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Anna J. Park

Korea Times Politics & City Reporter

Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.

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Economy

KCGI to sell Osstem stake to Unison-MBK consortium

The headquarters of Osstem Implant located in western Seoul / NewsisBy Anna J. Park The Korea Corporate Governance Improvement (KCGI) has decided to sell its 6.92 percent stake in Osstem Implant during a tender offer launched late last month by a consortium made up of Unison Capital Korea and MBK Partners, according to the activist fund. The tender offer is scheduled to last through Feb. 24.KCGI said Friday that the decision to accept the tender offer is to respect a good faith principle for its fund investors. It means that under the principle, the activist fund company needs to perform actions that guarantee the best interests of its investors. As the private equity giants' consortium decided to pay 190,000 won ($150) per share during the tender offer, the activist fund company could reap an internal rate of return (IRR) of over 150 percent, if it responds to the offer.The fund company worried that if it does not respond to the tender offer, the stocks held by the investment company might face a lower price than the tender offer price per share, during the remaining procedure of a

Feb 12, 2023By Anna J. Park
KCGI to sell Osstem stake to Unison-MBK consortium
Economy

Risks of real estate project financing loom large on economy

gettyimagesbankFinancial authorities and loan creditors cooperate to prevent crisis By Anna J. ParkRisks stemming from real estate project financing (PF) is looming large as one of key threat factors in the local financial sector this year. Securities companies particularly experience a high default rate of their loans to real estate PF, concerning market watchers that a negative chain reaction could result in a crisis for the market.According to data submitted by the Financial Supervisory Service (FSS) to the parliament this week, the total amount of loans to real estate project financing stood at 125.3 trillion won ($99.2 billion) as of September last year, up by 15.1 trillion won from the year 2021. When compared to the figure from 2020, the number has increased by over 35 trillion won in just two years. By sector, 35.2 percent of the loans, or 44.1 trillion won, were lent by insurance companies, while banks lent 27.2 percent of the debts to real estate project financing. Capital companies, savings banks, mutual funds and securities companies also lent 21.6 percent, 8.5 percent, 3

Feb 9, 2023By Anna J. Park
Risks of real estate project financing loom large on economy
Banking & Finance

BNK Financial's incoming chief expected to bring in stabilization

BNK Financial Group Chairman nominee Bin Dae-in / Courtesy of BNK Financial GroupBy Anna J. ParkAfter BNK Financial Group nominated Bin Dae-in last month as its next chairman to lead the group for the next three years, market watchers have been fixated on whether the new incoming leader will be able to complete his term honorably, while also succeeding at stabilizing the financial group's structure. His three predecessors each had to step down from their posts prematurely, amid market rumors related to various irregularities surrounding them.BNK Financial Group, the largest regional financial group headquartered in Busan, designated Bin as its next chairman in January. The 62-year-old nominee was CEO of Busan Bank, a key affiliate of the financial group, from 2017 to 2021. He has been seen to distance himself from some of the factional conflicts within the financial group. As he has built a favorable reputation within the group for his stable leadership, there are expectations that he could end the disgraceful tradition of the previous group chiefs' failures to complete their officia

Feb 9, 2023By Anna J. Park
BNK Financial's incoming chief expected to bring in stabilization
Banking & Finance

Hana Financial Group donates $300,000 to quake-devastated Turkey, Syria

Hana Financial Group headquarters in central Seoul / Courtesy of Hana Financial GroupBy Anna J. ParkHana Financial Group has donated $300,000 as urgent aid for the recovery and support of those affected by the earthquake in Turkey and Syria. The group announced Wednesday that it delivered the relief money earlier this week through the Community Chest of Korea as well as other global relief agencies. The decision was made as part of the group's efforts to participate in global relief activities. KEB Hana Bank ― part of Hana Financial Group ― currently operates an office in Istanbul, which is part of the group's 206 global operations in 25 countries. Hana Bank is the only Korean commercial bank that maintains a regional office in Istanbul.“The group expresses its deepest condolences to the Turkish and Syrian people who are suffering due to the sudden earthquakes,” Hana Financial Group Chairman Ham Young-joo said. “Hana Financial Group will provide support for earthquake survivors and for quick recovery from the earthquake damage.”In 2020, Hana Financial Group do

Feb 8, 2023By Anna J. Park
Hana Financial Group donates $300,000 to quake-devastated Turkey, Syria
Banking & Finance

Key real estate owned by McDonald's Korea excluded from sale

A McDonald's branch in Seoul / NewsisBy Anna J. ParkMcDonald's Korea is up for sale, but some key pieces of real estate owned by the global fast-food chain in the country have been excluded from the deal.According to investment banking industry sources, Wednesday, three key real estate properties held by McDonald's Korea are not included in the deal currently under negotiation with Dongwon Industries. The holding company of Dongwon Group turned out to be the sole candidate that joined the bidding process last month.Given that McDonald's business model is based on acquiring land in populous commercial areas and leasing it out to franchise partners, real estate owned by McDonald's Korea has been featured as a key attraction of the sale. McDonald's Korea has maintained a vast amount of real estate across the country worth over 206 billion won ($163.5 million), comprised of buildings worth of 69.3 billion won and land worth 136.8 billion won, as of 2021.Market watchers view the decision to exclude some properties from the sale could reflect the intention of McDonald's Corporation to enjo

