest rate...
May 19, 2024
Korea Eximbank extends $120m to Cambodia for road development

The state-run Export-Import Bank of Korea said Friday it has signed an agreement to provide a $120 million loan to Cambodia to support the enhancement of the Southeast Asian country's provincial road infrastructure. Korea Eximbank President Yoon Hee-sung and ROS Seilava, secretary of state at Camb...
May 17, 2024
Woori partners with India’s Tata Motors in auto finance push

Woori Financial Group on Thursday announced a new partnership with Indian auto giant Tata Motors as part of its strategy to expand its presence in the global auto finance market. Woori Financial Group Chairman Yim Jong-yong and Tata Motors Executive Director Girish Wagh held an agreement signing c...
May 14, 2024
Woori Bank joins race for 4th online-only lender

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...
May 13, 2024
K bank racks up record earnings ahead of market debut

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 s...
May 13, 2024
Woori Financial ready to bulk up

South Korean financial services conglomerate Woori Financial Group is seeking to diversify its business portfolio beyond banking in an apparent move to take on its bigger rivals here. Among the nation’s top four financial groups, Woori has long remained the smallest in terms of sales. Last year,...

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EDITOR'S PICKS

Herald Corporation |CEO : Choi Jin-Young |Huam-ro 4-gil 10, Yongsan-gu, Seoul, Korea |Title : The Investor |Date of registration : 2016.06.21 |Date of issue : 2016.06.21
Publisher. Editor : Choi Jin-Young |Chief Privacy Officer & Juvenile Protection Manager : Choi He-suk |T +82-2-727-0021 |E investor@heraldcorp.com

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