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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

K bank posts 41.4 percent jump in quarterly net profit in Q2

The headquarters of K bank in central Seoul / Courtesy of K bankBy Anna J. ParkK bank has achieved a net profit of 14.7 billion won ($11 million) during the second quarter of this year, due mainly to expanded business operations as well as diversified loan portfolios. This marks a whopping 41.4 percent increase in net profit from the previous quarter, maintaining profitability for the ninth consecutive quarter since the second quarter of 2021. According to the internet-only bank on Monday, the number of customers as of the end of the second quarter stood at 8.9 million, an increase of 190,000 customers from 8.71 million recorded at the end of the first quarter. The bank's outstanding loan balance rose to 17.3 trillion won, a 4.4 percent jump compared to the end of the previous quarter, while the deposit balance increased to 12.6 trillion won, up 6.1 percent over the same period. The bank explained that the impressive quarterly growth in its loans is led by its apartment-exclusive mortgage loan products. With its competitive advantages in interest rate cuts, the bank attracted 900 bil

Aug 14, 2023By Anna J. Park
K bank posts 41.4 percent jump in quarterly net profit in Q2
Society

1 in 10 construction accident fatalities are foreign workers

Two Vietnamese brothers were killed in a construction site accident in Anseong, Gyeonggi Province, Aug. 9. NewsisGov't vows to examine safety measures of construction sector By Anna J. ParkRecent data showed that one out of 10 construction accident fatalities in Korea last year turned out to be foreign workers. With the rapid increase in the number of foreign construction workers, it is expected that the number of accidents involving foreign workers could rise further in the future. According to statistics released Sunday by the Ministry of Land, Infrastructure and Transport and the Ministry of Employment and Labor, the total number of people killed in construction site accidents last year stood at 402, and 47 of them, or 11.7 percent, were counted as foreign nationals. This was the first time for the government to disclose the number of foreign fatalities. The land and employment ministries have been releasing the total number of construction accidents and fatalities in the construction sector every quarter. While no tally for foreign fatalities in this year's construction accidents

Aug 13, 2023By Anna J. Park
1 in 10 construction accident fatalities are foreign workers
Economy

50-year maturity mortgage loans gain popularity

The view of buildings and apartment complexes in Seoul / NewsisFinancial authorities to curb rising household debt with age capBy Anna J. ParkSince major bankers newly launched 50-year maturity mortgage loans in July, balances for lenders' loan products have swelled quickly in just a month, raising concerns about the aggravated household debt situation in the country. According to the financial industry, the accumulated amount of 50-year maturity mortgage loan balances held by KB Kookmin Bank, Shinhan Bank, Hana Bank and NH NongHyup Bank stood at 1.28 trillion won ($960 million), as of Thursday. NH NongHyup Bank was the first among major local banks to introduce the new mortgage loan product on July 5. NongHyup's move was soon followed by Hana Bank on July 7, KB Kookmin on July 14 and Shinhan Bank on July 26. Woori Bank will also start offering 50-year maturity mortgage loans on Monday. The total weight of the 50-year maturity loans, out of approximately 800 trillion won of the country's entire mortgage loan balance by the banking sector, is still miniscule. Yet, considering that it'

Aug 13, 2023By Anna J. Park
50-year maturity mortgage loans gain popularity
Economy

KFS forum introduces famed Korean American financiers to local investors in Seoul

Participants of the Korea Finance Society Korea Forum network before the start of the event at 63 Building in Seoul, Thursday. Korea Times photo by Anna J. ParkBy Anna J. ParkThe Korea Finance Society (KFS) held its annual forum in Seoul on Thursday afternoon, providing a platform of networks between successful Korean American financial experts working in the U.S. and local institutional investors in Seoul. The 2023 Korea KFS Forum held in Seoul's financial district of Yeouido was larger than usual in terms of the number of attendants. Over 200 high-ranking institutional investors and finance professionals from the National Pension Service (NPS), the Korea Investment Corp. (KIC) as well as various financial investment firms located around Korea joined the event to build connections with the professionals from the U.S.This year's speakers included Bank of America (BofA) Securities COO and Head of North America Mike Joo; Charlesbank Capital Partners Head of Credit and Managing Director Sandor Hau; California Public Employees' Retirement System (CalPERS) Investment Director of Private E

Aug 10, 2023By Anna J. Park
KFS forum introduces famed Korean American financiers to local investors in Seoul
Economy

EXCLUSIVE Why did Kyobo Book Centre invest in FIFTY FIFTY's controversial production company?

K-pop girl group FIFTY FIFTY members pose during a press conference in southern Seoul, April 13. YonhapKyobo Book Centre at risk of ruining prestige By Anna J. ParkKyobo Book Centre's 10 billion won ($7.6 million) investment into The Givers, an outsourced production company of K-pop group FIFTY FIFTY, is attracting attention as a legal battle rages on between the girl group and its management agency Attrakt. In particular, questions have been raised about the odd presence of the country's largest book retailer in the middle of a K-pop conflict.The controversy dates back to mid-June when FIFTY FIFTY members filed an injunction against Attrakt, seeking the termination of their seven-year contract. Given that the girl group debuted late last year and that their single “Cupid” achieved favorable results in various charts, including Billboard's Hot 100, market watchers are wondering what caused the girl group to file the lawsuit. The girl group cited murky accounting practices by Attrakt, among other things, as reasons for filing the suit. But industry insiders raised dou

