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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.

Wemade chairman becomes 10th richest man in stock ownership

The headquarters of Wemade in Pangyo, Gyeonggi Province / Courtesy of WemadeBy Anna J. ParkWith the global success of its MIR 4 game and innovative adoption of non-fungible tokens (NFTs) into it, gaming company Wedmade's share price has soared in recent months. The company is ranked No. 1 among firms listed on both the main KOSPI and tech-heavy Kosdaq markets with regard to an increase in stock price over the past three months, seeing a 494.49 percent jump.The escalating share price has made Wemade's founder and chairman, Park Kwan-ho, the country's 10th richest person in terms of stock ownership. He holds a 47 percent stake in the company, with its value rising to more than 3.36 trillion won ($2.82 billion), as of the closing price last Thursday ― a huge increase from 565 billion won three months ago. As of the stock rose another 4.64 percent Friday, the company's market cap was boosted to 7.89 trillion won. Chairman Park's ascendancy to become the country's 10th richest person in stock ownership, also saw him become the second richest person in the game industry, behind Krafton fou

Nov 21, 2021By Anna J. Park
Wemade chairman becomes 10th richest man in stock ownership

9 potential investors submit proposals to buy gov't stake in Woori Financial Holdings

Woori Financial Group's headquarters in central Seoul / Korea Times fileThe government said Thursday that nine potential investors have officially submitted bids to buy a state-held stake in Woori Financial Holdings.The state-run Korea Depository Insurance (KDIC) is the largest shareholder of Woori Financial Holdings with a 15.13 percent interest. The government seeks to sell a 10-percent stake by the end of this year as part of efforts to recoup public funds.The Financial Services Commission (FSC) said nine potential investors had submitted proposals to buy the stake by the 5 p.m. deadline on Thursday. Final bidders will be announced on Monday after a review of the applicants, it added.The financial regulator did not provide the names of the applicants. They reportedly include Hoban Construction, Harim and Korea Investment Holdings reportedly dropped its bid after expressing intent in a preliminary bidding process.The planned stake sale is in line with a government road map to dispose of its interest in the major financial holding company by 2022.The government injected about 12.8 t

Nov 18, 2021
9 potential investors submit proposals to buy gov't stake in Woori Financial Holdings

Shinhan Financial chair elected as UNEP FI leadership council member

Shinhan Financial Group Chairman Cho Yong-byoung speaks during the Marrakech Partnership, an event held on the sidelines of COP26 in Glasgow, Scotland, Nov. 3. Courtesy of Shinhan Financial GroupBy Lee Kyung-min Shinhan Financial Group Chairman Cho Yong-byoung has been elected as a member of the Leadership Council under the United Nations Environment Programme Finance Initiative (UNEP FI), the group said Thursday. Cho is the first Asian member of the council, an official partnership organization established by UNEP FI for global financial firms to better fulfill their responsibilities and address environmental issues, following the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland.UNEP FI is a public-private partnership between UNEP and the financial sector participated in by 450 global financial services firms and organizations. Their shared objective is to respond to climate change and expand environmental, social and corporate governance (ESG) management.The council is chaired by Inger Andersen, the under-secretary-general of the United Nations and execut

Nov 18, 2021By Lee Kyung-min
Shinhan Financial chair elected as UNEP FI leadership council member

Skepticism remains over Kyobo Life's IPO plan

Kyoto Life Insurance headquarters in central Seoul / Courtesy of Kyobo Life InsuranceBy Anna J. ParkWhile Kyobo Life Insurance has announced its plan to go public on the country's benchmark KOSPI in the first half of next year, many market watchers remain skeptical of the plan, given the deep-seated disputes that have been dragging on for years between the insurance firm and its foreign financial investor consortium. One of the major reasons for their skepticism is that it's highly unlikely for a firm to be granted permission to pursue an initial public offering (IPO), when the candidate firm's major shareholders are involved in serious legal disputes. Not only is Kyobo Life quarreling with its financial investors ― a consortium led by Affinity Equity Partners, which purchased a 24 percent stake in Kyobo in 2012 ― over a put option contract, but the insurance company is also involved in a legal case. Last year, the firm accused related officials at Deloitte Anjin of violating the Certified Public Accountant Act, by colluding with the financial investor consortium to inflate the fair

Nov 18, 2021By Anna J. Park
Skepticism remains over Kyobo Life's IPO plan

Competition heats up over contactless financial services for foreign residents

Seen above is Hyundai Card's mobile app that allows foreign national residents to apply for credit cards in English. Courtesy of Hyundai CardBy Park Jae-hyukConventional financial companies in Korea are accelerating their efforts to enable foreign national resident customers to use a variety of financial services without visiting traditional staffed outlets, while the country's three internet-only banks are still inaccessible to local foreign residents.Hyundai Card said Thursday that it has started allowing residents of foreign nationality to apply for credit cards in English using its mobile app.According to the card firm, its app enables foreign resident customers to choose among its 15 types of credit cards. The customers are also able to get advice from Hyundai Card's telemarketers in English.The company has automated the procedure for verifying the Korean residence cards of foreign nationals.As a result, it takes only a minute to screen applicants who are foreign nationals residing in Korea and issue app-based credit cards, allowing them to make transactions online and offline,

Nov 18, 2021By Park Jae-hyuk
Competition heats up over contactless financial services for foreign residents

CJ Olive Young's value soars to W4 tril.

