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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.

MBK makes another comeback victory

MBK Partners Chairman Kim Byung-juBy Jhoo Dong-chanMBK Partners has proven its competitiveness once again by coming from behind in the race to win the bidding for Lotte Card.Forming an alliance with Woori Bank, the nation's largest private equity firm (PEF) was selected as the preferred bidder in negotiations with Lotte Group to acquire its credit card unit.The PEF had been seemingly sidelined by competitor Hahn & Company at first, but Lotte Group changed its initial decision and chose MBK Partners as the preferred bidder Tuesday, citing the accusation made against CEO of Hahn & Company by KT labor union.This isn't the first time for MBK Partners to achieve a comeback victory in mega M&A deals here.In July 2012, the PEF lost the preferred bidder status to KTB Private Equity (PE) in the takeover of Coway, the nation's largest water purifier rental operator. However, MBK Partners was then named preferred bidder a month later after KTB PE failed to secure the necessary funding for the deal.MBK Partners also wasn't the preferred bidder for ING Life Korea, currently Orange Lif

May 23, 2019By Jhoo Dong-chan
MBK makes another comeback victory

Insurers, banks seek opportunities in 'petconomy'

gettyimagesbankBy Kim Bo-eunInsurers, banks and card firms are moving to capture opportunities in the pet industry, as the market is forecast to continue to grow along with changes in demographics.The size of the companion animal market stood at 1.8 trillion won in 2015 and is forecast to grow to 5.8 trillion in 2020, according to a report from the Korea Institute for Industrial Economics and Trade.Due to Korea's aging society and an increasing number of people living alone, more households are expected to adopt companion animals. Hence the term “petconomy” ― which combines the words pet and economy ― was coined to refer to industries associated with companion animals.Insurers are introducing and diversifying their policies regarding pets. Insurance policies which had been limited to dogs now cover cats as well. They are also increasing the amount covered by the policies.Meritz Fire and Marine Insurance launched a policy for cat owners last month, which covers medical expenses over the cat's lifetime. The policy covers up to 10 million won in expenses for surgeries and ho

May 22, 2019By Kim Bo-eun
Insurers, banks seek opportunities in 'petconomy'

'Tech experts need to be fostered'

Financial Supervisory Service (FSS) Governor Yoon Suk-heun speaks to students at Seoul National University, Wednesday. / Courtesy of FSSBy Kim Bo-eunThe chief of the Financial Supervisory Service stressed the need for tech experts to be fostered, Wednesday.“Due to innovation in technology, new businesses and jobs are emerging, and the landscape of industry and employment is changing as the wall between humans and machines is being torn down,” FSS Governor Yoon Suk-heun said during a speech at Seoul National University.“One way to address these challenges lies in the ability to understand and utilize technology.” He referred to “technology design and programming” as one of the 10 growing skills for 2022, in the World Economic Forum's Future of Jobs Report for 2018.“Fostering tech experts in the finance sector is in line with the government's plan to boost innovation in finance through fintech,” Yoon said.“In order for finance to find an opportunity to leap forward in the Fourth Industrial Revolution, it will be essential not only t

May 22, 2019By Kim Bo-eun
'Tech experts need to be fostered'

Lee Yoon-pyo named as MSIM's Korea head

Lee Yoon-pyoBy Kim Yoo-chulMorgan Stanley Investment Management (MSIM) has named Lee Yoon-pyo as its managing director and head for South Korea.In this new role, Lee will be responsible for overseeing and growing the firm's asset management business in Korea. He will be based in Seoul. “We are excited to welcome Yoon-pyo to MSIM to deepen and broaden our relationships with major asset owners and distribution platforms in Korea,” said Hiro Shimizu, head of Japan and Korea for MSIM. “His appointment reflects our confidence in the growth prospects of Korea's asset management industry and the continued need for local asset owners to diversify investments abroad,” Morgan Stanley chief executive Steve Han said. “Yoon-pyo is a strong addition to the firm in Korea. Given his many years of experience in this market, he is well-positioned to deliver MSIM's global capabilities to our Korean clients. His appointment also reinforces the firm's continued commitment to building out our Korea businesses where we see the right opportunities to serve clients.”Lee wa

