The Korea Times

MetLife Korea opens new headquarters in central Seoul

MetLife Korea relocated its headquarters from Gangnam District in southern Seoul to the central part of the capital, the insurer said Tuesday. MetLife Asia Regional President Lyndon Oliver, MetLife Korea CEO Song Young-rok and other executives and employees marked the opening of the new office at a commemorative ceremony, Oct. 6. The move to Jongno District brings teams that had previously been spread across different floors into a more integrated workspace, with the aim of improving communication and collaboration across the life insurer’s departments and speeding up efficient decision-making. Built around the concept of “MetLife Village,” the company said its office incorporates several traditional Korean design elements, including “giwa” (curved roof tiles) and “obangsaek” (five colors associated with the cardinal directions). “The new office marks an important milestone in our more than 30 years of serving customers in Korea and underscores our long-term commitment to this market,” Oliver said. “By bringing our teams together in a more connected environment, we ar

Oct 13, 2026By Park Han-sol

MetLife Korea opens new headquarters in central Seoul

Banking & Finance

KAMCO broadens cooperation with Asian markets on bad loan management

The Korea Asset Management Corporation (KAMCO) is expanding its cooperation with Asian financial authorities, drawing on nearly three decades of experience managing nonperforming loans (NPL) to help countries strengthen their financial systems, the state-run agency said Monday. Vietnam offers a clear example of that approach. In April, KAMCO signed a consulting agreement worth around $400,000 with the Asian Development Bank to help establish a legal framework for asset-backed securities (ABS) in the country. Over the next 25 months, the agency is set to assess Vietnam’s financial and legal environment, recommend regulatory improvements and help develop guidelines for issuing ABS. The project will also include training programs to strengthen local expertise. KAMCO is working to improve the infrastructure for actual transactions as well. In a consortium with Shinhan DS, it is undertaking a 2.5 billion won ($1.86 million) project to upgrade the Vietnam Asset Management Company’s online platform for NPL trading. The agency is also extending its work beyond individual markets through a br

Oct 13, 2026By Park Han-sol

KAMCO broadens cooperation with Asian markets on bad loan management

Banking & Finance

Cyber risk gains ground in Korean financial firms' credit ratings

Cyberattacks are becoming a more consequential credit risk for financial firms, as the damage can extend beyond data theft to operational disruptions and higher funding costs. Korea Ratings is considering more objective ways to measure firms’ exposure to cyber threats, industry officials said Sunday. In a recent report, the ratings agency said cyber risk can weaken both a financial institution’s business prospects and its financial health. International rating agencies have already downgraded companies after cyberattacks disrupted operations or exposed weaknesses in internal controls. In 2019, S&P Global Ratings cut Bank of Valletta’s rating to BBB- from BBB following a cyberattack, citing operational risks and governance weaknesses that hurt its creditworthiness. Korea Ratings has also recently incorporated cyber-related concerns into its assessment of a domestic financial firm. In March, it lowered Lotte Card’s score for the “risk management” factor in its regular credit assessment. Lotte Card disclosed a data breach in August last year that exposed information belonging t

Oct 11, 2026By Park Han-sol

Cyber risk gains ground in Korean financial firms' credit ratings

Banking & Finance

Banks race to ramp up AI defenses as deposits fall after cyberattacks

A wave of recent data breaches at major Korean banks is putting pressure on both customer confidence and the industry’s defenses, with deposits at these lenders declining by more than 20 trillion won ($15 billion) in just 11 days, according to industry officials, Sunday. They are now stepping up security spending and hiring specialists to keep pace with increasingly sophisticated artificial intelligence (AI)-driven attacks. Demand deposits at the country’s five largest lenders — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — totaled 675.5 trillion won on Sept. 30, but dropped to 655.4 trillion won as of Sunday. Fixed-term deposits, which had risen for five consecutive months, also fell by more than 2.7 trillion won to slightly more than 1 quadrillion won. On Oct. 1, Shinhan Bank first reported that about 25,000 customers were affected, with names, phone numbers, annual income and loan limits exposed. The following day, KB Kookmin reported 119 affected customers, while Hana Bank said personal information belonging to 89 customers was exposed. Lenders are responding with bigge

Oct 11, 2026By Park Han-sol

Banks race to ramp up AI defenses as deposits fall after cyberattacks

Economy

Seoul stocks fall as foreign profit-taking, Samsung earnings caution weigh on investor sentiment

Korean stocks fell Wednesday as foreign investors offloaded shares across the board and the market turned cautious ahead of Samsung Electronics’ preliminary third-quarter earnings report, in contrast to Wall Street’s record-setting session overnight. The benchmark KOSPI opened at 6,864.25, down 1.11 percent from the previous close, according to the Korea Exchange. After briefly moving higher early in the session, the main index turned lower and remained in negative territory before closing at 6,803.90, down 1.98 percent. Foreign investors and institutions were net sellers of 2.61 trillion won ($1.95 billion) and 672.6 billion won, respectively, while retail investors purchased a net 2.5608 trillion won. The gains on Wall Street overnight failed to carry over to the Korean stock market. The three major U.S. indexes rose on steadier oil prices and expectations for a strong third-quarter earnings season among blue-chip, industry-leading companies. Both the S&P 500 and Nasdaq Composite closed at record highs, with each of the indexes ending at 7,818.93 and 27,599.89. Analysts attributed t

Oct 7, 2026By Park Han-sol

Seoul stocks fall as foreign profit-taking, Samsung earnings caution weigh on investor sentiment

