Business - The Korea Times

Listed firms obligated to issue English regulatory filings 'in stages' from 2024

Kim So-young, vice chairman of Korea's Financial Services Commission, speaks during a virtual meeting with his Chinese and Japanese counterparts in Seoul in this photo provided by the commission, Nov. 3. YonhapKorea's financial regulator said Friday that it will obligate listed firms to provide corporate filings in English "in stages" from 2024 as it seeks to expand foreigners' access to business information."In consideration of the level of preparations by businesses, we will make it obligatory in stages centering on information deemed to be indispensable for investors," Kim So-young, vice head of the Financial Services Commission (FSC), told an event at the headquarters of the bourse operator Korea Exchange in Seoul."We plan to significantly improve information-access conditions in a way that foreign investors can receive sufficient information in a timely manner," he added. Companies with large assets will first be subject to the obligation, the FSC said.Listed companies holding 10 trillion won ($7.7 billion) or larger worth of assets should issue English regulatory filings from 2

Dec 2, 2022

Listed firms obligated to issue English regulatory filings 'in stages' from 2024

Mirae Asset Securities rated “A” by two ESG evaluations agencies

Mirae Asset Securities' headquarters in Seoul / Korea Times fileBy Yoon Ja-youngMirae Asset Securities was rated “A” in environmental, social and corporate governance (ESG) management by two of the country's major ESG evaluation agencies. According to the securities company, it got an “A” rating for its ESG efforts this year from the Korea Institute of Corporate Governance and Sustainability and Sustinvest, both of which are leading ESG evaluation agencies. It is the only local brokerage that was rated “A” by them both.As Mirae Asset Securities is seeking a leap forward as a global investment bank, its ESG efforts have been acknowledged by overseas evaluation agencies as well.It ranked sixth among 542 global firms categorized in the “Diversified Finance” sector in terms of ESG evaluation, announced by S&P Global in October. It is the highest ranking among local brokerage firms, and in the top 1 percentile among global peers. Mirae Asset Securities has also been expanding its channels for disclosing its achievements in ESG management

Dec 1, 2022

Mirae Asset Securities rated “A” by two ESG evaluations agencies

Korea Development Bank's reorganization draws flak

Korea Development Bank's union members stage a protest against the lender's relocation plan from Seoul to Busan, in front of its headquarters in Seoul, Tuesday. Yonhap By Lee Min-hyungThe Korea Development Bank (KDB) is drawing flak over what its union calls its “unilateral push” for it to relocate to the nation's southern port city of Busan. According to the state-run lender, the KDB carried out its 2023 organizational reshuffle by expanding its division located in Busan. Under the reshuffle, the Ocean Industry Finance unit has been enlarged into two subdivisions. About 50 to 100 KDB officials are expected to be transferred to the unit during next year's regular personnel reshuffle slated for January.Following the decision, KDB's union members expressed strong regret, saying that this is against the KDB Act, which stipulates that the lender should be located in Seoul.“The latest organizational reshuffle can be seen as part of a plan by the KDB management to relocat

Dec 1, 2022By Lee Min-hyung

Korea Development Bank's reorganization draws flak

MBK Partners tapped as preferred bidder to acquire Medit

The headquarters of Medit in Seoul / Courtesy of Medit MBK and Medit expected to sign SPA within this yearBy Anna J. ParkMBK Partners, one of the largest private equity firms in Asia, plans to acquire digital dental business Medit within this year, after being tapped recently as a preferred bidder, and will now enjoy exclusivity in the acquisition discussions with Medit's largest shareholder, Unison Capital.According to investment banking industry insiders Wednesday, Citigroup Global Markets Securities ― the sales manager of Medit ― tapped MBK Partners earlier this week as the new preferred bidder of the deal. It is estimated that the 100 percent stake in the 3D dental scanner company would be sold for around 2.6 trillion won ($2 billion), although the price is subject to change during the remaining negotiation process. The price is about 10 percent lower than what the GS-Carlyle consortium offered in their previous bid in October. The consortium suggested the highe

Nov 30, 2022By Anna J. Park

MBK Partners tapped as preferred bidder to acquire Medit

Apple Pay anticipated to launch in Korea in December

Apple Pay image / Korea Times fileBy Anna J. ParkDespite earlier market expectations that Apple Pay would be launched in Korea from Nov. 30, it is estimated that the starting date of the payment service in the country will be delayed to sometime around December.Hyundai Card, which is a key partner in bringing Apple Pay to be available in Korea, remained tight-lipped about the matter, in a phone conversation with The Korea Times on Wednesday. “As of now, we cannot confirm any matters regarding Apple Pay,” an official from Hyundai Card told The Korea Times. Market watchers say the deviation from the slated launch schedule is due in part to the delayed deliberation by the Financial Supervisory Service (FSS) on the contractual terms and conditions of Apple Pay. Once the financial watchdog's examination is over and its key clauses are done, the payment service is likely to be available in the country. That's why it is expected that the service would be able to be launched as early as sometime around December. While both Hyundai Card and Apple have been declining to give out an

