South Korean financial group Korea Investment Holdings announced Thursday that it has selected Kim Sung-hwan, the executive vice president and head of private customer business of its brokerage subsidiary Korea Investment & Securities, as the final candidate for the brokerage firm’s CEO position. Kim, born in 1969, joined Korea Investment & Securities in 2004 after working at LG Investment & Securities for about three years. He is recognized for his expertise in overseeing vari

Industry Nov. 23, 2023

A longstanding Korean market adage that "when the cold wind blows, it's time to invest in bank stocks" appears to have lost its luster, as those shares have struggled due to a proposed windfall tax on local lenders' profits from high interest rates. The adage stems from the historical tendency for bank stocks to rise in the fourth quarter, coinciding with the distribution of year-end dividends. This year, the prospect of hefty taxes is moderating dividend forecasts, causing h

Industry Nov. 23, 2023

Yang Jong-hee, the new chairman of KB Financial Group, South Korea's largest financial giant, commenced his official term on Tuesday, putting renewed emphasis on “giving back to society.” "I deeply feel the weight of responsibility that comes with the role of finance," Yang said during his inaugural ceremony held at the group's headquarters in Seoul earlier in the day. "There is a saying that ‘if we want to go far, we go together.’ Without the gro

Industry Nov. 21, 2023

In a bid to cater to more Korean tourists traveling abroad, major mobile payment providers are expanding their services to overseas destinations, with Toss being the latest addition to this trend. On Monday, Viva Republica, the operator of Korean fintech unicorn Toss, announced that its QR-based offline payment service is now available at Alipay+ merchants in 40 more countries for Korean tourists, in addition to China and Malaysia. This development closely follows Naver Pay's announcement o

Industry Nov. 20, 2023

KB Financial Group’s shareholders approved of Vice Chairman Yang Jong-hee's appointment as the next chairman during a special shareholders' meeting at its headquarters in Seoul on Friday. The financial group's shareholders overwhelmingly supported Yang's appointment, with 97 percent of votes in favor. "Despite various challenges in the domestic economy and financial industry, there are high expectations from shareholders for KB Financial Group. I am aware of this a

Industry Nov. 17, 2023

The International Monetary Fund has upwardly revised its inflation forecast for South Korea to 3.6 percent for this year and 2.4 percent for next year, and advised the country to maintain its current interest rate policy to ensure price stability. In the IMF’s annual report released by the Finance Ministry on Friday, the IMF projected a 3.6 percent inflation rate for this year, which is 0.2 percentage points higher than the 3.4 percent projected in the IMF's October report. The IMF�

Industry Nov. 17, 2023

Shinhan Financial Group's former Chairman Cho Yong-byoung has emerged as the final nominee for the chairman position of the Korea Federation of Banks to head the association for the next three years. In a meeting held on Thursday, the KFB's Chairman Candidate Recommendation Committee chose Cho as the final candidate from a pool of six contenders for the position. The KFB is slated to hold a meeting on Nov. 27, bringing together representatives from 23 member companies to formally appoi

Industry Nov. 16, 2023

BNK Busan Bank, a commercial lender based in the southern port city of Busan, will pilot English-speaking services at three branches in collaboration with the Busan city government, starting in January 2024. Special counters staffed by English-speaking personnel will be set up to cater to the needs of foreign customers. The selected branches are the lender's headquarters in Munhyeon-dong, the Haeundae Financial Center branch in Jung-dong and the Gwangandong Financial Center branch in Gwan

Industry Nov. 15, 2023

Internet giant Naver’s payment platform, Naver Pay, said Wednesday that its QR-based offline payment service is now available at Alipay Plus merchants in 42 countries, mainly catering to Korean tourists. "We are committed to actively expanding our payment service to establish it as the preferred payment method for Koreans traveling abroad," said a Naver Pay official. The 42 countries span across Asia, including China, as well as European nations, the US, and Australia. Followin

Industry Nov. 15, 2023

Korean business groups were not fully happy with the government's proposal to mostly retain the existing 52-hour workweek system on Monday, calling for further reforms. The Ministry of Employment and Labor proposed to maintain the current workweek system while applying complementary measures for some industries that require greater flexibility in working hours. The Korea Enterprises Federation, in particular, strongly criticized the proposal. “The proposal is not as comprehensive as t

Industry Nov. 14, 2023

Bithumb, one of South Korea's four major cryptocurrency exchanges, is preparing to become the first cryptocurrency exchange to go public in Korea, in a move to expand its share in the market currently dominated by its larger peer, Upbit. "We selected Samsung Securities as our manager for initial public offering at the end of (October). We aim to go public during the second half of 2025," a Bithumb official said on Monday. The company is primarily considering a listing on Korea&#

Industry Nov. 13, 2023

South Korea's top five commercial banks will provide the first tranche of a syndicated loan worth 3.5 trillion won ($2.65 billion) to the Polish government to finance a follow-up weapons purchase deal with Korean arms companies, industry sources said Friday. This decision came after South Korea's Defense Ministry asked the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to provide the lending during a meeting held on Nov. 6, as state-run banks hit their lo

Industry Nov. 12, 2023

Starting from 2024, multinational companies such as Samsung Electronics and SK hynix, which have overseas factories or subsidiaries, are expected to face increased tax obligations. The Ministry of Economy and Finance announced Thursday that a new law to implement the global minimum corporate tax -- which will require multinational enterprises to adhere to a minimum effective tax rate of 15 percent -- will begin as early as January 2024. Until Dec. 7, the administrative authorities will gather p

Industry Nov. 9, 2023

Kakao Bank, an internet-only bank, announced Wednesday that it achieved a record-high net profit of 279.3 billion won ($214.12 million) during the first three quarters of the year, thanks to increased lending to borrowers attracted by its low interest rates. This represents a 37.9 percent increase from 202.5 billion won it recorded during the same period a year ago. "We pursued sustainable growth through balanced deposits and loans in the third quarter, along with stable risk management,&rd

Industry Nov. 8, 2023

Kyobo Life Insurance Chairman and CEO Shin Chang-jae has been awarded the 2023 Insurance Hall of Fame Laureate award from the International Insurance Society, one of the insurance industry’s top honors. The awarding ceremony was held during the gala event of the Global Insurance Forum in Singapore on Monday. “Shin embodied the spirit of the Insurance Hall of Fame through innovative activities, insightful leadership and people-centered management,” said Josh Landau, CEO of the

Industry Nov. 7, 2023