Business - The Korea Times

Major Korean banks' overseas branches sanctioned by foreign authorities

Financial Supervisory Service (FSS) headquarters on Yeouido, Seoul / Courtesy of FSSWoori fined for largest no. of cases, Hana fined the largest amount by foreign authoritiesBy Anna J. ParkMajor local banks' overseas legal entities were sanctioned or fined by foreign financial authorities for various reasons last year, raising concerns about whether the banks are successfully maintaining internal controls in their overseas operations.According to the electronic disclosure system of the Financial Supervisory Service (FSS), Wednesday, among local banks, Woori Bank turned out to have been fined by foreign authorities the most times last year. The bank was fined a total of six times: twice each in China and Indonesia, and once each in Russia and India. Indonesia's financial authorities imposed a penalty of 60 million rupiah ($4,017) on Bank Woori Saudara, Woori Bank's Indonesian unit, for errors found in its regular reports in January last year. The Indonesian bank unit was also fined 4 million rupiah for delaying a disclosure about a capital increase in March last year. Woori Bank's Chi

Jan 25, 2023By Anna J. Park

Major Korean banks' overseas branches sanctioned by foreign authorities

Mirae Asset Global Investments' solid performance highlighted amid economic slump

Employees of Global X, Mirae Asset's subsidiary managing exchange-traded funds in the U.S. / Courtesy of Mirae Asset Global InvestmentsBy Yoon Ja-youngDespite the deteriorating economic outlook worldwide, Mirae Asset's global business has proven its competitiveness especially in times of crisis. The total assets under management (AUM) of Mirae Asset Global Investments stand at 248 trillion won ($200 billion) as of the end of 2022. Forty percent of them, or 103 trillion won worth, are managed overseas. Despite the global economic crisis triggered last year by a series of negative factors such as inflation, key rate hikes and Russia's invasion of Ukraine, the Korean asset manager had slightly more assets managed overseas than in 2021 when the figure stood at 102 trillion won, reflecting its competence in the global market. This year marks the 20th anniversary since Mirae Asset's advancement into the global market, when it was the first to do so. It took its first step into the global market in 2003, launching its Hong Kong operation. The industry had an overall negative outlook on Mira

Jan 25, 2023By Yoon Ja-young

Mirae Asset Global Investments' solid performance highlighted amid economic slump

Unison Capital, MBK consortium to take over Osstem Implant

The headquarters of Osstem Implant located in western Seoul / NewsisOsstem Implant stock price soars Wednesday over tender offer By Anna J. ParkNews of private equity firms planning to acquire the management rights of Osstem Implant caused shares of the dental implant material manufacturer to soar Wednesday. Osstem Implant is one of the world's largest dental implant makers. The latest stock price surge followed the announcement earlier in the day by a consortium of Unison Capital Korea (UCK) and MBK Partners of their intention to acquire Osstem Implant's management rights through a tender offer. A tender offer is a bid that is typically made to purchase a publicly traded corporation from shareholders, asking them to sell their stock holdings at a specified price, usually at a premium.Stock market investors favorably responded to the news by flocking to purchase the shares. The stock price finished at 186,300 won ($151), up 14.65 percent from the previous session. The stock price once reached 188,000 won, the highest ever since the company went public on the main benchmark KOSPI mark

Jan 25, 2023By Anna J. Park

Unison Capital, MBK consortium to take over Osstem Implant

Former top financial regulator to vie for Woori chairmanship

Ex-Financial Services Commission Chairman Lim Jong-ryong speaks during an online seminar hosted by EY Hanyoung, Jan. 17, 2021, in this file photo provided by the accounting firm. YonhapBy Lee Min-hyungLim Jong-ryong, former chief of the Financial Services Commission (FSC), declared his interest in becoming Woori Financial Group's next chairman, citing his competitive edge in mapping out a balanced and neutral management vision.“I have an objective and neutral mindset when it comes to managing a financial organization, which was proven by my broad range of experience at government organizations and NH Financial Group,” Lim told The Korea Times during a telephone interview.“My strong point is the ability to introduce a fresh and objective angle, but it is too early to share my specific vision at a time when Woori Financial Group has not yet finalized a shortlist for its next chairman.”Woori Financial Group is scheduled to unveil two or three candidates for its chairmanship on Jan. 27, and confirm the final one sometime in early February. Last week, the group lon

Jan 25, 2023By Lee Min-hyung

Former top financial regulator to vie for Woori chairmanship

Banks offer financial support programs as households face mounting interest burdens

Financial Supervisory Service Governor Lee Bok-hyun, right, speaks during a meeting with leaders of commercial banks here in Seoul, Jan. 18. YonhapBy Lee Min-hyungLocal commercial lenders are launching a series of financial support programs for households and vulnerable social groups amid escalating pressure from watchdogs. KB Kookmin Bank was the first to operate its own household support program, in a preemptive move to ease households' growing financial burden. The lender will cut the interest rate for loans that are overdue by 1 percentage point for those who sign up for its household loan products. This cut will come into effect sometime in February after KB finishes updating its computing system, it said.The bank will also stop charging early repayment charges for its household loans from Feb. 10.Woori Bank also joined the move by slashing its variable interest rate by 0.4 percentage point on its mortgage products from Jan. 20.“The decision came as part of our efforts to give practical support to consumers suffering from financial difficulties,” an official from the

Jan 24, 2023By Lee Min-hyung

Banks offer financial support programs as households face mounting interest burdens

