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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.

Korea Exchange delays decision on delisting Osstem

Osstem Implant headquarters in Seoul / YonhapBy Lee Min-hyungThe Korea Exchange decided Tuesday afternoon to delay making a decision on whether to delist scandal-tainted Osstem Implant from the tech-laden Kosdaq.The corporate screening committee of the exchange failed to come to a conclusion on the agenda despite a discussion that lasted for hours.“We have decided to continue reviewing the issue,” the exchange said in an announcement. Trading of Osstem Implant shares has been suspended since early January this year after one of its employees allegedly embezzled 220 billion won ($180 million). This is the single largest embezzlement scandal in Korea.Earlier, some industry analysts noted the possibility of a resumption in trading of the firm's stocks on the junior bourse, raising expectations among investors.The exchange did not share further details, but committee members are known to have remained poles apart on the agenda and a series of other issues, such as the possible timeline of a resumption in trading of the firm's shares if they decide not to delist it. Those in f

Mar 29, 2022By Lee Min-hyung
Korea Exchange delays decision on delisting Osstem

New Hana Financial chairman visits wildfire-hit regions on 1st day of work

Hana Financial Group Chairman Ham Young-joo, front row center, poses with firefighters in Uljin, North Gyeongsang Province, during his visit to the country's eastern coastal regions hit by wildfires earlier this month, Monday. Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group Chairman Ham Young-joo has visited the country's eastern coastal areas that were hit recently by major wildfires in his first public activity after taking the helm of the banking group. The company said Tuesday that Ham went to Gangneung, Uljin and other regions damaged by the wildfires on Monday, instead of heading to his office on his first day of work as chairman.“I have been thinking about ways to help the regional communities that have suffered from the wildfires in addition to the tough economic conditions amid the ongoing pandemic,” Ham was quoted as saying by the banking group.The company explained that Ham's visit was in line with his management principle of prioritizing “fieldwork activities,” after climbing from the bottom to his current top position over his 4

Mar 29, 2022By Yi Whan-woo
New Hana Financial chairman visits wildfire-hit regions on 1st day of work

KDB customers allowed to use Hana Bank's ATMs, offline branches

The Korea Development Bank in Seoul / Yonhap The state-run Korea Development Bank (KDB) said Tuesday its customers will be allowed to use ATMs and other offline branch offices of Hana Bank as part of efforts to enhance customer convenience.Under a cooperative deal, all KDB customers will be able to use 3,576 ATMs and around 600 branch offices run by Hana Bank without paying fees starting Tuesday, according to the lender.The deal is expected to help senior citizens and other digitally marginalized people get more access to financial services at a time when banks are reducing branches and increasing their reliance on mobile banking, KDB said.KDB said it will continue to cooperate with Hana Bank to provide better and various services to its customers going forward.The move came as banks in Korea have slashed the number of branches and ATMs in recent years in a move to cut costs amid fierce competition with internet-only banks.Banks in Korea operated a combined 6,454 br

Mar 29, 2022
KDB customers allowed to use Hana Bank's ATMs, offline branches

Kurly submits preliminary IPO assessment request to KRX

Promotional image for Market Kurly's early morning delivery service / Courtesy of KurlyBy Anna J. ParkKurly, operator of the grocery business Market Kurly, has officially kicked off its initial public offering (IPO) proceedings, submitting a preliminary IPO assessment request to the Korea Exchange (KRX) on Monday afternoon.The bourse operator said its KOSPI market division received the preliminary IPO evaluation request documents earlier in the day. The company has been preparing for the IPO, having tapped a group of underwriting firms for the process. Despite its hope to complete the listing sometime within the first half of this year, it is expected the firm would debut in the local stock market during the second half of the year. Founded in 2014, the e-commerce grocery seller introduced the country's first early morning delivery service in 2015, attracting millions of mostly female customers. With annual revenues rising swiftly ever since, the firm's corporate valuation is estimated to be over 4 trillion won ($3.25 billion), and the value could rise as high as 7 trillion won with

Mar 29, 2022By Anna J. Park
Kurly submits preliminary IPO assessment request to KRX

Woori Bank launches digital express office

One of Woori Bank's digital express offices in Seoul / Courtesy of Woori BankBy Lee Min-hyungWoori Bank has opened three digital express offices in Seoul and Paju, Gyeonggi Province, as part of its digital transformation efforts, the lender said Monday. The offices feature three types of digital devices ― digital desks, smart kiosks and ATMs. The bank said that customers can handle most of their banking by using the three devices at the digital express offices.All of the offices had been used as conventional sales offices and bank branches until December 2021. But with other major commercial banks ― including Woori ― closing down conventional sales offices in line with the rise of non-face-to-face transactions and digital banking, they are moving to introduce digital banking devices for their customers to handle basic financial transactions.Woori said that the digital express offices are basically unmanned, but added that it would staff some of these offices with bank clerks to help those unaccustomed to using digital devices do their banking without difficulty.“We will fulfill

