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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

Citibank Korea CEO Yoo Myung-soon to serve another term

Citibank Korea CEO Yoo Myung-soon / Courtesy of Citibank KoreaYoo successfully reshapes profit model by focusing on corporate financeBy Anna J. ParkYoo Myung-soon, CEO of Citibank Korea, will be serving another three-year term, being the sole candidate for the position.The bank's executive candidate recommendation committee highly recognized Yoo for her management capacity in strengthening corporate finance, while spearheading the gradual reduction of its consumer banking operation. Yoo has been the head of Citibank Korea since November 2020.“The committee highly evaluated Yoo's successful strategic reshaping of the bank's profit model during her term as CEO by focusing on corporate finance, while implementing the gradual reduction of consumer finance,” the bank's executive candidate recommendation committee said. “Improvements in key financial indicators have become visibly evident in 2023, with the effects of the strategic reshaping of the bank's profit model taking place,” the committee said of the reason for recommending Yoo to serve another term. Citibank

Sep 15, 2023By Anna J. Park
Citibank Korea CEO Yoo Myung-soon to serve another term
Economy

FSS governor spearheads campaign promoting 'K-Finance' in Europe

Financial Supervisory Service (FSS) Governor Lee Bok-hyun speaks during the Invest K-Finance: London IR 202 event at Royal Lancaster London Hotel in London, U.K., Wednesday. Courtesy of Financial Supervisory ServiceStar prosecutor-turned FSS chief leads promotion of Korea's financial hubs, industriesBy Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun has showcased the strengths of the Korean financial sector to global investors during his European tour, highlighting values of credibility, innovation and openness as the core of the industry. Lee also stressed the financial authorities will further enhance the market accessibility and convenience of Korean financial markets for global investors.“Since taking office, I've put great emphasis on learning the challenges and difficulties that foreign investors and financial companies encounter in the Korean market, and reflected them in making our financial regulations and supervisory practices better. The government is committed to further improving the regulations and practices for foreign investors and business

Sep 14, 2023By Anna J. Park
FSS governor spearheads campaign promoting 'K-Finance' in Europe
Banking & Finance

SGI to launch deal roadshow in HK, Singapore from mid-Sept. ahead of IPO

The headquarters of Seoul Guarantee Insurance (SGI) in central Seoul / Courtesy of SGI SGI submits prospectus for IPO in NovemberBy Anna J. ParkSeoul Guarantee Insurance (SGI) is scheduled to launch deal roadshows in Hong Kong and Singapore for foreign and Korean investors from Sept. 19 after submitting a prospectus earlier this week for its upcoming IPO. According to the company on Wednesday, the roadshow will meet foreign investors in Hong Kong and Singapore, as well as local investors, throughout mid-October. The roadshow will include group meetings with chief investment officers (CIOs) from major global institutional investors and foreign analysts to showcase the company's public offering plan. The Korea Deposit Insurance Corporation (KDIC), the largest shareholder of SGI with a 93.85 percent stake, is also slated to join the roadshow to meet overseas investors. Lead underwriters of the IPO deal, including Mirae Asset Securities and Samsung Securities, will be p

Sep 13, 2023By Anna J. Park
SGI to launch deal roadshow in HK, Singapore from mid-Sept. ahead of IPO
Economy

Bank-issued household loans up sharpest amount in over 2 years in August

gettyimagesbank Financial authorities to strengthen DSR regulationsBy Anna J. ParkWith the country's monthly household loans on a steady increase, bank loans in August showed a rise of 6.9 trillion won ($5.1 billion) from the previous month to date. The increase in August is the highest monthly margin over the past two years and any single month-to-month period, since it reached 9.7 trillion won in July 2021.According to the latest report by the Bank of Korea (BOK) on Wednesday, the aggregate balance of bank loans, including mortgage loans, at deposit-taking institutions in August stood at 1,075 trillion won, expanding by 6.9 trillion won from July. It is also the all-time high level for household debt in Korea's history, as the household loans offered by the banks have been on a continuous rise for five consecutive months since April. The hike in household loans in August was primarily driven by mortgage loans; mortgage loans recorded an expansion of 7 trillion won, reaching 827.8 trillion won in balance in the month. In contrast, credit loans and other types of unsecured loans decr

Sep 13, 2023By Anna J. Park
Bank-issued household loans up sharpest amount in over 2 years in August
Economy

Retail investors flock to bond investments

gettyimagesbankBy Anna J. ParkRetail investors have been flocking to the bond market throughout this year, resulting in an all-time high in bond purchases.According to the latest figures by the Korea Financial Investment Association (KOFIA) on Monday, the aggregated amount of bonds purchased by individual investors from January to last Friday reached 26.3 trillion won ($19.7 billion), a record-high annual figure. The amount already surpassed 20.6 trillion won, the total amount of bonds purchased by retail investors last year. By category, retail investors injected money the most into government bonds worth 8.95 trillion won, followed by corporate bonds at 6.9 trillion won, other financial bonds at 5.5 trillion won and bank bonds at 3.3 trillion won. The global markets' high-interest rate environment and prevailing investor perception that the interest rate is near its peak have played a major role in the boosted bond investment by retail investors. Another key factor of the growth is ascribed to popularized online bond investment processes on mobile trading systems. Furthermore, the

