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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.

KB signs MOU with law firms to bolster legal support for wealthy customers

Choi Jae-youg, third from left, vice president in charge of wealth management and pension at KB Financial Group, poses with Jeon Byoung-ha, fourth from left, representative partner at Bae, Kim & Lee and other experts from KB and the law firm after signing an MOU at KB Securities' headquarters in Yeouido, Seoul, Wednesday. Courtesy of KB Financial GroupBy Yoon Ja-youngKB Financial Group signed an MOU with two of the country's leading law firms ― Shin & Kim and Bae, Kim & Lee ― to bolster its legal consulting service for its wealthy customers.According to KB, the MOU aims at upgrading its Family Office Service provided to KB Gold&Wise the First customers. Under the Family Office Service program, KB has been offering total consulting services for individuals, families and businesses, where they can get tailored solutions based on lifecycles and business operation stages.Following the MOU, KB Kookmin Bank and KB Securities will be offering in-depth legal services for the whole span of asset management, including inheritance of business from father to son, M&A and livi

Apr 13, 2023By Yoon Ja-young
KB signs MOU with law firms to bolster legal support for wealthy customers

Regulator to restrict banks from shutting down branches

Pedestrians pass by a bank in downtown Seoul, Monday. YonhapBy Lee Yeon-wooThe Financial Service Commission (FSC) has announced that banks are no longer allowed to shut down their branches without first preparing measures to alternatively offer the same level of service to customers. Additionally, banks should collect feedback from customers during the closure process to ensure their needs are being met. The new restrictions will take effect from next month.“With the accelerated digitalization in the industry, banks are reducing the number of branches for cost efficiency,” FSC Vice Chairman Kim So-young said at the meeting on improving management and operation of the banking industry, Thursday. “However, it can lead to inconvenience for customers, especially for senior citizens who frequently visit branches in person. We have implemented measures to minimize the negative impact on them.”According to the Financial Supervisory Service (FSS), 17 banks, including commercial, local and specialized banks, operate 5,855 branches as of last September. That is 340 less

Apr 13, 2023By Lee Yeon-woo
Regulator to restrict banks from shutting down branches

Former TikTok general manager becomes Toss Securities CEO

Toss Securities CEO Kim Seung-yeon / Courtesy of Toss Securities Retail-focused Toss Securities prioritizes platform accessibility improvement By Anna J. ParkIt is rare to see a non-financial expert lead a local brokerage firm as CEO in Korea. But Kim Seung-yeon, the new CEO at Toss Securities since early April, is breaking the mold. Kim, 42, has built an extensive career at global IT firms, including TikTok and Google, during the past 15 years. Accumulating expertise in marketing and business management, Kim served as a general manager at TikTok, a short-video communication platform, leading overall business strategies in Korea and Southeast Asia. TikTok posted the highest annual growth rate in the Southeast Asian region in 2022. Kim also previously worked at Google and Metaps+, a mobile marketing platform. Convinced of Kim's capacities to successfully lead the global platform company's steep growth, the board of Toss Securities decided to appoint him as its new CE

Apr 13, 2023By Anna J. Park
Former TikTok general manager becomes Toss Securities CEO

KB Kookmin Bank gets approval to continue mobile communications biz

gettyimagesbankFSC to revise rules for KB's MVNO businessBy Anna J. Park KB Kookmin Bank's mobile virtual network operator (MVNO) service, Liiv M, has officially obtained government approval to continue business in Korea. MVNO operators refer to those who provide wireless communications services to customers, without owning the wireless network infrastructure.With the official permission granted by the Financial Services Commission (FSC) ― the country's top financial regulator ― on Wednesday afternoon, KB Kookmin Bank will now be able to provide services with more stability.“FSC's innovative finance committee accepted KB Kookmin Bank's requests to revise relevant regulations (so that the bank can continue providing MVNO service to customers), following the committee's comprehensive evaluations on the need for the revision, financial markets' stability and impacts on consumer protection,” the FSC said on Wednesday.The top financial regulator said it would take moves to revise related laws, once KB Kookmin Bank completes registering its business area as a financial-communic

Apr 12, 2023By Anna J. Park
KB Kookmin Bank gets approval to continue mobile communications biz

Investors urged to avoid steeply rising EcoPro stocks on overvaluation risk

EcoPro BM's factory in Pohang / YonhapBy Lee Min-hyungEcoPro shares extended a sharp rally on Tuesday on its surprising triple-digit earnings growth, but market experts advised investors to be aware of overvaluation risks in the Kosdaq-listed leading rechargeable battery maker's stock price.According to the Korea Exchange, EcoPro's share price closed at 769,000 won, marking a robust rise of 6.51 percent. The rechargeable battery stock hit a historic high of more than 800,000 won at one point during trading hours on the same day.Other EcoPro affiliates, such as BM, also enjoyed a winning streak on the rosy outlook for the global battery industry. EcoPro is the second-most-valuable firm by market capitalization in the secondary stock market. EcoPro and two of its affiliates have driven an eye-catching rally of the Kosdaq in the first quarter. The Kosdaq has achieved the world's largest growth this year, closing with a gain of 36 percent between the first trading day of 2023 and April 11.However, analysts urged investors to stop engaging in a blind buying spree of EcoPro shares due to w

Apr 11, 2023By Lee Min-hyung
Investors urged to avoid steeply rising EcoPro stocks on overvaluation risk