May 22, 2019By Kim Yoo-chul
Lee Yoon-pyo named as MSIM's Korea head

New internet-only bank to be announced May 26

The Financial Services Commission head office in Seoul / YonhapBy Jhoo Dong-chanThe Financial Services Commission (FSC) will announce the results of its ongoing screening for a new internet-only bank as early as Sunday, the financial regulator said Wednesday. Two consortiums led by Kiwoom Securities and Toss, a mobile money transfer app owned by Viva Republica, have bid for licenses.The FSC said that it could grant licenses to both consortiums if they are qualified but it is also possible that neither of them get approved.Kiwoom Securities CEO Lee HyunThe Kiwoom consortium, which managed to form a powerful alliance with big-name partners such as Hana Financial Group, mobile carrier SK Telecom and online shopping mall 11st, is expected to easily get the approval, but the hurdle seems a bit too high for the Toss consortium. Market observers first displayed their concerns about Viva Republica's cash reserves for possible contingencies after the exit of two strong allies ― Shinhan Financial Group and Hyundai Marine & Fire Insurance ― from the Toss consortium.Under related laws, the m

May 22, 2019By Jhoo Dong-chan
New internet-only bank to be announced May 26

Supporting needy children

Seoul Guarantee Insurance Company (SGIC) CEO Kim Sang-taek, right, poses with ChildFund Korea Chairman Lee Jae-hoon at the firm's head office in Seoul, Wednesday, after donating 200 million won ($167,392) to the charity organization for needy children. / Courtesy of Seoul Guarantee Insurance Company

May 22, 2019By Jhoo Dong-chan
Supporting needy children

Woori chief on M&A roll

Woori Financial Chairman Sohn Tae-seungBy Park Hyong-kiWoori Financial Group Chairman Sohn Tae-seung is on a roll in mergers and acquisitions (M&A). Since the group was launched as a holding company last January, Sohn has made aggressive deals to acquire non-banks such as asset management and real estate trusts.Recently, Woori Bank, in partnership with MBK Partners, has been named the new preferred buyer of Lotte Card. Sohn is also the chief executive of Woori Bank. MBK is leading the partnership with the private equity fund manager seeking to acquire a 60 percent stake in the credit card company. Woori and Lotte Group will each own a 20 percent stake, if they seal the deal. The shift was somewhat expected given that Lotte Card's previous preferred bidder Hahn & Co. failed to reach an agreement during the preferential negotiation period.Sohn is in Tokyo meeting with potential institutional investors to discuss Woori's latest and future deals, according to the company.From day one when the holding company was launched, Sohn has shown his determination to increasing the group's

May 22, 2019
Woori chief on M&A roll

Loans for youth

Financial Services Commission Chairman Choi Jong-ku, front row fourth from left, poses with chief executives of banks at an event promoting loan programs for young adults at the Korea Federation of Banks in Seoul, Wednesday. Choi asked banks to extend low-interest loans to young people so they can finance their housing deposits and monthly rent. Yonhap

May 22, 2019
Loans for youth

MBK-Woori consortium to acquire Lotte Card

The Lotte Card headquarters in Jung-gu, Seoul / Courtesy of Lotte GroupBy Jhoo Dong-chanLotte Group has changed the preferred bidder for Lotte Card to the MBK Partners-Woori Bank consortium due to an accusation made against the CEO of Hahn & Company by the KT union.The group had been in talks with Hahn & Company, the preferred bidder since May 3, but said it failed to reach an agreement during the preferential negotiation period that expired May 13.“We considered our options regarding possible risks from Hahn & Company's legal battle against the union members of mobile carrier KT,” a Lotte Group official said.“The battle could linger longer than anticipated. Also, we couldn't overlook the possibility that the PEF could face legal punishment. In a bid to swiftly conclude the sale of Lotte Card by mid-October, the group has decided to shift the preferred bidder to the MBK Partners-Woori Bank partnership.”Under related laws, major shareholders must not have been subject to punishment heavier than a monetary penalty for violating the Fair Trade Act, an

May 21, 2019By Jhoo Dong-chan
MBK-Woori consortium to acquire Lotte Card

SC Bank's checking accounts gaining popularity

A model holds a banner promoting the SC Cheil My Zoom and My Run checking accounts at a SC Bank Korea's head branch in central Seoul, Monday. / Courtesy of SC Bank KoreaBy Jhoo Dong-chanStandard Chartered (SC) Bank Korea is in the limelight for two new checking accounts that it says are most suitable for customers' needs under the current economic slowdown. The two accounts ― SC Cheil My Zoom and My Run ― offer at least a 1 percent annual interest rate even if a customer deposits money for a short time. It also said the bank will present various gifts to customers newly opening one of the two accounts until June 28. Five hundred customers who deposit more than 100 million won ($83,822) will be given a 50,000 won Shinsegae Department Store mobile gift card.Separate from the event, SC Bank Korea is also presenting Starbucks Americano coffee coupons to 300 new customers who deposit more than 30 million won to open the SC Cheil My Zoom or My Run accounts via its Self Bank mobile app. Of them, 30 customers will also be given an air purifier through a raffle. The lottery will be carried ou

May 21, 2019By Jhoo Dong-chan
SC Bank's checking accounts gaining popularity
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