Sep 11, 2023By Anna J. Park
Retail investors flock to bond investments
Economy

Doosan Robotics' upcoming IPO draws positive market responses

Robotic arm models developed by Doosan Robotics / Courtesy of Doosan RoboticsBy Anna J. ParkThe upcoming IPO of Doosan Robotics, the largest public offering candidate for the Korean stock market this year, is facing a buoyed market response over the news that it kicked off a week-long book-building process, Monday. The market's excitement is also evidenced in the surge of the stock price of Doosan, the parent company of the firm, during Monday's trading session, finishing at 149,100 won ($112), a 27.65 percent jump from the previous session. Yet, some watchers remain critical of the firm's overly rosy outlook, which could be an exaggerated market value forecast.Doosan Robotics on Monday began the book-building process for its upcoming IPO, surveying the aggregated amount of demands for shares by institutional investors until Friday. The book-building process will be followed by retail investors' two-day general subscription period for the stocks on Sept. 21 and 22. The band for the firm's desired offering price ranges from 21,000 won to 26,000 won, which will set the company's market

Sep 11, 2023By Anna J. Park
Doosan Robotics' upcoming IPO draws positive market responses
Economy

FSC vice chief promotes Korea's improved market accessibility to global investors

Financial Services Commission (FSC) Vice Chairman Kim So-young, third from left, participates in an investor relations (IR) session at Shangri-La Hotel in Hong Kong, Friday. Courtesy of FSCBy Anna J. ParkFinancial Services Commission (FSC) Vice Chairman Kim So-young promoted the Korean government's efforts to improve market accessibility and regulations for global investors in an investor relations (IR) session in Hong Kong on Friday.According to the FSC on Sunday, the vice chief of the country's top financial regulator showcased the Korean government's latest moves to advance the capital and foreign exchange markets for global investors during the IR session. Financial Services Commission (FSC) Vice Chairman Kim So-young speaks during an investor relations (IR) session at Shangri-La Hotel in Hong Kong, Friday. Courtesy of FSCTitled “Invest in Korea: A dialogue with Republic of Korea Government,” the IR session on Friday at the Shangri-La Hotel in Hong Kong was attended by dozens of financial professionals and fund managers from over 20 global firms, such as Fidelity, All

Sep 10, 2023By Anna J. Park
FSC vice chief promotes Korea's improved market accessibility to global investors
Economy

FSS Governor visits Europe to attract financial investments

Financial Supervisory Service Governor Lee Bok-hyun delivers a congratulatory speech during an international conference held at Ewha Womans University, Seoul, Aug. 31. NewsisLondon investor relations event to take place on Wednesday By Anna J. ParkFinancial Supervisory Service (FSS) Governor Lee Bok-hyun has embarked on a week-long tour, Sunday, which will entail visits to three European countries: Switzerland, the U.K. and Germany. The tour aims to both promote the Korean financial industry and discuss global financial supervision issues. According to the FSS, Governor Lee's first leg of his European tour will begin in Switzerland, where he is scheduled to attend a banking supervision meeting hosted by the Basel Committee on Banking Supervision (BCBS) on Monday. Lee will join the Group of Central Bank Governors and Heads of Supervision (GHOS) and the Heads of Supervision (HOS) meetings. The GHOS is the highest decision-making body of the BCBS, which endorses strategic policy priorities on banking supervision with 45 institutions from 28 countries participating. The FSS explained tha

Sep 10, 2023By Anna J. Park
FSS Governor visits Europe to attract financial investments
Banking & Finance

Strengths of 'K-procurement' system shared with diplomats from 13 Asia-Pacific countries

Public Procurement Service (PPS) Administrator Kim Yoon-sang delivers a congratulatory message during the Public Procurement Policy Session at the Korea Press Center in central Seoul, Thursday. Courtesy of PPSProcurement agency to further strengthen international cooperation By Anna J. ParkThe Public Procurement Service (PPS), a government department that oversees and manages the public procurement activities of Korea, has stepped up its efforts to strengthen global cooperation with overseas counterparts, aiming to further promote the excellence of what it calls “K-procurement.” On Thursday, the PPS held the Public Procurement Policy Session for foreign diplomatic corps at the Korea Press Center in Seoul. The event was the first of its kind ever hosted by the PPS. It was organized in order to share the systems and experiences related to the public procurement administrations of each participating country, while strengthening international cooperation in the field. Altogether, 16 members of the diplomatic corps from 13 Asia-Pacific countries attended the event, including a

Sep 7, 2023By Anna J. Park
Strengths of 'K-procurement' system shared with diplomats from 13 Asia-Pacific countries
Economy

Korea and Indonesia to deepen financial cooperation in fintech, digitalization

Financial Services Commission (FSC) Vice Chairman Kim So-young delivers a congratulatory speech at the Indonesia-Korea Financial Cooperation Forum at Four Seasons Hotel in Jakarta, Indonesia, Monday. Courtesy of FSCBy Anna J. ParkFinancial Services Commission (FSC) Vice Chairman Kim So-young vowed to actively support mutually beneficial business activities by private financial companies in Korea and Indonesia to deepen bilateral cooperation. As of Monday, the FSC vice chief has been on a week-long visit to Southeast Asian countries, including Indonesia and Vietnam. Kim spent the first two days in Indonesia, followed by the next two days ― until Thursday ― in Vietnam. On the last leg of his visit, later this week, he is slated to visit Hong Kong. During his two-day visit to Indonesia, Kim attended the Indonesia-Korea Financial Cooperation Forum at the Four Seasons Hotel in Jakarta. The event was jointly hosted by the FSC, the Council on International Financial Cooperation (CIFC) and the Financial Services Authority (OJK) of Indonesia. Financial Services Commission (FSC) Vice Chairman

Sep 6, 2023By Anna J. Park
Korea and Indonesia to deepen financial cooperation in fintech, digitalization
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