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South Korean banking groups are set to tighten lending rules for overdraft accounts, lowering borrowing limits amid government efforts to put a brake on the nation’s fast-growing household debt, industry data showed on Nov. 20. The five major commercial banks here -- KB Kookmin, Shinhan, Woori,...
South Korea’s top financial regulator said on Nov. 18 that it has decided to relax regulations on five promising services proposed by local companies in continued efforts to spur innovation in the finance sector. The move is part of the government‘s “regulatory sandbox” policy, which took eff...
The price of largest cryptocurrency Bitcoin reached a recent high dating back nearly three years, rising more than 4 percent within 24 hours amid investors’ rising demand for safe investments, digital currency data showed on Nov. 18. According to US-based cryptocurrency data provider CoinMarketC...
South Korean cosmetics giant Amorepacific said on Nov. 17 that it would invest 3 billion won ($2.7 million) in Dmil, a multi-channel network company. According to Amorepacific, Dmil is a media contents firm, producing and selling cosmetics-related content and items, partnering with 250 content cr...
Amazon is partnering with Korean e-commerce platform 11st to avail purchase of its goods to Korean customers, 11st operator SK Telecom said on Nov. 16. According to SKT, which is SK Group’s mobile carrier that operates online shopping platform 11st, the two made an agreement for Amazon’s equity...
Despite the pandemic increasing the risk of doing so, institutional investors in South Korea said they would venture into unfamiliar nonbank financing bets, such as private debt funds. Representatives of Korean investors said last week at PDI Seoul Forum Virtual Experience 2020 that they are dev...
Financial affiliates of South Korea’s largest conglomerate Samsung Group announced on Nov. 12 that they would halt investment projects linked to coal-power businesses as part of their efforts to run operations in an environmentally responsible manner. Samsung’s insurance arms Samsung Life Insur...
South Korea’s leading online bank Kakao Bank has launched a procedure to pick lead underwriters for its public initial offering, according to industry sources on Nov. 11. The affiliate of mobile messenger firm Kakao has sent a request for proposal to domestic and global brokerages to explain the...
Morgan Stanley Capital International announced on Nov. 11 that it has added three large- and mid-cap South Korean stocks -- SK Biopharmaceuticals, SK Global Chemical and Doosan Heavy Industries & Construction -- to its global and regional equity index, as part of November rebalancing. As anticipa...
South Korea’s largest proxy adviser, alongside Institutional Shareholder Service and Glass Lewis, has urged KB Financial Group shareholders against the appointment of two outside directors apparently recommended by the firm’s labor union, industry sources said on Nov. 10. The Korea Corporate Go...
State-owned companies, including land developer Korea Land & Housing Corp. and Korea Data Center Council, an organization that promotes the local data center industry, have signed an agreement to spend approximately 4 trillion won ($3.6 billion) to build a data center park powered by green energy s...
The weakening US dollar against South Korean won has invited the highest amount of foreign investment in Korean stocks in 15 months, data showed on Nov. 9. Foreign investors net bought Korean listed stocks worth 1.36 trillion won ($1.22 billion) in October, the highest monthly figure since Augus...
Two financial subsidiaries of South Korean mobile messenger giant Kakao are taking a step toward initial public offerings next year, picking up an additional underwriter and securing investments from a global private equity fund, according to local investment banking sources on Oct. 27. Kakao Pay,...
Hanwha Asset Management said on Oct. 27 its wholly owned Chinese unit has been granted a private fund management license for mainland China. A PFM license, approved by the Asset Management Association of China, allows foreign asset managers to create and sell funds investing in onshore stocks an...
Woori Financial Group said on Oct. 26 that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million). The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of ...
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