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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

K bank becomes first to provide web firm banking services

K bank headquarters in central Seoul / Courtesy of K bankBy Anna J. ParkK bank has become the first local internet-only bank to launch web firm banking services. The digital bank announced on Monday that it has recently commenced offering firm banking services to an online second-hand market platform. Firm banking refers to financial payment and settlement services provided by banks specifically tailored for a particular business or company. It involves a range of financial products and services designed to meet the unique needs of each company. In particular, the internet-based service, which K bank provides to corporate clients, enables convenient access for users without requiring the installation of separate dedicated lines (for communication) or restricting service subscribers to utilizing specific lines. This also removes network usage fees, which come with firm banking services provided by other domestic banks.Based on the strengths of web-based firm banking, K bank plans to increase the number of corporate partners relying on the bank's firm banking services and become a lead

Jul 17, 2023By Anna J. Park
K bank becomes first to provide web firm banking services

Korea's Exim Bank joins hands with Polish development bank

Officials from the Export-Import Bank of Korea (Exim Bank), Poland's development bank of BGK and the Korea Trade Insurance Corp. pose for a photo after signing a memorandum of understanding in Warsaw, Poland, on July 13, in this photo provided by Exim Bank. YonhapKorea's state-run Export-Import Bank of Korea (Exim Bank) said Sunday it has joined hands with Poland's national development bank to enhance business cooperation between the two countries.Exim Bank, the Korea Trade Insurance Corp. and the Polish development bank of BGK signed a memorandum of understanding in Warsaw, Poland, on Thursday, under which the three institutions will cooperate in strengthening financial support to the infrastructure, transportation and renewable energy sectors.The BGK, founded in 1924, is a state-owned bank in Poland, assigned to finance export transactions and running governmental financing programs.Poland is one of Korea's three largest trading partners in Europe, led by high-tech sectors, including batteries.Last year, Poland signed deals to purchase an estimated 20 trillion won ($15.5 billion) w

Jul 16, 2023
Korea's Exim Bank joins hands with Polish development bank

KB speeds up business transformation in 2nd half

KB Financial Group Chairman Yoon Jong-gyu speaks during a group-wide meeting on business strategy for the second half of the year at Grand Walkerhill Seoul hotel in Seoul, Friday. Courtesy of KB Financial GroupBy Yi Whan-wooKB Financial Group discussed a group-wide business strategy for the second half of this year under its broader vision of coping with a rapidly-changing banking environment, the lender said Sunday.It said Chairman Yoon Jong-gyu and 270 executives from the group's affiliates joined the one-day meeting under the theme of “Toward the Future,” Friday.The meeting was held as the financial group pushes to maintain its years-long lead in the banking industry, after temporarily conceding the top position to Shinhan Financial Group in terms of earnings last year.“The meeting focused on how we can succeed in business transformation and also take our customer-oriented management to a higher level,” KB Financial Group said.The meeting consisted of a Q&A session with Yoon, presentations from the CEOs of group affiliates and lectures from an invited d

Jul 16, 2023By Yi Whan-woo
KB speeds up business transformation in 2nd half

FSC imposes fines on foreign financial firms for illegal short selling

The logo of Financial Services Commission / Korea Times fileSouth Korea's financial regulator has imposed fines on foreign financial companies, including Mizuho Securities Asia Ltd. and J.P. Morgan Securities plc, for illegal short selling, sources said Friday. According to the sources, the Securities and Futures Commission under the Financial Services Commission (FSC) in May ordered Mizuho Securities Asia to pay 733.7 million won ($579,540) in fine for the naked short selling of more than 10,000 shares of SK Inc. in June 2021.Mizuho was found to have mistakenly thought it had made a borrowing arrangement for the SK shares when it actually had not. Caisse de depot et placement du Quebec (CDPQ) was also ordered to pay 64.8 million won in fines for the naked short selling of 929 shares of Ecopro BM, a company which produces secondary battery materials, in August 2021. Naked short selling, which refers to conducting short selling without actually borrowing the stocks first, is banned in South Korea.Investigation showed CDPQ initially tried to buy Ecopro BM shares but the order went wron

Jul 14, 2023
FSC imposes fines on foreign financial firms for illegal short selling

Korean crypto stocks soar as Ripple wins lawsuit against US authority

Ripple Labs CEO Bradley Kent Garlinghouse / Yonhap By Lee Min-hyungShares of Woori Technology Investment and Wizit ― two representative crypto-linked companies ― soared Friday after a U.S. judge ruled in favor of Ripple Labs in a lawsuit between the U.S. crypto firm and the country's securities authority.It ruled that Ripple did not violate a U.S. securities law by selling XRP tokens on exchanges and through algorithms. This has put the brakes on the U.S. Securities and Exchange Commission's move to regulate some cryptocurrencies, but the latest ruling showed that XRP is not a security or a tradable asset.Following the attention-grabbing ruling, major cryptocurrencies such as Bitcoin and Ethereum displayed a robust rally. Korea's crypto-linked shares also benefited from Ripple's victory in the lawsuit against the U.S. regulator.Shares of Woori Technology Investment achieved double-digit growth of 11.2 percent on the last trading day this week. The company holds a 7.