Feb 8, 2023By Anna J. Park
Key real estate owned by McDonald's Korea excluded from sale
Banking & Finance

Dongwon aims to to acquire McDonald's Korea

A McDonald's branch in Seoul / NewsisBy Anna J. ParkDongwon Industries aims to acquire McDonald's Korea, a move seen as the group's attempt to strengthen its franchise food business. The holding company for a variety of Dongwon Group affiliates, including marine, logistics, finance, food and living businesses, is hopeful that it can create synergy through the acquisition. Dongwon Industries shares closed at 46,700 won ($32), Monday, up 3.78 percent from the previous trading session, on a report that it joined last month's preliminary bidding for acquiring McDonald's Korea as the sole candidate.According to the investment banking industry, both sides are now in the process of negotiating a price for the deal, following last week's first round of due diligence. The global headquarters of McDonald's currently owns a 100 percent stake in McDonald's Korea, and the selling price is estimated to be set at around 500 billion won ($399 million) or slightly lower. Dongwon Industries acknowledged that it joined the preliminary bidding as the sole candidate while declining to comment further. If

Feb 6, 2023By Anna J. Park
Dongwon aims to to acquire McDonald's Korea
Economy

Financial authority to strengthen direct communication with bank boards

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during a press conference held at FSS headquarters in Seoul, Monday. Courtesy of FSSFSS chief aims to improve financial firms' corporate governance By Anna J. ParkIn a move to improve financial groups' corporate governance and ethical management, the financial authority plans to strengthen direct communication with the boards of directors of major financial groups and local banks. The plan aims at serving the Financial Supervisory Service's (FSS') key policy goal of formulating responsible management governance for financial companies. The goal is one of four key policy directions announced by the watchdog agency on Monday ― stabilization of local financial systems, strengthening supervisory functions, supporting financial sector innovation and improving responsible management governance of financial companies.“The FSS plans to check on financial firms' board of directors, corporate governance and appropriateness of executive incentive systems so that banks' governance could run in a fair and transparent manner,&r

Feb 6, 2023By Anna J. Park
Financial authority to strengthen direct communication with bank boards
Banking & Finance

FSC OKs Apple Pay to be available in Korea

Apple Pay promotional image / Courtesy of Apple PayBy Anna J. ParkApple Pay is expected to be launched in Korea soon, as the financial authorities have finally given the green light to its mobile payment service to be made available in the country. The Financial Services Commission (FSC), the country's top financial regulator, announced Friday it has finished reviewing related local laws, concluding that local credit card companies can officially adopt Apple Pay for use here. “After reviewing related articles and legal interpretations, including the Specialized Credit Finance Business Act and the Electronic Financial Transactions Act, the financial authorities have confirmed that local credit card companies can bring Apple Pay services into the country if they follow the necessary procedures,” the FSC's official statement released on Friday reads.“It is expected that the launch of the Apple Pay service will increase customers' settlement convenience while facilitating developments of new payment services based on near-field communication (NFC) technology.”The

Feb 3, 2023By Anna J. Park
FSC OKs Apple Pay to be available in Korea
Banking & Finance

K bank decides to delay IPO plan

The headquarters of K bank in central Seoul / Courtesy of K bankBy Anna J. ParkK bank CEO Suh Ho-sung / Courtesy of K bankK bank has officially decided to halt its IPO procedure, due mainly to unfavorable market conditions that attributed to a decline in the internet-only bank's corporate value. The bank made the decision earlier this week, five days before the deadline for submitting a prospectus for its IPO procedure. The internet-based lender passed the preliminary evaluation for the IPO at the Korea Exchange (KRX), the country's bourse operator, on Sept. 20 last year, and the effect of the preliminary round remains valid for six months.“K bank has decided not to push forward to go public during the remaining effective period since its preliminary assessment last fall,” K bank said. “Considering various external and internal environmental factors as well as impaired investment sentiments, K bank will not raise an IPO this time,” the bank continued. K bank's suspension of its IPO plan has been somewhat predicted, as the bank didn't submit its investment memo

Feb 3, 2023By Anna J. Park
K bank decides to delay IPO plan
Economy

Able C&C sale attracts dozens of potential buyers

A branch of Missha in Seoul / Courtesy of Able C&C By Anna J. ParkDozens of investors have shown interest in acquiring Able C&C, which was put up in the M&A market late last year, raising market expectations that IMM would make a successful exit from its years-long investment. Able C&C operates Missha, a well-known low-cost cosmetics brand, both in Korea and overseas. As countries are repealing their pandemic policies, potential buyers' interest in the acquisition of the cosmetics business has been buoyed. According to investment banking sources Thursday, nearly 30 potential buyers, both in and outside of Korea, have contacted Credit Suisse, the manager of the sale deal, and submitted their non-disclosure agreements (NDA), asking for the investor memorandum of the firm. “It's true that nearly 30 potential buyers signed NDAs, and there are more potential buyers abroad than in Korea,” an investment banking source told The Korea Times on Thursday. “The investor memoran

Feb 3, 2023By Anna J. Park
Able C&C sale attracts dozens of potential buyers
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