IBK chief vows to expand bank's assets to 500 tril. won by 2025

Industrial Bank of Korea (IBK) CEO Kim Seong-tae speaks during a press meeting in Seoul, Tuesday. YonhapBy Lee Yeon-wooIndustrial Bank of Korea (IBK) CEO Kim Seong-tae pledged to nurture the state-run bank to a target value of 500 trillion won ($378 billion) in total assets by 2025. “IBK aims to become a top-notch international financial group while fulfilling our role as a key facilitator of private-led dynamic economic growth and closely communicating with government and policy financing institutions,” Kim said during a press meeting in Seoul on Tuesday commemorating his first 100 days in office.“If we push ahead with the strategies according to the plan, I expect IBK's total assets to surpass 500 trillion won by 2025,” Kim said.To achieve this goal, he vowed to increase global investments and propel IBK to become a “strong bank.”“As part of our goal to double overseas profits from 126 billion won to 250 billion won by 2025, we will expand our global network through corporate conversions in Vietnam and corporate establishments in Poland. Ad

Apr 11, 2023By Lee Yeon-woo
IBK chief vows to expand bank's assets to 500 tril. won by 2025

Samsung to share patent technologies with smaller firms

Samsung Electronics' Hwaseong Semiconductor Factory in Hwaseong, Gyeonggi Province / Courtesy of Samsung ElectronicsTech giant Samsung Electronics will allow smaller domestic companies to use more of its royalty-free technologies to achieve shared growth, the industry ministry said Tuesday.Samsung will transfer 272 kinds of its patent technologies in eight sectors, including semiconductors, displays and mobile gadgets, to smaller firms without receiving royalties, according to the Ministry of Trade, Industry and Energy.The government launched the tech-sharing program in 2013, and 33 conglomerates and state-run companies have since shared 2,979 patents with 1,416 smaller companies.Samsung took part in the program in 2015 and has shared 959 patents with 502 companies, the ministry said."This program has served as a good chance for smaller companies to upgrade their tech competitiveness," a ministry official said. "This year, we will also take more of such tech transfer chances in cooperation with SK Group, POSCO and the Korea Electric Power Corp." (Yonhap)

Apr 11, 2023
Samsung to share patent technologies with smaller firms

Big firms' borrowing costs soar in 2022 on high interest rates

GettyimagesbankLarge Korean firms saw their interest expenses spike more than 50 percent in 2022 from a year earlier due to rising interest rates, a corporate tracker said Tuesday.The combined interest cost of 377 out of the country's top 500 firms by sales stood at 39.9 trillion won ($30.2 billion) last year, up 50.2 percent from a year earlier, according to the Leaders Index.The surge came as South Korea's central bank has remained hawkish in an effort to curb persistently high inflation. The Bank of Korea has hiked its policy rate by a combined 3 percentage points since August 2021.The tally excludes banks and financial holding firms but includes insurers, brokerage houses and credit card companies.Out of the total, 84 percent, or 317, saw their interest costs rise over the cited period, with the remainder posting declines.By industry, securities companies paid the largest interest cost of 6.3 trillion won in 2022, which was up a whopping 150.4 percent from the previous year.Top automaker Hyundai Motor and two other corporations forked out more than 2 trillion won in interest expe

Apr 11, 2023
Big firms' borrowing costs soar in 2022 on high interest rates

BNK, JB, DGB feared to suffer earnings fall on weak non-banking portfolio

gettyimagesbankBy Lee Min-hyungProvincial banking groups such as BNK, JB and DGB Financial Group are forecast to suffer an earnings fall this year due to their weak non-banking business structures. Last year, the three financial holding firms generated robust profit growth, which was driven by improved loan-to-deposit margins amid global monetary tightening.Nonetheless, the outlook appears murky for an extended winning streak this year, as the rate hike cycle nears its end and their non-banking businesses take up only a slight portion of their annual earnings.According to data from the Financial Supervisory Service, JB Financial Group reaped a 2022 net profit of 618.3 billion won ($468.51 million), up 17.7 percent from the previous year. BNK also achieved a slight earnings rebound of 2.9 percent during the same period. But DGB Financial Group suffered an earnings fall of 21.2 percent, as the weak performance of its securities and insurance arms offset the solid revenue growth of its banking affiliate.Unlike major large-cap financial holding firms including KB, Shinhan, Hana and Woori

Apr 11, 2023By Lee Min-hyung
BNK, JB, DGB feared to suffer earnings fall on weak non-banking portfolio

FSS calls on KakaoBank to improve emergency response measures

KakaoBank headquarters at Pangyo in Seongnam City, Gyeonggi Province / NewsisBy Anna J. ParkThe Financial Supervisory Service (FSS) has urged KakaoBank to revamp its disaster contingency planning, issuing management precautions and pinpointing areas of improvement. According to the FSS on Monday, the digital bank's annual disaster drills, conducted once every year, are not effective enough to counter emergency scenarios. “KakaoBank's business impact analysis (BIA) shows the digital bank falls short of prior consultation procedures among various business units, while the business continuity in banking and IT departments is to be managed separately. The bank also lacks a management report system in determining critical business activities in BIA, raising concerns about unclear accountability,” the FSS' official report on the matter reads, adding that the internet-only bank places a lower priority on real-time services for customers during business disruptions. The BIA refers to the process of determining the significance of business activities and resource requirements to e

Apr 10, 2023By Anna J. Park
FSS calls on KakaoBank to improve emergency response measures
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