Jul 14, 2023By Lee Min-hyung
Korean crypto stocks soar as Ripple wins lawsuit against US authority

Citibank Korea shares economic outlook for multinational companies

Marc Merlino, Citigroup's global head of global network banking, speaks to CEOs and CFOs from major multinational companies during an economic outlook seminar in downtown Seoul, Thursday. Courtesy of Citibank Korea By Lee Yeon-wooCitibank Korea announced on Friday that it hosted an economic outlook seminar for 20 CEOs and CFOs from major multinational companies, to offer insights and help its customers expand their business through the bank's global network and structured finance solutions.During the seminar held in downtown Seoul, Thursday, Marc Merlino, Citigroup's head of global network banking, along with Stella Choe, Asia Pacific head of global network banking, spoke about the global market outlook and Citibank's various finance solutions.In particular, they discussed the impact of AI on each industry and how to utilize the upcoming opportunities derived from the technological advance.“The global economy is rapidly evolving due to developments in AI, which enta

Jul 14, 2023By Lee Yeon-woo
Citibank Korea shares economic outlook for multinational companies

Hana Financial Group picked as preferred bidder to acquire KDB Life

KDB Life Insurance's headquarters in Seoul / Courtesy of KDB Life InsuranceBy Yoon Ja-youngHana Financial Group has been picked as the preferred bidder to acquire KDB Life.Korea Development Bank (KDB), which is the largest shareholder of the life insurer, announced on Thursday that it picked Hana Financial Group as the preferred bidder after considering diverse factors, such as eligibility as a bidder, probability of the deal being completed, and the mid- to long-term development of the insurer. “If the deal succeeds, KDB Life will have foundation for stable growth by starting fresh as a member of Hana Financial Group,” KDB noted.The financial group joined the bid, which closed last Friday and is scheduled to make a final decision on the deal following due diligence. KDB acquired the life insurance company by jointly forming a private equity fund with Consus Asset in 2010, when Kumho Group, the previous parent company of the insurer, was suffering from a liquidity crunch. KDB selected JC Partners as the preferred bidder back in 2020, which was followed by the signing of a

Jul 13, 2023By Yoon Ja-young
Hana Financial Group picked as preferred bidder to acquire KDB Life

Celltrion affiliates gear up for merger

A corporate logo of Celltrion is seen in front of its headquarters in Incheon. YonhapBy Lee Min-hyungCelltrion Group is moving to become a single entity by merging its three listed affiliates ― Celltrion, Celltrion Healthcare and Celltrion Pharm ― after selecting Mirae Asset Securities as a lead manager.The biopharmaceutical company said, Thursday, it is reviewing the merger and has designated a manager, but did not share further details.“Other details ― such as its timeline ― have not been confirmed as of now,” the company said in a note to investors.Starting this year, the group has pushed for aggressive stock buybacks, in a preemptive move for the launch of the merged company. Celltrion's stock buyback amounted to 200 billion won this year alone. Celltrion Healthcare also engaged in the same act worth 75 billion won during the same period.The decision is widely seen as a preliminary action for the launch of the combined entity, as any listed firms are prohibited from buying back their own shares less than a month before the merger. If the group does not engage in the s

Jul 13, 2023By Lee Min-hyung
Celltrion affiliates gear up for merger

Listed firms' market cap gains 18.7% in H1

The headquarters of Samsung Electronics in southern Seoul / YonhapThe market value of listed firms in Korea jumped nearly 19 percent in the first half of 2023 amid a bullish stock market, with Samsung Electronics retaining its top-cap status, a corporate tracker said Thursday.The market capitalization of 2,599 companies listed on the country's main and secondary bourses totaled 2,385 trillion won ($1.87 trillion) as of end-June, up 18.7 percent, or 377 trillion won, from the start of the year, according to the data from the Korea CXO Institute.Of the total, 68.1 percent, or 1,769 firms, saw their market value rise over the cited period, with 51 registering gains of 1 trillion won or more.In contrast, 30.7 percent, or 798 companies, suffered declines, with the market capitalization of 32 businesses remaining unchanged.The number of companies with a market cap of 1 trillion won or more came to 256, up 28 from the start of the year.Samsung Electronics, the world's top memory chip and smartphone maker, had the largest market value of 431.02 trillion won as of end-June, up 99.7 trillion w

Jul 13, 2023
Listed firms' market cap gains 18.7% in H1

Korea's sovereign wealth fund posts 8.25 percent return in H1

Korea Investment Corporation (KIC) Chairman & CEO Jin Seoung-ho speaks during a press conference in central Seoul, Thursday. Courtesy of KICKIC to open up liaison office in India's Mumbai by end of this yearBy Anna J. ParkKorea Investment Corporation (KIC), the country's sovereign wealth fund, has posted an 8.25 percent return on traditional asset investment during the first half of this year, adding approximately $11.6 billion to the fund's net asset value of $180.9 billion, as of the end of June. During a press conference marking the KIC's 18th anniversary, KIC Chairman and CEO Jin Seoung-ho explained that the result is attributable to the increased preference for risky assets in the global market. “The prevalent market perception is that the peak of inflation has passed, mitigating concerns over further recession. The maintenance of solid fundamentals in real economies, including the U.S., has also contributed to the revival of psychological preference for risky assets among investors, which resulted in the rise of stock prices,” Jin said during a press conference

Jul 13, 2023By Anna J. Park
Korea's sovereign wealth fund posts 8.25 percent return in H1
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