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Woori Financial Group Chairman Yim Jong-yong and 55 other senior executives have purchased company shares as the group expands its nonbanking operations and integrates its two life insurers. Yim bought 5,000 shares Aug. 24, shortly after Woori Financial completed its acquisition of Dongyang Life Insurance and announced plans to merge it with ABL Life Insurance, the company said Wednesday. The shares were purchased at 31,800 won ($23.26) apiece, bringing Yim's holdings to 15,000 shares. The other
Finance Minister nominee Lee Hyung-il on Wednesday laid out a growth-focused policy agenda that also emphasizes capital market reform and stronger economic policy coordination. Lee, currently first vice finance minister, met with reporters in Sejong for the first time since his ministerial nomination Sunday. At the briefing, he identified lifting Korea's potential growth rate and reducing polarization as his two top economic priorities. "We need to accelerate the economy's growth momentum and fi
South Korea wants to move another wave of public institutions out of the capital region. But unions representing financial regulators and policy bodies warn that decentralization could slow crisis response, weaken oversight and drive skilled employees out. The dispute is intensifying as the government prepares the second phase of its decadeslong effort to spread jobs and economic activity beyond Seoul. A road map initially expected in September may now come in October or November, as the governm
The Export-Import Bank of Korea said Tuesday it has donated 100 million won ($70,825) to the Korean Red Cross to support relief efforts following a powerful earthquake in Colombia. The funds will provide emergency supplies and other assistance to affected communities. More than 50,000 people were affected by the magnitude 7.4 earthquake and subsequent aftershocks, according to the bank. “We hope the donation provides some comfort and practical support to those who lost their homes and livelihood
The Export-Import Bank of Korea said Monday it would provide $1 billion in financing to Swiss commodities giant Glencore in return for a stable supply of copper to Korean companies. Glencore operates mines and smelters that produce copper, zinc and nickel worldwide. Its trading network handles more than 60 commodities through long-term relationships with thousands of customers and suppliers. The financing will support Glencore’s general corporate operations, while the company will supply copper
Hana Financial Group said Sunday it would run a groupwide promotional campaign through Sep. 30 to mark the relocation of its headquarters to Cheongna in Incheon, offering financial benefits, community programs and support for the local economy. The campaign brings together the group's key affiliates, including Hana Bank, Hana Securities, Hana Card and Hana Savings Bank, with events tailored to Incheon residents and customers. Hana Bank will offer preferential interest coupons worth up to 4.4 per
Standard Chartered Bank Korea said Wednesday it has opened its second Priority Private Center in Dogok-dong, southern Seoul, as part of efforts to strengthen its wealth management business for high-net-worth clients. The Dogok Priority Private Center, which serves clients with deposits of at least 1 billion won, follows the opening of the lender's first such center in Apgujeong in November last year. The bank said the center is based on Standard Chartered's global private banking model and is de
South Korea's financial authorities are considering capping financial holding company chairs at two three-year terms, a governance overhaul that could reshape leadership succession at the country's biggest banking groups and reignite debate over regulators' role in corporate governance. Industry reports Tuesday said the proposal would bar chairs from serving a third term, limiting their tenure to six years. It could also require reappointments to win support from at least two-thirds of voting sh
Woori Financial Group Chairman Lim Jong-ryong on Sunday urged the group's banking and nonbank affiliates to move faster than competitors and place a stronger focus on customers, as he outlined the group's second-half priorities. Speaking at Woori Financial's second-half management strategy workshop at the group's headquarters in Hoehyeon-dong, central Seoul, Lim called for closer collaboration across the group to drive its next phase of growth. "If the second quarter marked the point at which Wo
KB Financial Group has launched a hands-on AI talent program as part of efforts to accelerate artificial intelligence adoption across the group and integrate the technology more deeply into everyday work. The financial group said Wednesday it officially launched the KB AI Lab during its AI and data innovation seminar held Tuesday at KB Kookmin Bank's headquarters in Yeouido, western Seoul. The project-based program is designed for graduates of the highest level of KB AI Academy's AI expert nurtu
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