End of mask mandate to intensify dispute over banks' operating hours

Notices on a window at Hana Bank's headquarters in central Seoul explain that shortened operating hours from 9:30 a.m. to 3:30 p.m. will be extended in accordance with social distancing rules, in this photo taken in July 2021. The last remaining pandemic restriction requiring face masks to be worn at all indoor facilities will be lifted beginning on Jan. 30 but whether operating hours at banks will be normalized remains uncertain. Korea Times file By Yi Whan-wooKorean commercial banks are under growing pressure to normalize offline operating hours after health authorities on Friday decided to lift a mandate that requires face masks in all indoor facilities. The decision will take effect from Jan. 30. The mask mandate will only continue to remain in place at hospitals, pharmacies and when using public transportation.The indoor mask rule was the last remaining COVID-19 pandemic restriction, which the banks cited as a reason to shorten their offline operating hours to

Jan 20, 2023By Yi Whan-woo

End of mask mandate to intensify dispute over banks' operating hours

Brokerages operate 24-hour support desks for overseas trading during Lunar New Year

GettyimagesbankBy Anna J. Park Most major securities companies have decided to operate a support desk for their customers' foreign stock trading open 24 hours a day throughout the Lunar New Year long weekend, from Saturday to next Tuesday. Firms expect the demand for trading foreign stocks will rise higher, as local stock markets will be closed next Monday and Tuesday due to the holiday. Some other Asian stock markets will be closed during the period as well. China's stock markets will be closed for five days from Monday to Friday next week, while Hong Kong's markets will close for three days from Monday to Wednesday. Singapore's markets will close for two days on Monday and Tuesday, just like Korea's, and Vietnam's markets will close for four days from Monday to Thursday. Indonesian stock markets will be closed only on Monday. But while these Asian stock markets will be closed for the holiday, other major countries' stock markets will be operating as usual, including the U.S., Canada, the U.K. and most European stock markets. Data from the Korea Securities Depository showed that ret

Jan 20, 2023By Anna J. Park

Brokerages operate 24-hour support desks for overseas trading during Lunar New Year

Mirae Asset Global Investments buys logistics center in India

gettyimagesbankSouth Korea's leading asset manager Mirae Asset Global Investments said Thursday it has purchased a logistics center near India's financial hub of Mumbai in the latest move to expand its portfolio in one of the world's fastest growing economies.Earlier this month, the firm's Indian unit, Mirae Asset Global Investments India, acquired a 100 percent stake in the logistics center in Bhiwandi, an industrial town on the outskirts of Mumbai, from Indian company K-Square Park for about 1.3 billion rupees ($15.9 million).Mirae Asset Global Investments India has leased the 300,000-square-foot logistics center, which was built last year, to German logistics giant Rhenus.Bhiwandi has emerged as a key logistics hub for global companies, such as Samsung, Amazon, BMW and Maersk.It is the first time a local unit of a foreign asset management company has directly invested in the logistics business, Mirae Asset Global Investments said."With this investment, we will expand our investment in the logistics business in major Indian hubs, including Mumbai, in the future," Mirae Asset Global

Jan 19, 2023

Mirae Asset Global Investments buys logistics center in India

8 candidates vie for Woori's next chairmanship

Woori Financial Group headquarters in Seoul / YonhapBy Lee Min-hyungWoori Financial Group reportedly longlisted eight candidates for its next chairman, after incumbent Chairman Son Tae-seung expressed his intention of stepping down from the post at the end of his term. According to sources in the financial industry, the candidates include five executives from within its ranks, and three other outside figures. Among them are Woori Bank CEO Lee Won-duk and former Financial Services Commission Chairman Lim Jong-ryong.Other candidates also include Woori Card CEO Kim Jung-ki, Woori Financial Capital CEO Park Kyoung-hoon, Woori Financial Group President Park Hwa-jae, Woori America Bank CEO Shin Hyun-seok, former Woori FIS CEO Lee Dong-yeon and former Hana Financial Group Vice Chairman Kim Byung-ho.The incumbent leaders of Woori Bank and Woori Card are considered favorites for the next leadership, as they have displayed a strong leadership styles as the top executives of the group's key affiliates.All eyes have been on whether Son would be able to extend his chairmanship once again, but he

Jan 19, 2023By Lee Min-hyung

8 candidates vie for Woori's next chairmanship

Mirae Asset marks 15th anniversary in India

Mirae Asset Financial Group Chairman Park Hyun-joo, center, stands next to officials from Mirae Asset Global Investments' India entity on Jan. 13 in Mumbai, India. Courtesy of Mirae Asset Global InvestmentsBy Anna J. ParkMirae Asset Global Investments celebrates the 15th anniversary of its operations in India, having entered the country in 2008. The firm announced earlier this week that Mirae Asset Global Investments is currently India's only independent foreign asset manager. With its fund deposits reaching some 21 trillion won ($17 billion) as of the end of December 2022, Mirae Asset has grown into India's ninth-best asset management company. When compared to 15 years ago, the amount of fund deposits rose over 100 times. The number of retail accounts registered at the firm's India entity also soared rapidly to 5.5 million as of the end of last year, from 2.8 million in 2020. The firm's success in the country is attributed partly to its aggressive investments, while other major global asset managers decided to withdraw from the country during the aftermath of the global financial cr

Jan 19, 2023By Anna J. Park

Banking & Finance