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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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Banking & Finance

Why does Suhyup look to DGB as role model?

Suhyup Chairman Im Joon-taek, fourth from left, stands next to other key officials at a ceremony held at the headquarters of Suhyup, the National Federation of Fisheries Cooperatives, in southern Seoul, Wednesday. YonhapSuhyup aims to grow into financial group next year By Anna J. Park Suhyup, or the National Federation of Fisheries Cooperatives, which announced plans to establish a financial holding company next year comprised of a variety of financial subsidiaries, is aiming to follow in the footsteps of DGB Financial Group.The reason Suhyup chose DGB Financial Group as the role model of its blueprint to becoming a financial group is the structural similarity between the two financial companies. Just as Suhyup Bank is a financial core of the fisheries cooperatives, DGB Financial Group stemmed from Daegu Bank. Starting as a regional bank, DGB Financial increased its weight through aggressive acquisitions of non-banking financial subsidiaries. At a ceremony Wednesday, Suhyup officially declared its vision to transform itself into a financial group next year. The fisheries cooperative

Nov 24, 2022By Anna J. Park
Why does Suhyup look to DGB as role model?
Banking & Finance

Mid-tier brokerages seek to increase liquidity

Seoul's financial district in Yeouido / gettyimagesbankDaol Investment mulls over selling Thai affiliate By Anna J. ParkAmid the soaring global interest rates and faltering stock market actions, small and mid-sized local brokerage companies are focusing on increasing liquidity in preparation for market uncertainties stemming from macroeconomic changes. According to the Financial Supervisory Service's (FSS) electronic disclosure data, five local securities companies have increased the upper limit of their short-term loan sizes within the past month. The move is to secure more liquidity for them, as brokerage companies usually rely on short-term loans, rather than issuing corporate bonds, when they're seeking quick liquidity.Kiwoom Securities, a representative mid-tier brokerage focusing on retail trade investors, has decided in the past week to increase the maximum upper limit for short-term loans by 1 trillion won ($738 million) to 8.5 trillion won. The company also increased the upper limit of its issuance of commercial papers for the sake of operation stability. Hanwha Investment &

Nov 23, 2022By Anna J. Park
Mid-tier brokerages seek to increase liquidity
Banking & Finance

Meritz Financial stock soars over decision to incorporate affiliates

The headquarters of Meritz Financial Group in southern Seoul / Courtesy of Meritz Financial GroupBy Anna J. ParkMeritz Financial Group recorded another winning streak in its stock price on Wednesday, attributed to its decision to incorporate its key brokerage and non-life insurance affiliates by early next year. The stock price ended at 36,400 won ($26.88) at Wednesday's closing, a 4.75 percent jump from the previous trading session. The stock price jumped by 29.91 percent during Tuesday's trading session, which is the highest daily surge possible under the KOSPI's upper-limit rule that stipulates a ceiling of 30 percent on daily increases for listed stocks.Upon the start of Wednesday's trading, the stock price reached 45,150 won, another maximum daily increase of 29.93 percent. Yet the price fell quickly back to 36,700 won within half an hour of trading. The price continued to go up and down throughout the day's trading hours, finishing at 36,400 won. The financial group's stock price surge began with its announcement earlier this week that it plans to completely incorporate two of

Nov 23, 2022By Anna J. Park
Meritz Financial stock soars over decision to incorporate affiliates
Economy

Local stocks soar over business partnerships with Saudi Arabia

Crown Prince Mohammed bin Salman Al Saud of Saudi Arabia, left, shakes hands with Prime Minister Han Duck-soo upon his arrival in Seoul, Thursday. Courtesy of Office for Government Policy Coordination, Prime Minister's SecretariatBy Anna J. ParkWith Saudi Crown Prince Mohammed bin Salman Al Saud visiting Korea, Thursday, the stock prices of local corporations in various sectors saw an upward trend during the day's trading, reflecting the markets' buoyed expectations for bilateral business and construction partnerships with Saudi Arabia. The resource-rich Middle Eastern country has been attracting top-notch global Korean companies, ranging from construction, chemical and technological to heavy industries, for the completion of Neom Smart City, its futuristic $500 billion project initiated by the crown prince in 2017. Located in the northwestern coastal region of the country by the Red Sea, the 26,500-square-kilometer-sized smart city is part of Saudi Arabia's long-term vision heading towards tech-based growth strategies, while distancing itself from oil-based industries. As Saudi Arab

Nov 17, 2022By Anna J. Park
Local stocks soar over business partnerships with Saudi Arabia
  • Mega deals with Saudi Arabia signal new Middle East boom for Korea
  • Chaebol chiefs meet Saudi crown prince to seek lucrative deals in oil-rich nation
Society

Korea's younger generation becomes more apathetic to marriage

A person passes by a wedding dress shop in Mapo District in Seoul in March of this year. NewsisBy Anna J. ParkSix out of 10 Koreans in their 20s and 30s think that getting married is no longer a must. Also, the lack of money is a major factor influencing the younger generations' decisions to avoid marriage. This is according to Statistics Korea's latest social survey results, which were announced on Wednesday. Half of the respondents ― of all ages ― said that they think marriage is a must, which is 1.2 percentage points lower than two years ago. The figure turned out to be even lower among those in their 20s and 30s. Only 35.1 percent of those in their 20s said that they agree that marriage is a must, and 40.6 percent of those in their 30s also said the same. Slightly more than half of them ― 53.5 percent of those in their 20s, and 52.8 percent of those in their 30s ― responded that it doesn't matter whether they get married or not. Further, 6.4 percent of those in their 20s, and 3.5 percent of those in their 30s said that they will never get married. In the cases of those between th

