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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.

Hana Financial Group joins bid to acquire KDB Life

KDB Life Insurance headquarters in Seoul / Courtesy of KDB Life InsuranceBy Lee Yeon-wooHana Financial Group has entered the fray to acquire KDB Life, the insurance arm of the Korean Development Bank (KDB). This move is viewed as an attempt to enhance its competitiveness in the insurance market, particularly as its rivals, KB Financial Group and Shinhan Financial Group, seek to strengthen their non-banking arms through separate acquisitions.According to the sources in investment banking industry, Sunday, Hana Financial Group participated in the bidding process for the acquisition of KDB Life which closed on Friday.The process was supervised by Samil PwC and KDB, the insurance firm's largest shareholder. Up for grabs is 92.73 percent of KDB Life's shares, worth 200 billion won ($153.4 million).Earlier, it was understood that private equity (PE) fund operators, including Cactus PE and WWG Asset Management, had reviewed the acquisition. However, none of them participated in the final bid.Market watchers believe that the likelihood of Hana acquiring KDB Life is high and that it will bols

Jul 9, 2023By Lee Yeon-woo
Hana Financial Group joins bid to acquire KDB Life

Revision to law planned to allow financial authorities to supervise MG Community Credit

A customer enters a branch of MG Community Credit in Namyangju, Gyeonggi Province, Friday. YonhapBy Lee Yeon-wooThe National Assembly is proceeding with a revision in the law that would permit financial authorities to supervise MG Community Credit Cooperative instead of the Ministry of the Interior and Safety.This change is deemed necessary due to the cooperative's unusual circumstance of being under the supervision of the interior ministry, which is believed to have contributed to its subpar management.The move has come amid growing public concerns over the possible bankruptcy of the cooperative as its loan delinquency rate has risen, leading to a spree of customers withdrawing their capital from it.Since 1973, the interior ministry has held supervisory power over the cooperative, unlike other domestic credit cooperatives, which are typically under the supervision of the financial authorities.According to sources from National Assembly, some members of the main opposition Democratic Party of Korea (DPK) and the minor opposition Basic Income Party are preparing to propose relevant re

Jul 9, 2023By Lee Yeon-woo
Revision to law planned to allow financial authorities to supervise MG Community Credit

Shinhan Bank celebrates 41st anniversary

Shinhan Bank CEO Jung Sang-hyuk, center, poses with the bank's employees during a ceremony marking its 41st anniversary at the bank's headquarters in downtown Seoul, Friday. During the ceremony, Jung emphasized the importance of prioritizing customers in business strategies and called for innovation for the future. Courtesy of Shinhan Bank

Jul 9, 2023By Lee Yeon-woo
Shinhan Bank celebrates 41st anniversary

Hana Bank, SK Broadband offer TV-based bill payment service for seniors

A TV screen shows the menu for a bill payment service offered by Hana Bank jointly with SK Broadband on B tv, a TV channel owned by SK Broadband. Courtesy of Hana Bank By Yi Whan-wooHana Bank has joined hands with SK Broadband to offer a beta service aimed at making it easier for senior citizens to pay bills, the bank announced on Friday.It said the two parties launched the bill payment service on B tv, a TV channel operated by SK Broadband as an internet network provider.The targeted customers can verify their names and other private information using a mobile phone, and use a TV remote control to pay bills for tax, insurance, electricity, gas, water and other utilities. The service can selected through the “Happy Seniors” menu on B tv.“We expect senior citizens will welcome the service, considering they can sit on their couch in front of the TV to pay the bills, instead of coming to banks in person or using a small mobile screen to do so,” Hana Bank said in a pres

Jul 7, 2023By Yi Whan-woo
Hana Bank, SK Broadband offer TV-based bill payment service for seniors

Will regional banks actively shift to nationwide operations?

An aerial view of the Daegu headquarters of DGB Daegu Bank, a regional bank that showed a willingness to take its operation nationwide, Wednesday. YonhapDGB Daegu Bank aims to be game changer amid banking oligopolyBy Yi Whan-wooThe country's regional commercial banks are expected to remain extremely cautious about expanding their operations from their respective regions to the whole of Korea, although the financial regulator has given them the green light if they so wish, according to industry analysts, Thursday.DGB Daegu Bank ― one of six regional banks in the country ― said it will go nationwide immediately after the Financial Services Commission's (FSC) announcement, Wednesday. The new policy direction has been introduced as a way to tackle oligopolies within the banking industry.Nevertheless, sources said that it will take time for DGB Daegu Bank to grow large enough to become a game changer as the FSC hopes.“For regional banks, it may sound like a perfect opportunity for business expansion at first, but not quite so once they understand how far they lag behind their rivals

Jul 6, 2023By Yi Whan-woo
Will regional banks actively shift to nationwide operations?

