Korea Times AI content 2 team Reporter
Value context and insight. lkm@koreatimes.co.kr
Local commercial lenders are expected to narrow their loan-deposit interest rate differential, alarmed by the country’s top financial supervisory authority’s criticism of their practice of raising borrowing cost for their customers despite simultaneously lowering interest payments for savings and term deposit account holders, market watchers said Wednesday.
Korea’s rapid advancements in the political system and economic frameworks are highly appreciated by many of its peers, as encapsulated by “the miracle on the Han River,” to the point where it has become a bit cliché.
BlackRock has named Lee Yoon-pyo as head of its Korea operations effective Dec. 20, the Korean office of the global investment banking powerhouse said, Tuesday.
The business practices of local commercial lenders are coming under intense scrutiny, triggered by their record-high net income over the past few postpandemic years of monetary tightening, market watchers said Tuesday.
Korea is an ideal Asian launchpad with an ambition to overtake Singapore and Hong Kong as a hub for innovation as a blockchain powerhouse, underpinned by a high standard for robust and user-friendly technology, according to a marketing representative of a blockchain network operator headquartered in Vaduz, Liechtenstein.
Credit, agriculture and fisheries cooperatives are rushing to establish nonperforming loan (NPL) servicing firms and employ experts to manage the distressed loans, in an industry-wide move to bolster corporate financial soundness, market watchers said, Friday.
KB Financial Group and Shinhan Financial Group submitted their accountability charts to the Financial Supervisory Service, in an industry-wide effort to strengthen internal control, market watchers said Wednesday.
KB Financial Group and Woori Financial Group will come under intense scrutiny of the Financial Supervisory Service (FSS), as indicated by Governor Lee Bok-hyun characterizing the former’s Indonesia business as a “reputation risk factor” and the latter’s culture as “cronyism-insulated leadership,” Wednesday.Hanging in the balance will be the business expansion plans of two leading financial groups.
The recently depreciating Korean won against the U.S. dollar is expected to fluctuate wildly, unsettled by the government’s plan to draw up to 6 trillion won ($4.5 billion) from the foreign exchange (FX) stabilization fund to alleviate a tax shortfall of 30 trillion won this year, market watchers said Tuesday.