Mar 29, 2022By Lee Min-hyung
Woori Bank launches digital express office

Fate of Osstem Implant stocks to be determined Tuesday

Osstem Implant headquarters in western Seoul / Yonhap By Anna J. ParkThe fate of Osstem Implant and its investors will be decided Tuesday, as the corporate evaluation committee of the Korea Exchange (KRX) is set to determine whether to resume stock trading of the dental implant manufacturer. “Normally, the decisions by the corporate evaluation committee come after the close of a day's trading. Its decision on Osstem Implant is expected to be announced between 4 p.m. and 6 p.m. Tuesday, although there may be changes in the schedule,” an official at the KRX told The Korea Times. Osstem Implant stocks have been suspended from trading since Jan. 3 to protect investors, following the announcement that the firm filed a lawsuit against an employee who allegedly embezzled some 200 billion won ($163 million) of company money. In the middle of February, the bourse operator opted to forward the case for further deliberation to its corporate evaluation committee, which is set t

Mar 28, 2022By Anna J. Park
Fate of Osstem Implant stocks to be determined Tuesday

Chungcheong provinces hopeful of establishing regional bank

The signboard of the now-dissolved Chungchong Bank is seen in this photo taken in 1991, seven years before it was shut down as part of a massive restructuring drive prompted by the Asian Financial Crisis. Korea Times fileBy Yi Whan-wooThe country's central provinces of Chungcheong are apparently encouraged by President-elect Yoon Suk-yeol's push to foster the banking industry outside of Seoul, after 24 years of being the only regions in the country with no provincial bank of their own.The president-elect has been calling for moving state-run banks out of the nation's capital, with a special interest in the relocation of Korea Development Bank (KDB) to Busan, in the name of balanced regional development.The pledge does not explicitly mean Yoon will set up a new provincial banking brand committed to the regional economy and operating accordingly within the targeted region exclusively, in contrast to major banks.Yet the residents of North and South Chungcheong provinces still find Yoon's pledge promising, believing it can eventually prompt the establishment of a regional banking brand,

Mar 28, 2022By Yi Whan-woo
Chungcheong provinces hopeful of establishing regional bank

Conglomerates extending ties with crypto exchanges on deregulation, growth potential

gettyimagesbankBy Lee Min-hyungKorean conglomerates are extending ties with cryptocurrency exchange operators on growing hopes that the incoming administration will ease regulations in the digital asset market.Crypto players have so far been crying foul over what they call discriminative regulatory hurdles imposed by the incumbent government, including the tight imposition of income tax on crypto traders. The government planned to levy tax on those whose gains from crypto trading exceed 2.5 million won ($2,040), taking 20 percent of the amount in excess of the 2.5 million won as income tax from 2022.The plan, however, failed to come into effect as scheduled, amid widening controversy that the tax is not fair at a time when stock investors are subject to tax only when their revenue tops 50 million won.Expectations are growing that the planned tax system and a series of other regulation-ridden policies will be revised in a more market-friendly manner after President-elect Yoon Suk-yeol takes office in May.In response, more and more non-crypto industry players are on track to seek busin

Mar 28, 2022By Lee Min-hyung
Conglomerates extending ties with crypto exchanges on deregulation, growth potential

NongHyup shortlists final candidates for 3 new outside directors

From left are Seo Eun-sook, Lee Soon-ho and Ha Kyung-ja, all candidates for NongHyup Financial Group's new outside directors. Courtesy of Seo, Lee, HaBy Yi Whan-wooNongHyup Financial Group has shortlisted candidates for its three new outside directors, the banking group announced Monday.The candidates are Sangmyung University economics professor Seo Eun-sook, Korea Institute of Finance (KIF) director Lee Soon-ho and Pusan National University climate science professor Ha Kyung-ja.They were shortlisted by the group's executive recommendation committee from an undisclosed number of people.Their appointment will require an approval decision during a shareholders' meeting scheduled on Thursday. If approved, they can begin their two-year term, Friday.Seo served as a researcher and advisor at multiple institutions in both private and public sectors after starting her career as a researcher at Bank of Korea's (BOK) Economic Research Institute in 2004.She mostly worked for Statistics Korea and the Financial Supervisory Service (FSS) in the 2010s. She worked as an advisory board member on each

Mar 28, 2022By Yi Whan-woo
NongHyup shortlists final candidates for 3 new outside directors

IBK signs deal to match jobseekers, SMEs in digital technology

The headquarters of the Industrial Bank of Korea (IBK) in central Seoul / Korea Times fileBy Yi Whan-wooThe Industrial Bank of Korea (IBK) said Sunday it has signed a memorandum of understanding with the Seoul Business Agency and the Korea Artificial Intelligence Association to nurture talented workers in digital technology and help them land jobs in promising companies.The deal comes in line with IBK's campaign to connect qualified jobseekers with small- and medium-sized enterprises (SMEs) that have struggled to find employees in the era of the digital transformation.“The bank anticipates that it will contribute to helping SMEs overcome a lack of workers in digital technology and also offer quality jobs for young jobseekers,” IBK Chairman and CEO Yoon Jong-won said in a press release.CEO Kim Hyun-woo of the Seoul Business Agency expressed hope that the agreement will “pave the way for highly-motivated jobseekers to find jobs that match demand.”He noted that the agency, operated by the Seoul Metropolitan Government, is tasked with supporting SMEs in the nation

Mar 27, 2022By Yi Whan-woo
IBK signs deal to match jobseekers, SMEs in digital technology
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