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April 30, 2024
Financial groups maintain capital adequacy despite ELS risk
...orted 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 t...w its CET1 ratio rise from 12.7 percent in the first quarter last year to ...
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April 29, 2024
[Herald Interview] Korean banks’ earnings dilemma: More profits, more responsibility
...ch Ratings, said in an interview with The Korea Herald in Seoul on Thursday. In March, Korea's Financial Supervisory Service advised banks to partly compensate for the investors’ losses incurred from...on schemes),” he said. Despite the strong intervention, Korea's top four lenders ...
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April 29, 2024
Woori Financial jumps in race to take over Lotte Insurance
...ire 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-wo...ncluding BlackRock, Blackstone and KKR, are reported to be inter...
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April 26, 2024
Korea’s top finance firms put aside W1.7tr for Hong Kong-tied ELS compensation
Korea’s top finance firms -- KB, Shinhan, Hana, Woori and NongHhyup -- have set aside a total of nearly 1.7 trillion won ($1.2 billion) in reserve for the compensation of losses related to the missel...nked securities products tracking the Hang Seng China Enterprises Index in Hong Kong. ...
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April 16, 2024
Credit card transactions hit W900tr in 2023
Last year, South Korea's card payments surged past 900 trillion won ($644.6 billion) for the first time, amid heightened inflation and escalating consumer prices. Data compiled by the Financial Supervisory Service reveals that the combined card payment performance of the nation's eight m...
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April 11, 2024
Competition to become Korea's 4th online-only bank heats up
...nsortiums -- have lined up to compete for the fourth license. In line with the local regulator Financial Services Commission’s vision to encourage financial innovation and deepen financial inclusion ...tutions: Kbank teamed up with Woori Bank, Kakao Bank with KB Ko...
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April 08, 2024
[KH Explains] Banks puzzled by derivatives misselling proposal
...and foreign banks baffled. Korea's major lenders accepted compensation guidelines suggested by financial watchdog the Financial Supervisory Service last month, agreeing to partly redress investors fo...e ELS products that face maturity in the first seven months of this year. ...
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April 08, 2024
Shinhan joins race for Korea’s 4th internet-only bank
...are provider, to win approval to launch an internet-only bank. Online lenders here provide most financial services from savings to loans, operating without a physical branch. The tentatively named Do... an internet-only bank. As of end-2023, KB Kookmin owns a 4.88 percent stake in Kaka...
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April 03, 2024
Hana Bank opens nation’s largest forex dealing room
Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expan...6, it is the country's largest such space, the bank states. The opening cere...
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April 01, 2024
More women break glass ceiling on financial group boards
South Korean financial groups have undergone a transition in their board composition, indicating governance changes centering on gender diversity and internal control. Given that a financial holding...n March, the number of female board directors at Korea’s four major bank hol...
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March 29, 2024
Banks rush to cough up misselling compensation
...s top lenders have all decided to accept the compensation guidelines suggested by the country's financial watchdog, agreeing to make up for the losses from the misselling of equity-linked securities t... to begin the compensation process, initiating contact with investors from April. A...
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March 29, 2024
Hana Financial teams up with Credit Agricole to expand presence in Europe
Hana Financial Group, one of South Korea's top four finance conglomerates, has joined hands with Credit Agricole Corporate and Investment Bank to strengthen cooperation in expanding its business in E...nstitutions, which have built trust in both Korea and France, will elevate th...
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March 27, 2024
Banks offer W600b to share profits
Korean banks have rolled out a financial package worth around 600 billion won ($444 million) to support small business owners and young people, with an aim to share their profits, according to the Ko...aining 600 billion won. Korea’s top four commercial lenders contributed the most to t...
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March 26, 2024
Korean banks up ante in Poland amid heightened ties
...Korean banks are poised to bolster their presence in Poland, anticipating a surge in demand for financial assistance as the two nations deepen their strategic alliances and economic ties. On Tuesday,...ugurate the Korea desk within the first half of the year. Another prominent South K...
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March 26, 2024
Banks compete for foreign customers
...ant portion of Korea’s demographics amid the nation's continued population decline, local lenders are looking to woo foreign customers through designated communication channels. Korea's top four financial groups -- KB, Shinhan, Hana and Woori -- all provide customized servic...
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March 22, 2024
Woori Bank first to start ELS compensation
...iday it would begin the compensation process next month, in line with the outline issued by the financial watchdog. The decision was made during the company's board meeting that day. According to Woo...ts. Additionally, it remains the sole local lender currently selling ELS products. ...
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March 20, 2024
Hana pledges W30b for emergency child care
Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Now...
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March 19, 2024
Korea pledges W452tr in climate finance until 2030
...ompanies' competitiveness but also for the generations to come," said Kim Joo-hyun, head of the Financial Services Commission, adding, "Through this collaborative effort, we are taking a meaningful fi...Additionally, the KDB and the nation's five major commercial banks -- KB Kookmin, Sh...
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March 18, 2024
Finance stocks rally despite ELS woes
Despite internal setbacks, South Korean finance giants are forging ahead with a robust rally in the local stock market, as several companies reach historic highs. The share prices of KB Financial Co. and Hana Financial Co., two of the nation's biggest finance holding ...
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March 16, 2024
Major shifts among top market cap stocks on the KOSPI
Financial sector rises while secondary battery stocks decline As stock prices of large-cap stocks fluctuate since the beginning of the year, the ranking of the top companies by market capitalization...ns compared to the end of last year. The stock that saw the most significant rise in r...