South Korean stocks finished up Wednesday, as automakers, battery materials companies and banks led the market gains. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index added 3.99 points, or 0.16 percent, to close at 2,575.08. Trading volume was high at 933 million shares worth 12.4 trillion won ($9.4 billion), with gainers outnumbering losers 596 to 276. Institutions bought a net 455 billion won worth of stocks, while foreigners and retail investors o

-    KT&G aims to leap forward as a 'global top-tier' company through long-term growth investments and overseas market expansion SEOUL, South Korea, March 28, 2023 /PRNewswire/ -- KT&G Corporation("KT&G" or the "Company") (KRX:033780) held its 36th Annual General Meeting of Shareholders("AGM") for the fiscal year 2022 on March 28, 2023 at the KT&G Human Resources Development Center in Daejeon, South Korea. All of the proposals made

SEOUL, South Korea, March 27, 2023 /PRNewswire/ -- E9Pay, a Korea leading cross-border fintech company, has announced a strategic partnership agreement with Shinhan Bank, one of the largest banks in South Korea. The partnership aims to build cooperation for overseas remittance/payment for financial inclusion, especially foreign workers residing in Korea and SMEs using E9Pay Commercial Payment Platform. Under the partnership, E9Pay and Shinhan Bank will collaborate to develop a payment sys

Shareholders of Shinhan Financial Group on Thursday approved the appointment of Jin Ok-dong, its flagship banking unit’s former CEO, as the group’s new chairman. “I feel a great sense of responsibility to meet the expectations of customers and shareholders and lead the growth of Shinhan,” Jin said in his address at the general shareholders’ meeting held at the group’s headquarters in Seoul. Having worked in Japan for almost 20 years, the new Shinhan chief is c

South Korea’s public pension fund the National Pension Service said Thursday it would vote against the appointment of former Shinhan Bank President Jin Ok-dong as the new chairman of the Shinhan Financial Group, the nation’s second largest financial giant in terms of total assets. The NPS, the world’s third-largest pension fund, holds a 7.96 percent stake in Shinhan Financial Group as of December. The decision comes as the NPS’ special committee reviewed the direction o

- The Board of Directors resolved not to include the KGC spin-off in the agenda after careful consideration SEOUL, South Korea, March 10, 2023 /PRNewswire/ -- KT&G Corporation ("KT&G" or the "company") (KRX:033780) today announced that its Board of Directors set the agenda for the 2023 Annual General Meeting of Shareholders ("AGM"), which will be held on March 28, 2023 at the KT&G Human Resources Development Center in Daejeon, South Korea.

Local banks are hurriedly laying out plans to carry out profit-sharing corporate social responsibility activities after President Yoon Suk Yeol condemned them for enjoying hefty bonuses even as people suffer under higher interest rates. But the efforts appear to be falling short of quelling public criticisms. According to the Korea Federation of Banks on Wednesday, its new social corporate responsibility project will bring a support effect of around 10 trillion won ($7.8 billion) to society ov

South Korea’s top four financial groups -- Shinhan, KB, Hana and Woori – saw their combined net profit last year hitting a record high of 15.85 trillion won ($12.53 billion), largely buoyed by robust interest. This figure broke last year’s record of 14.54 trillion won, as there was an 8.99 percent increase in net profit on-year. Shinhan reclaimed the top position among the four financial firms in Korea by posting a net profit of 4.64 trillion won. Following Shinhan, KB marked

Shinhan Financial Group reclaimed the top position among financial firms in Korea by posting net profit outpacing other players last year. According to Shinhan's earnings report released Wednesday, its net profit marked 4.64 trillion won ($3.68 billion) in 2022, surpassing its cross-town rival KB Financial Group’s net profit by more than 200 billion won. Since KB’s net profit outperformed Shinhan for the first time in 2017, the two top-tier banking groups have been running a nec

Shinhan Bank Vice President Jung Sang-hyuk has been tapped as the next CEO of Korea’s No. 2 lender by total assets on Wednesday, following the abrupt departure of its chief. Shinhan Financial Group appointed Jung as the sole candidate for the top position of its flagship banking unit Shinhan Bank. “Jung has a deep understanding of both the traditional banking industry and latest issues. He is also experienced in sales from his past roles as sales manager in retail and corporate ban

Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for chairman of Woori Financial Group. Son on Wednesday also announced that h

South Korean stocks opened lower Wednesday, as concerns over corporate earnings, set to be released starting next week, weighed on investor sentiment. The benchmark Korea Composite Stock Price Index lost 15.37 points, or 0.65 percent, to trade at 2,364.02 in the first 15 minutes of trading. Companies are expected to announce their fourth-quarter earnings results beginning next week, with the market consensus leaning toward lackluster performances in some sectors. Tech heavyweights and financial

As Woori Financial Group is set to hold its meeting for selecting the next chairman candidates on coming Wednesday, eyes are now on whether the current head Son Tae-seung will be able to secure a reappointment for a third term. Son’s second term ends in March. A Woori Financial Group official told The Korea Herald on Friday that Son is included in the “long list” as a candidate for chairman of Woori Financial Group. “After the meeting on Wednesday, final candidates will b

When a small provincial branch of NongHyup Bank offered an online-exclusive installment savings plan with an annual interest of 8.2 percent in November last year, the news spread like wildfire among savvy savers. It sold like lottery tickets. Within hours, the bank sold 900 billion won ($707.8 million) of saving products, which was more than five times the size of the branch's total assets of 167 billion won. The problem was that the rural bank just wanted to attract just 10 billion won of fu

Bank stocks in South Korea have long been regarded as an unappealing option for investors. Against this backdrop, a local activist fund was launched Monday targeting seven large Korean lenders to whet investor appetite by shoring up dividends. Korean banks have strong fundamentals and enough capital to cushion against unexpected losses, but their dividend payout ratios remain much lower than those of their global peers, according to Lee Chang-hwan, CEO of Seoul-based private equity firm Align Pa