Beauty chain CJ Olive Young / YonhapBy Anna J. ParkCJ Olive Young, the country's largest health and beauty chain, is preparing for an initial public offering (IPO) on the local stock market next year, and has chosen Mirae Asset Securities and Morgan Stanley as its main “book runners” for the process.According to the investment banking industry, Thursday, Olive Young also selected KB Securities and Credit Suisse as underwriters for the listing. Local and global securities firms competed for the book runner and underwriter positions early last week. Olive Young's corporate valuation is currently estimated to be around four trillion won ($3.4 billion), more than double the pre-IPO valuation calculated earlier this year. Glenwood Private Equity bought an over 25 percent stake in the beauty chain in March for 414 billion won, giving it a valuation of around 1.7 trillion won.Founded in 1999, CJ Olive Young has 1,300 stores across Korea, with strong on- and off-line distribution channels. It also has delivery networks in about 150 countries worldwide. Industry watchers say that

Nov 18, 2021By Anna J. Park
CJ Olive Young's value soars to W4 tril.

Banks' Q3 net surges 24% on higher interest income

gettyimagesbankSouth Korean banks saw their third-quarter earnings jump nearly 24 percent from a year earlier due largely to sharply increased interest income, data showed Tuesday.Their combined net profit stood at 4.6 trillion won ($3.9 billion) in the July-September period, up 1.1 trillion won from a year earlier, according to the preliminary data from the Financial Supervisory Service (FSS).In the first nine months of the year, their net income totaled 15.5 trillion won, up 50.5 percent from the same period a year earlier.The financial watchdog said local banks' third-quarter bottom line soared as their interest income swelled amid rising market rates.Local banks' interest income came to 11.6 trillion won in the three-month period, up 1.3 trillion won from a year earlier.Their non-interest income amounted to 1.2 trillion won, down 600 billion won from a year earlier.The average net interest margin (NIM) of the banks, a key barometer of profitability, had stood at 1.44 percent as of end-September, up 0.44 percentage point from a year earlier. Their return on assets gained 0.09 perc

Nov 16, 2021
Banks' Q3 net surges 24% on higher interest income

Mirae Asset Securities in the DJSI World Index for 10th year

The headquarters of Mirae Asset Group in central Seoul / Courtesy of Mirae Asset GroupBy Anna J. ParkMirae Asset Securities announced that the firm has been selected to be included in the Dow Jones Sustainability World Index (DJSI World) for the tenth consecutive year. DJSI World is comprised of diverse businesses around the world, which are recognized for their efforts in boosting global sustainability, assessed by long-term economic, environmental and social criteria. The index represents only the top 10 percent of firms out of the largest 2,544 companies by market cap listed in the S&P Global Broad Market Index (BMI). In the category of financial services, under which Mirae Asset Securities is classified, only 14 companies made the index list this year. “It is the deepest honor that Mirae Asset Securities' diverse activities in the realm of ESG management, ranging from committing to impact investment to providing sustainable financial loans, have been recognized for a decade by a reliable international financial institution,” an official from Mirae Asset Group's br

Nov 16, 2021
Mirae Asset Securities in the DJSI World Index for 10th year

IBK chief to visit Poland to review bank's plan to open local office

Industrial Bank of Korea (IBK) CEO Yoon Jong-won talks online with bankers in other countries at his office in Seoul, during the OECD's High level Event on Financing Small- and Medium-sized Enterprises for Sustainability in this Nov. 2 file photo. Courtesy of IBKBy Park Jae-hyukIndustrial Bank of Korea (IBK) CEO Yoon Jong-won will fly to Europe next week, as part of the state-run bank's efforts to expand its global presence, the bank said Tuesday. This is the first time for him to travel overseas for business as the IBK CEO, since his appointment in January last year.“The CEO will visit our London branch, and will also go to Poland, on the sidelines of his meeting with OECD Deputy Secretary-General Yoshiki Takeuchi and OECD Center for Entrepreneurship, SMEs, Regions and Cities Director Lamia Kamal-Chaoui in Paris to discuss measures to support small- and medium-sized enterprises (SMEs),” an IBK spokesman said.Poland is regarded as the most important destination for Yoon's forthcoming week-long trip, as he will review the bank's plan to open a local office there, which the

Nov 16, 2021By Park Jae-hyuk
IBK chief to visit Poland to review bank's plan to open local office

Shinhan, KB inches away from posting record annual net income of W4 tril.

The headquarters of Shinhan Financial Group, left, and KB Financial Group in Seoul / Courtesy of each companyBy Anna J. ParkAs both Shinhan Financial Group and KB Financial Group each recorded record-high quarterly revenues in the third quarter, the two financial giants are expected to post annual net profits exceeding the 4 trillion won ($3.39 billion) mark for the first time. The all-time high quarterly profits are ascribed to the upward movement of key interest rates lately ― which contributes to the increase of the banks' profits ― as well as well-rounded performances by the groups' non-banking subsidiaries. Yet in terms of cumulative net profits, KB Financial Group is way ahead of Shinhan by 200 billion won until the end of the third quarter. The gap in the cumulative net profit has widened in the third quarter, from 30 billion won previously to 200 billion won. So far this year, Shinhan Financial Group garnered 3.55 trillion won throughout the first three quarters this year, while KB Financial Group reaped 3.77 trillion won during the same period, surpassing that of Shinhan. KB

Nov 13, 2021By Anna J. Park
Shinhan, KB inches away from posting record annual net income of W4 tril.
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