Banking & Finance

Bank data breach victims step up calls for compensation

A growing number of customers affected by a string of recent personal data breaches at major commercial banks and other financial firms appear to be turning to class action lawsuits in pursuit of compensation, according to industry officials, Wednesday. The banks have pledged to fully compensate customers whose losses, including those from voice phishing scams, are found to have directly resulted from the leaks. But proving that a loss was caused by a specific data breach can be difficult in practice, and the banks have yet to set out clear standards for determining which claims would qualify, prompting some victims to resort to legal action. Seven financial firms have reported information leaks so far, including three of the country’s largest commercial lenders — Shinhan Bank, KB Kookmin Bank and Hana Bank. Shinhan reported the largest breach, affecting around 25,000 people, followed by 119 at KB Kookmin and 89 at Hana Bank. The exposed data includes customers’ names, contact details, resident registration numbers, annual income and loan limits. The combination of personal and fin

Oct 7, 2026By Park Han-sol

Bank data breach victims step up calls for compensation

Banking & Finance

AI-powered attacks on banks expose technological lag in Korea's financial cyber defenses

Cyber defenses across Korea’s financial sector are facing intense scrutiny after a string of attacks hit banks and other financial companies, raising fears that artificial intelligence (AI)-assisted cyberattacks could outpace existing security measures. Seven financial firms have reported information leaks so far since Thursday, including three of the country’s largest commercial banks — Shinhan Bank, KB Kookmin Bank and Hana Bank — along with Busan Bank, Yegaram Savings Bank, Welcome Savings Bank and Hyundai Capital. More than 67,000 people are believed to have been affected. The leaked information includes customers’ names, contact details, resident registration numbers, annual income and loan limits. AI-powered attacks The latest incidents differ from some of the biggest cybersecurity breaches in the past, when the core IT or transaction systems of individual institutions were compromised. This time, multiple firms were targeted in quick succession, with attackers apparently looking for easier ways in. The cyber criminals, believed to be based overseas, repeatedly probed less

Oct 5, 2026By Park Han-sol

AI-powered attacks on banks expose technological lag in Korea's financial cyber defenses

Banking & Finance

Hana Financial Group opens new Incheon HQ, bets on closer finance-tech ties

Hana Financial Group has announced the completion of its Hana Financial Town project in Cheongna, Incheon, with the opening of a new headquarters, the group said Sunday. The group began developing the complex in 2012, opening an integrated data center in 2017 and a global training campus in 2019. The new 15-story headquarters marks the final stage of the project. At an opening ceremony, Friday, it outlined plans to reshape its workspace and working culture around greater communication and collaboration. About 2,200 employees from the group and 10 major affiliates have been relocating into the building since September. Including staff at the existing data center, the site will house over 4,000 financial and technology professionals. By bringing business units and IT teams into closer proximity, Hana Financial aims to strengthen internal collaboration across banking, data and digital operations, as well as speed up the adoption of artificial intelligence (AI). “The opening of the Cheongna headquarters marks the culmination of the Hana Financial Town project and the beginning of a new phas

Oct 5, 2026By Park Han-sol

Hana Financial Group opens new Incheon HQ, bets on closer finance-tech ties

Economy

KOSPI slips as US bond yields, oil prices weigh on investor sentiment

Seoul stocks fell Tuesday as rising U.S. Treasury yields and oil prices weighed on investor sentiment, with the benchmark KOSPI opening lower and remaining in negative territory for most of the session. The index opened at 6,844.41, down 0.66 percent from the previous close, according to the Korea Exchange. It moved in a narrow range below the flat line before closing at 6,870.81, down 0.27 percent. Retail investors and institutions were net buyers of 1.14 trillion won ($842 million) and 121.1 billion won, respectively, while foreign investors sold a net 2.9 trillion won. Oil prices rose and U.S. Treasury yields remained elevated amid the escalating standoff between Washington and Tehran. Over the weekend, U.S. President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and resume nuclear talks in exchange for the lifting of a U.S. naval blockade, among other concessions. The yield on the 10-year Treasury note, a global benchmark for borrowing costs, remained above 5.2 percent, its highest level since mid-2007. Higher yields and oil prices weighed on Wall Street over

Sep 29, 2026By Park Han-sol

KOSPI slips as US bond yields, oil prices weigh on investor sentiment

Banking & Finance

AIA Life Korea taps AIA China CFO as next CEO

AIA Life Korea has tapped Leo Ng as its next chief executive, the insurer said Monday. Ng joins from AIA China, where he has served as chief financial officer since 2016. He brings over 30 years of experience in the life insurance industry, including 12 years with AIA. The Hong Kong-headquartered life insurer operates across 18 markets in the Asia-Pacific region, including Seoul. Ng holds a Bachelor of Mathematics degree from the University of Waterloo in Canada, specializing in actuarial science and statistics, and is a fellow of the Society of Actuaries. “My immediate priority will be to listen and learn by spending time with our people, customers and partners to develop a deeper understanding of the Korean market and the significant opportunities ahead,” he said. Fisher Zhang, regional chief executive and chairman of the board of AIA Life Korea, regarded Ng as a “highly experienced AIA leader with a strong track record across strategy, transformation and financial leadership.” “Korea is an important market for AIA, and I am confident that Leo will work closely with the AIA Ko

Sep 28, 2026By Park Han-sol

Park Han-sol

Read more

MetLife Korea opens new headquarters in central Seoul

KAMCO broadens cooperation with Asian markets on bad loan management

Cyber risk gains ground in Korean financial firms' credit ratings

Banks race to ramp up AI defenses as deposits fall after cyberattacks

Seoul stocks fall as foreign profit-taking, Samsung earnings caution weigh on investor sentiment

Bank data breach victims step up calls for compensation

AI-powered attacks on banks expose technological lag in Korea's financial cyber defenses

Hana Financial Group opens new Incheon HQ, bets on closer finance-tech ties

KOSPI slips as US bond yields, oil prices weigh on investor sentiment

AIA Life Korea taps AIA China CFO as next CEO

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