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Reporter : Anna J. Park
Sun, October 1, 2023 | 20:43
Financial giants mull acquiring KDB Life, ABL Life to beef up non-banking revenues
Aiming to expand their non-banking business portfolios, major financial firms, including local financial groups, are closely examining whether to add new insurance subsidiaries, as two insurers - KDB Life Insurance and ABL Life - are currently looking for new owners. Lotte Insurance and Tongyang Life Insurance are also deemed as candidates that are likely to be put up for sal...
Presence of global investment banks diminish in local IPO market
Local branches of global investment banks (IB) operating in Korea have barely been seen in domestic initial public offering (IPO) undertakings during the first half of this year, owing to the lack of trillion-won-sized major public offering deals in the country.
Kyobo Life employees to go by English nicknames to create horizontal workplace culture
Kyobo Life Insurance employees will refer to one another by their English nicknames, omitting job position titles, starting Monday, the firm's 65th foundation anniversary. The move aims to create a more horizontal workplace and flexible corporate culture within the company.
FSS chief to join overseas investor relations event in London to promote 'K-Finance'
Financial Supervisory Service (FSS) Governor Lee Bok-hyun is scheduled to join a financial firms' investor relations event in London in September, aiming to facilitate the promotion of the local financial industry.
Retail investors flock to superconductor stocks
Retail investors' enthusiasm is moving towards superconductors, resulting in stock price rallies in companies perceived as related to the technology. The trend follows the local stock markets' recent feverish advance toward secondary battery-themed stocks.
Why is embezzlement continuing at banks?
Questions have arisen over the high number of embezzlement cases involving bank employees in the country. Market watchers point out that binding rules and responsibilities on banks' internal control initiatives need to be strengthened, as the financial authorities' current non-binding guidelines fall short of changing banks' practices.
[INTERVIEW] Gov't move to break banking oligopoly not expected to cause major shifts
Despite financial authorities' recent decision to break the banking industry's de facto oligopoly and spur competition, the banking sector is not likely to see a major shift in its competitive landscape, S&P Global Ratings' senior credit analyst estimates.
BNK Kyongnam Bank employee caught embezzling $43 million
The Financial Supervisory Service (FSS) has confirmed an allegation of embezzlement amounting to 56.2 billion won ($43 million) by an employee in the project finance loan department at BNK Kyongnam Bank. The state-run financial watchdog announced Wednesday that it initiated an emergency on-site inspection on July 21, immediately after receiving a report of the allegation, and...
KakaoBank posts all-time-high profits for H1
KakaoBank has logged a record-high operating profit and net profit during the first half of this year, fueled by solid customer growth and sophisticated risk management to control delinquency rates.
Legal experts skeptical of benefits from protracted Lone Star-Korean gov't dispute
The Korean government plans to seek an annulment proceeding of an international tribunal arbitration ruling that ordered the country to pay $216.5 million plus interest in damage compensation to Lone Star. The move comes in response to the U.S.-based private equity fund's annulment application submitted at the end of last month, asking the arbitration tribunal to cancel the r...
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