Woori Financial Group Chairman Sohn Tae-seung has urged the group‘s subsidiaries to gear up for business innovation this year by benchmarking global tech giants Amazon and Google, officials said Sunday.  “Just as the innovative tech behemoths Amazon and Google did, let’s seek innovation with a mindset like it’s always day one, to get back to the basics and start work with a renewed mind and to surprise the market by achieving a groundbreaking performance,” s

RCI Financial Services Korea, an affiliate of Renault Samsung Motors, launched a mobile app which enables customers to apply for loans remotely after signing a contract to buy a car, the firm said Friday. The new Renault Finance app is developed to apply and complete loan application without visiting dealer shops through a simple verification process online. Evaluation on loan applicants will run 24 hours a day, seven days a week for a broader range of customers including foreigners residing h

France-based BNP Paribas Asset Management Holding is set to divest its entire stake in its South Korean joint venture with Shinhan Financial Group, the Korean banking group said Friday. Shinhan BNP Paribas, a 65:35 joint venture of Korea‘s second-largest banking group by total assets and the French counterpart, will become a fully owned subsidiary of Shinhan, as the former has decided to buy out the 35 percent stake from its partner. The two companies inked an agreement on Dec. 30, 202

President Moon Jae-in will invest a total of 50 million won ($45,600) into new major funds intended to support the government's Korean-version New Deal project, his office said Wednesday. The president plans to sign up on Friday for five funds to be operated by as many local asset managers, according to Cheong Wa Dae spokesman Kang Min-seok. Moon will use profits from his investment in a separate fund that was created in 2019 to foster South Korea's parts and materials production industry agai

South Korea‘s public pension scheme, the National Pension Service, pledged Wednesday to add resilience to its capital deployment to overseas assets through a structural reorganization. Through the reshuffle, the NPS Investment Management will split its global public market division in two -- with one part dedicated to investing in foreign stocks and another in foreign fixed-income products. The move will allow the NPSIM to increase the in-house investment of foreign listed stocks and its

South Korea's money supply continued to grow quickly in November last year, as loans to households and firms increased amid the coronavirus pandemic, central bank data showed Wednesday. The country's M2 stood at 3,178.4 trillion won ($2.9 trillion) as of end-November, up 0.9 percent, or 27.9 trillion won, from October, according to preliminary data by the Bank of Korea (BOK). From a year earlier, M2 surged 9.7 percent, the BOK said. A key economic indicator closely monitored by authorities, M

Banks in South Korea are expected to tighten their lending to households and the small business sector in the first quarter of this year, as credit risks will remain high amid the pandemic, a central bank poll showed Wednesday. The Bank of Korea's index measuring the banks' attitude toward fresh loans came to minus 8 for the first quarter. The lower the reading, the more likely banks will tighten their restrictions on lending. A reading below zero means that the number of lenders that will res

Policy lender Korea Development Bank Chairman Lee Dong-gull said Tuesday that SsangYong Motor’s fate on getting financial assistance depends on its promise of stopping labor disputes until the cash-strapped company marks a turnaround. “We’ve seen many debt-ridden companies face strikes every year during annual negotiations between the labor union and management. To get rid of internal discord, the one-year group agreement needs to be extended to 3 years,” he said at the

KB Financial Group Chairman Yoon Jong-kyoo on Monday urged the group’s employees to strive to gain a digital foothold in the banking industry to become the nation’s No. 1 financial platform company.  “While maintaining traditional core values as a financial institution, KB Financial Group should become a complete digital organization as well as financial platform company in the long run,” said Yoon at a strategic management meeting held online. During the online

Credit loans climbed back up in the first week of 2021, fueled by a bullish stock market and eased bank loan rules, data showed Sunday. The total credit loan balance of the major five commercial banks -- KB Kookmin, Shinhan, KEB Hana, Woori and NH Honghyup -- stood at 134.1 trillion won ($122.6 billion) as of Jan. 7, adding 453 billion won from 133.6 trillion won at the end of 2020. The number of new credit loans via overdraft accounts almost doubled from 1,048 on Dec. 31 to 1,960 on Jan. 7.

E& Investment, a South Korean venture capital that specializes in the bio and health care sectors, said Thursday that NeuroBo Pharmaceutical, in which the company owns a 40 percent stake, had acquired a US COVID-19 treatment developer. NeuroBo, a Nasdaq-listed clinical-stage biotechnology company, on Dec. 31 acquired ANA Therapeutics, which is developing a treatment for COVID-19 that is currently in phase two and three clinical trials.  “This is an exciting and transformative

South Korea’s public pension fund the National Pension Service said Tuesday it would vote against Korean Air’s plan to issue new common shares, which is deemed pivotal to the planned takeover of debt-ridden rival Asiana Airlines. NPS, which was holding a 6.96 percent stake in Korean Air as of September, said in a statement the flag carrier’s move to issue new shares is detrimental to its shareholder value. The red flags range from Korean Air‘s hasty decision to acquire

The Industrial Bank of Korea said Sunday it will officially launch and operate a local subsidiary in Yangon, the largest city of Myanmar as early as this month, which marks its third overseas unit, following its operation in China and Indonesia.  Branded as IBK Bank Myanmar, its new overseas subsidiary was designed to handle various banking services, including corporate financing, personal financial management as well as foreign exchange business, officials said.  Through the newly

A plan to sell some of the government’s stake in Woori Financial Group this year foundered due to the high market volatility triggered by the COVID-19 pandemic, the financial regulator said Wednesday. Earlier this year, a sub-committee of the Financial Service Commission, which controls the sale of state-owned firms and shares, said it would start selling off Korea Deposit Insurance Corp.’s stake in the bank in the first half of 2020.  The plan was to sell the entire stake in

The Korean Federation of Community Credit Cooperatives said Tuesday it has launched Saemaul Geumgo, a community based financial institution supervised by the KFCC, in a rural village in Laos.  In partnership with the Lao government, the KFCC has helped residents of Km52 village located in Phonhong district of the captial city Vientiane establish Saemaul Geumgo in the region by offering management support of its financial systems as well as business models. Officials from the Lao governmen