GS shares nosedive on reconstruction of apartment complex

An inspector looks at the ruins of a collapsed roof in a parking garage at an apartment complex in Incheon. YonhapBy Lee Min-hyungShares of GS Engineering & Construction (GS E&C) fell sharply Thursday after the company announced its decision to completely rebuild an apartment complex after a collapse in an underground parking garage.The stock price of the construction company extended a loss of more than 19.47 percent following GS' overnight announcement that it would demolish all 17 apartment buildings and rebuild them from scratch.The company is feared to suffer serious financial losses of hundreds of billions of won. It will also take some time for the company to recover its tainted corporate image. Market analysts expected the company to face volatile stock adjustments until the land ministry releases the results of its ongoing investigation into the case sometime in August.“GS E&C is estimated to lose 340.3 billion won ($261.46 million) for the reconstruction, and this will result in a drop of 53 percent in its operating profit this year,” Korea Investmen

Jul 6, 2023By Lee Min-hyung
GS shares nosedive on reconstruction of apartment complex

Toss to acquire SSG Pay and Smile Pay

A promotional image of Smile Pay / Screenshot from Gmarket's YouTube accountBy Lee Yeon-wooToss has tentatively agreed to acquire Shinsegae Group's online payment services, SSG Pay and Smile Pay, for approximately 700 billion won ($537 million), according to market sources and media reports, Thursday.Just last week, the retail giant selected Viva Republica, the operator of Korean fintech unicorn Toss, as the preferred bidder to acquire SSG Pay and Smile Pay. These are the online payment apps belonging to Shinsegae's online shopping platforms, SSG.com and Gmarket, respectively.Should both parties come to a final agreement, Toss Payments will first make a payment of 100 billion won, with the remaining balance to be paid gradually. Market insiders predict that contracts for the payment app service acquisition will be finalized by the end of this month at the latest.The decision to adopt this approach is driven by Toss' goal to minimize cash outflow. Shinsegae, meanwhile, is keen to continue its collaboration with Toss, a rising player in the payment market.As of the first half of 2022,

Jul 6, 2023By Lee Yeon-woo
Toss to acquire SSG Pay and Smile Pay

Internet-only banks rise in mortgage lending sector

A man enters KakaoBank's customer center in downtown Seoul in this 2021 November file photo. NewsisBy Lee Yeon-wooInternet-only banks are establishing their presence in the loan market through mortgage lending services, leveraging their non-face-to-face services and competitive interest rates as key strengths.According to the financial industry, Thursday, the combined loan balance of the three internet banks here, namely KakaoBank, Toss Bank and Kbank, during the second quarter of this year, is expected to reach 53.9 trillion won ($41.2 billion). This figure represents a 35.4 percent increase compared to the same period last year.Meanwhile, the combined loan balance of the four major commercial banks here ― KB Kookmin, Shinhan, Hana and Woori Bank ― stood at 1,159 trillion won, up 2.86 percent from a year ago.The significant growth of internet-only banks in the loan market can primarily attribute to their assertive foray into the mortgage lending sector. Since last year, these banks have rolled out a variety of real estate-related products and have embarked on vigorous marketing camp

Jul 6, 2023By Lee Yeon-woo
Internet-only banks rise in mortgage lending sector

Woori Financial Capital chief pledges to focus on risk management

Woori Financial Capital CEO Jeong Yeon-ki speaks during his inauguration ceremony at the company's headquarters in Seoul, July 3. Courtesy of Woori Financial CapitalBy Lee Min-hyungWoori Financial Capital CEO Jeong Yeon-ki has pledged to consolidate the firm's risk management capabilities for stable growth, after taking office as the new leader of Woori's capital arm.Starting on July 3, Jeong took on the leadership role at the company, replacing his predecessor Cho Byung-kyu. Jeong said he will place top priority on preemptive risk management and business portfolio diversification in order to achieve its 2023 management goals.“Woori Financial Capital will become a game-changing blue-chip capital company in the market,” Jeong said during a recent inauguration ceremony.Jeong worked mostly for Woori Bank after joining the commercial lender in 1991. Recognized for his sales and strategy-setting capabilities, he was promoted to vice president of the bank. He handled diverse tasks at the lender, having been in charge of sales strategy, asset management and consumer protection.E

Jul 6, 2023By Lee Min-hyung
Woori Financial Capital chief pledges to focus on risk management

MG Community Credit faces emergency measures amid soaring default rates

A signboard for the Korea Federation of Community Credit Cooperatives, also known as MG Community Credit Cooperatives / YonhapBy Lee Yeon-wooThe government has initiated emergency measures for the Korea Federation of Community Credit Cooperatives (KFCC), also known as MG Community Credit Cooperatives, in response to rising public concerns over its record-high delinquency rates, with some branches even reporting a 20 percent default rate.The Ministry of the Interior and Safety, which oversees the federation, will conduct joint special inspections at 30 branches, potentially recommending closures or mergers if necessary. Starting next Monday, these inspections will be carried out by officials from the interior ministry, the Financial Supervisory Service (FSS) and Korea Deposit Insurance Corporation (KDIC).The ministry's goal is to reduce the delinquency rates to below 4 percent by the end of this year, down from the current rate which hovers around 6 percent.“Despite some KFCC branches experiencing increases in default rates, the credit cooperative's soundness remains reliable. T

Jul 5, 2023By Lee Yeon-woo
MG Community Credit faces emergency measures amid soaring default rates
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