Nov 16, 2022By Anna J. Park
Korea's younger generation becomes more apathetic to marriage
Economy

Securities firms to focus on recession-targeted investment banking

Seoul's Yeouido financial district / gettyimagesbankIncrease in mezzanine investments expected for next yearBy Anna J. ParkAmid freezing market sentiment in most investment banking business areas, ranging from M&A deals and public offerings to real estate project financing, local securities firms are bracing to focus on recession-targeted growth strategies. Specifically, major securities companies plan to restructure their corporate and equity capital market departments, so as to respond nimbly to corporate clients' changed demands towards mezzanine financing, a hybrid of debt and equity financing.According to local securities and investment banking industry insiders, securities companies are expecting next year's market environment to resemble those from 2009 to 2011, when unfavorable external macroeconomic exerted limitations on corporations' smooth cash flows. Under such restrained market sentiment, local securities companies aim to strengthen their roles in facilitating corporate clients' issuance of convertible bonds, exchange bonds and bonds with warrants. These types of me

Nov 16, 2022By Anna J. Park
Securities firms to focus on recession-targeted investment banking
Banking & Finance

Impending divorce of 5th-richest man in Korea draws speculation over asset division

Smilegate founder and chief visionary officer (CVO) Kwon Hyuk-bin, center, sits during the closing ceremony of WCG 2019 Xi'an in China back in July 2019. Courtesy of WCGSmilegate founder's divorce to be highest wealth split case ever in Korea By Anna J. ParkAs Smilegate founder and Chief Visionary Officer (CVO) Kwon Hyuk-bin appears to be facing an imminent divorce with his wife, Lee Hwa-jin, media attention is already focusing on the couple's potential asset division, which is expected to be the highest amount ever seen in the country. According to industry insiders earlier this week, the Seoul Family Court recently granted an injunction filed by Kwon's wife, prohibiting him from selling off his owned shares. Such an injunction is typically seen as a move preceding an upcoming divorce suit that includes a large-scale property and asset division. Both parties are said to be preparing divorce lawsuits with various law firms.Although the real divorce lawsuit reportedly hasn't yet been filed by either spouse, the media hype has already been piling up over how Kwon's mega wealth will be

Nov 16, 2022By Anna J. Park
Impending divorce of 5th-richest man in Korea draws speculation over asset division
Banking & Finance

Saehan Venture Capital faces liquidity crisis

gettyimagesbankExcessively leveraged investment strategies put VC firm under pressure By Anna J. ParkSaehan Venture Capital plans to sell the entirety of its owned shares of Dunamu and Viva Republica to pay off an 80 billion won ($60 million) debt that matures this Thursday. Throughout this year, the company already paid a total of 4.5 billion won worth in interest for the 80 billion won debt.According to the investment banking industry, Saehan Venture's founder and CEO Lee Jung-woo himself is holding negotiations with potential buyers to sell the shares. The venture capital firm currently holds 215,000 shares of Dunamu, the operator of Upbit, Korea's largest coin exchange, and 1.24 million shares of Viva Republica, which has fintech giant Toss, and their values are estimated to be about 34.2 billion won and 54.6 billion won, respectively, according to their latest prices traded on local private stock exchange platforms. Given that a considerable discount rate would be applied when all of the shares are sold at once, the venture capital firm is likely to suffer a significant loss, ev

Nov 15, 2022By Anna J. Park
Saehan Venture Capital faces liquidity crisis
Economy

Top regulator set to ease regulations on financial sector

Financial Services Commission (FSC) Chairman Kim Joo-hyun speaks during a regulatory reform meeting held in central Seoul, Monday. Courtesy of FSCFSC to revise decades-long rule separating financial and industrial capitalBy Anna J. ParkSeeking to stimulate innovative growth in the banking industry, the top financial regulator vowed to take concrete steps as early as the first half of next year to change the country's decades-old law that strictly separates financial and industrial capital. Since 1961, the Banking Act has restricted financial companies from owning non-financial firms and vice versa. The separation is aimed at protecting the financial sector's capital soundness from possible misuse by big businesses. “In order for local financial companies to be able to provide new and innovative services, it is necessary to make changes to the current legal framework that stipulates the separation of financial and industrial capital,” Financial Services Commission (FSC) Chairman Kim Joo-hyun said during a regulatory reform meeting held in central Seoul on Monday. Since tak

Nov 14, 2022By Anna J. Park
Top regulator set to ease regulations on financial sector
Banking & Finance

Major global PEs compete again to acquire Medit

The headquarters of Medit in Seoul / Courtesy of MeditBy Anna J. ParkThe second round of competition for the acquisition of dental 3D scanner business Medit has begun, as the consortium of GS and Carlyle lost its preferred bidder position. According to the investment banking (IB) industry, Unison Capital, the largest shareholder of the world's third-largest dental 3D scanner company, and Citigroup Global Markets Korea Securities ― the sales manager of the Medit deal ― have recently entered into separate negotiations with top global private equity companies, including KKR and Blackstone, over the sales deal.During the main bid conducted in mid-October, the GS-Carlyle consortium secured the preferred bidder position, as it suggested the highest bidding price of 3 trillion won ($2.26 billion), which is about 300 billion higher than the second-highest bidding price suggested by KKR. While both the seller and the preferred bidder attempted to sign their stock purchase agreement as early as the end of last month, they failed at reaching a final agreement earlier this month, resulting in th

Nov 14, 2022By Anna J. Park
Major global PEs compete again to acquire Medit
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