Nov 30, 2022By Anna J. Park

Apple Pay anticipated to launch in Korea in December

Hana's WAVEs program trains women for leadership

Female leaders pose after receiving certificates for completing Hana Financial Group's WAVEs program at its headquarters in Seoul, Tuesday. Courtesy of Hana Financial GroupBy Lee Min-hyungThirty-six new female leaders have completed Hana Financial Group's woman leadership program, Hana WAVEs, the financial group said Tuesday.Program participants undergo a five-month career training course covering areas such as leadership, strategy and communication.“WAVEs” stands for women's actions, voices and emotions. Hana Financial Group launched the program in 2021, with a view to fostering more female leaders for its diverse financial affiliates. Last year, the program trained a group of 34 women, four of whom have since been promoted to executive-level positions within the group and its key affiliates.“Nurturing female leaders with a focus on diversity and professionalism is an important task for Hana to achieve sustainable future growth,” Hana Financial Group Chairman Ham Young-joo said. “We expect the female leaders to show sacrifice and dedication, while at th

Nov 29, 2022By Lee Min-hyung

Hana's WAVEs program trains women for leadership

Shinhan chooses 3 candidates for next chairman

Shinhan Financial Group headquarters in central Seoul / NewsisBy Anna J. ParkShinhan Financial Group said Tuesday that it has confirmed three candidates for its next chairman. The candidates are current Shinhan Financial Group Chairman Cho Yong-byoung, Shinhan Bank CEO Jin Ok-dong and Shinhan Card CEO Lim Young-jin. A board committee tasked with recommending group chairman candidates announced that it chose the three contenders following in-depth discussions held in three official meetings. The group said the candidate selection was based on thorough deliberations on a wide range of candidates, from both inside and outside of the group. Two other candidates are said to have made the shortlist, but they weren't included in the final candidate list. “Putting the utmost priority in the group's stable management structure, the recommendation committee has proceeded with the process in a fair and transparent manner, while securing the full independence of the committee,” a source familiar with the board said. The next candidate recommendation meeting is slated to be held on De

Nov 29, 2022By Anna J. Park

Shinhan chooses 3 candidates for next chairman

Citibank Korea to arrange syndicated loan for Solus Advanced Materials' investment

By Yoon Ja-youngCitibank Korea signed a syndicated loan agreement with Volta Energy Solution Canada (VES Canada), a local subsidiary of Solus Advanced Materials on Nov. 25, to support the company's copper foil business in North America.Citibank Korea headquarters in Seoul / Korea Times fileAccording to the bank, it arranged a $200 million syndicated loan as the sole coordinator, based on the overseas investment insurance of the Korea Trade Insurance Corporation (K-SURE) and financing of Export Development Canada (EDC). This is the second syndicated loan arranged by Citibank Korea for Solus Advanced Materials, following the first one secured for its investment in the construction of a copper foil manufacturing facility in Hungary with K-SURE insurance coverage. Of note, this deal was completed through joint support from export credit agencies of Korea and Canada. As the sole copper foil manufacturing facility to be built in North America, the facility will mass produce copper foil to supply about 540,000 EVs per year in a 129,700㎡ area located in Quebec, Canada, starting in the 2nd ha

Nov 29, 2022

Citibank Korea to arrange syndicated loan for Solus Advanced Materials' investment

Foreign PEs covet Mom's Touch

A Mom's Touch branch in Seoul / NewsisBy Anna J. Park Various global private equity firms have joined the bidding war to acquire Mom's Touch, a Korea-headquartered chicken burger chain, due in part to their favorable positions created by the strong U.S. dollar. New potential buyers could emerge any time, as the sales process is currently being conducted on a rolling basis, meaning applications for acquisitions will be reviewed as they come in, rather than waiting for a certain date to judge them all at once. According to the investment banking industry, Monday, U.S.-based Goldman Sachs PIA and Asia-focused PAG have submitted their bids for the franchise business, currently owned by KL & Partners, a Korea-headquartered private equity firm.Goldman Sachs' PIA is the financial giant's private equity unit that has made successful investments in a few Korean unicorn companies, including Baemin, a food delivery application, and Zigbang, a real estate information platform.PAG's bid for Mom's Touch is its first salient acquisition attempt in the domestic M&A market since it sold Young

Nov 28, 2022By Anna J. Park

KDB union pledges legal action against relocation

Members of Korea Development Bank's union stage a rally in front of its headquarters in Seoul, Monday. YonhapBy Lee Min-hyungThe union of Korea Development Bank (KDB) has pledged to take legal measures against the state-run lender's move to relocate its headquarters to the nation's southeastern port city of Busan. According to the KDB union, Monday, the lender plans to carry out an organizational reshuffle by creating three new divisions in Busan where 100 employees and executives from the head office will be transferred.The decision is considered an initial procedure for KDB to relocate its headquarters gradually to Korea's second-largest city. The KDB relocation was one of President Yoon Suk-yeol's campaign pledges, but it has faced mounting criticism from within the lender.Despite the backlash, KDB is on track to push ahead with the initial step, citing balanced regional growth. But the union has for months stepped up its criticism of the move, saying that the decision was made in a rash manner without careful consideration of its possible fallout on the economy.“KDB Chairma

Nov 28, 2022By Lee Min-hyung

Banking & Finance