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Reporter : Lee Yeon-woo
Wed, November 29, 2023 | 21:10
Largest embezzlement case in Korean history exposed at BNK Kyongnam Bank
The Financial Supervisory Service (FSS) has confirmed that the extent of embezzlement in the recent real estate project financing (PF) scandal at BNK Kyongnam Bank is significantly larger than initially thought, with the total amounting to 298.8 billion won ($224 million). This stands as the largest embezzlement case ever recorded in the Korean financial market.
NK hackers ramp up use of Russian exchanges for crypto laundering: report
North Korean-linked hacking groups are increasingly using Russian-based exchanges to launder crypto assets, according to cryptocurrency analytics platform Chainalysis.
Financial regulator in dilemma over making ESG disclosures mandatory
Financial authorities are gearing up to require companies with over 2 trillion won ($1.5 billion) in assets to submit sustainability reports starting in 2025. However, such efforts are making slow progress as companies are now urging the regulators to extend the period, citing a lack of clear guidelines and costs.
Policy banks expand coal power funding despite ESG emphasis
Despite their emphasis on sustainable finance, the Korea Development Bank (KDB) and the Export-Import Bank of Korea (Eximbank) have been increasing their financial support for coal-fired power generation.
Private education spending for kindergarteners surges 38% in 5 years
Korean households with kindergarten-aged children have ramped up their spending on private education by more than 38 percent over the last five years, according to a report released on Sunday by the Korea Institute of Public Finance (KIPF).
Deutsche Bank to allocate additional $150 mil. for its Seoul business
Deutsche Bank announced a capital allocation increase for its Seoul branch of 211.5 billion won ($150 million), Sunday, to support the bank's growth in the country and undertake more activities for its clients.
Banks pivot to corporate loans amid household loan restrictions
As financial authorities apply breaks on record-high housing loans, the banking industry is pivoting its strategy to focus on corporate loans.
Korean housing still overpriced: BOK
The Bank of Korea (BOK) raised concerns, Thursday, that the housing market in Korea remains overpriced compared to people's incomes. According to the central bank, the average household would need to save 26 years of annual income to afford a home.
Pioneer of world first education insurance commemorated
Shin Yong-ho, the founder of Kyobo Life and the innovator behind the world's first education insurance, was commemorated on the 20th anniversary of his passing.
Bank of Korea struggles to retain workforce due to uncompetitive salaries
Once considered a coveted position for the highly educated, the Bank of Korea (BOK) is now struggling to retain its workers, according to data released on Wednesday.
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