Aug 10, 2023By Anna J. Park
[EXCLUSIVE] Why did Kyobo Book Centre invest in FIFTY FIFTY's controversial production company?
Banking & Finance

FSS warns private equity firms over employee irregularities

The headquarters of the Financial Supervisory Service (FSS) in Seoul / NewsisBy Anna J. ParkThe Financial Supervisory Service (FSS) has sent a warning message to local private equity firms (PEF) operating trillions of won of funds entrusted to them by institutional investors. The move comes as the state-run financial watchdog cracks down on irregularities by employees as well as major shareholders of asset management companies. According to the financial industry, an FSS bureau in charge of inspecting asset management firms recently sent an official document to the local association of private equity firms in the country. Titled “Guidelines for preventing actions that pursue illicit interests of major shareholders or employees,” the document detailed the financial authorities' policy directions aiming to uncover unlawful deeds by private equity firm members. “There have been continuous occurrences by major shareholders or employees of some financial investment firms pursuing private interests unlawfully and unfairly,” the official letter stated. “To crac

Aug 8, 2023By Anna J. Park
FSS warns private equity firms over employee irregularities
Banking & Finance

FSS to conduct on-site inspection on Meritz Securities' mezzanine business

Meritz Financial Group headquarters in southern Seoul / Courtesy of Meritz Financial GroupBy Anna J. ParkThe Financial Supervisory Service (FSS) plans to conduct an on-site inspection of Meritz Securities later this month to check for any unethical business practices on the part of the firm.According to the financial industry on Tuesday, the financial authority will conduct an ad hoc inspection in mid-August to closely look into practices surrounding the firm's overall convertible bonds and bond warrant businesses. The financial watchdog agency's ad hoc inspection of the firm was somewhat expected, as Rep. Lee Yong-woo, a lawmaker from the main opposition Democratic Party of Korea, pointed to the need for further investigation during an Assembly committee meeting in June over the firm's controversial sale of Ehwa Technologies Information stocks. FSS Governor Lee Bok-hyun responded to the lawmaker's point, vowing to take further measures to investigate the aforementioned matter. Earlier this year Meritz Securities sold off its entire stakes in Ehwa Technologies Information, E-trons, E

Aug 8, 2023By Anna J. Park
FSS to conduct on-site inspection on Meritz Securities' mezzanine business
Banking & Finance

Financial giants mull acquiring KDB Life, ABL Life to beef up non-banking revenues

The headquarters of KDB Life in central Seoul / Courtesy of KDB LifeM&A market for insurance companies to expand in H2By Anna J. ParkAiming to expand their non-banking business portfolios, major financial firms, including local financial groups, are closely examining whether to add new insurance subsidiaries, as two insurers ― KDB Life Insurance and ABL Life ― are currently looking for new owners.Lotte Insurance and Tongyang Life Insurance are also deemed as candidates that are likely to be put up for sale within the next several months, attracting the interest of potential buyers. According to industry sources on Monday, many financial companies, including Kyobo Life, Industrial Bank of Korea (IBK), Mirae Asset, Korea Investment Holdings, as well as Hana Financial Group, are mulling the acquisition of the insurance companies.Hana Financial Group is one of the most active potential buyers, showing clear interest in acquiring KDB Life Insurance. Since the major financial group was tapped as the preferred bidder of the insurance firm in mid-July, the company is currently conducting

Aug 7, 2023By Anna J. Park
Financial giants mull acquiring KDB Life, ABL Life to beef up non-banking revenues
Economy

Presence of global investment banks diminish in local IPO market

gettyimagesbankBy Anna J. Park Local branches of global investment banks (IB) operating in Korea have barely been seen in domestic initial public offering (IPO) undertakings during the first half of this year, owing to the lack of trillion-won-sized major public offering deals in the country. According to the investment banking industry, major global investment bank branches operating in Korea ― namely, JP Morgan, Citigroup Global Markets, Goldman Sachs, Morgan Stanley and Credit Suisse, among others ― did not join the IPO proceedings of any local companies that went public during the first half as underwriters. As for upcoming IPOs during the second half of this year, Credit Suisse (CS) has joined local securities firms in listing Doosan Robotics. The bank has been tapped as one of the main underwriters for the deal. Except for CS, however, other global IBs might end this year with empty hands in terms of IPO revenue. Among companies that have already submitted a preliminary application to the Korea Exchange (KRX) to pursue an IPO during the second half, none included global IBs as

Aug 7, 2023By Anna J. Park
Presence of global investment banks diminish in local IPO market
Banking & Finance

Kyobo Life employees to go by English nicknames to create horizontal workplace culture

Kyobo Life Insurance Chairman and CEO Shin Chang-jae speaks at a business strategy meeting at company headquarters, July 26. Courtesy of Kyobo Life Insurance ?By Anna J. ParkKyobo Life Insurance employees will refer to one another by their English nicknames, omitting job position titles, starting Monday, the firm's 65th foundation anniversary. The move aims to create a more horizontal workplace and flexible corporate culture within the company. According to the insurance firm on Friday, employees have finished picking their own English nicknames and registered the names into the corporate intranet system. It is regarded as a rare move for a company long known for its conservative and traditional corporate culture. “Aiming to foment a horizontal and flexible organizational culture, Kyobo Life Insurance has decided to adopt this new English nickname system,” an official at Kyobo Life told The Korea Times, Friday. “While employees will be calling each other by their En

Aug 4, 2023By Anna J. Park
Kyobo Life employees to go by English nicknames to create horizontal workplace culture
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