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Reporter : Yi Whan-woo
Fri, August 19, 2022 | 22:18
Shinhan opens 3 branches in Vietnam, consolidates status as No. 1 foreign lender
Shinhan has newly opened three branches in the two biggest cities in Vietnam - Hanoi and Ho Chi Minh City - consolidating its status as the largest foreign lender operating in the Southeast Asian country. The bank said Sunday it has opened a new branch in Hanoi, and two in Ho Chi Minh City, which increases its total number of offices in Vietnam to 46.
Eximbank led by new chief who comes from within own ranks
The Export-Import Bank of Korea (Eximbank) is led by a figure who comes from its own ranks, marking a progressive step, unlike other public institutions that have been stirring controversy for their “parachute appointees,” or heads who have been appointed due to their connections with the current government. Eximbank said Wednesday that new Chairman and President Yoon Hee-sun...
High inflation expected to persist throughout 2nd half
Consumer expectations for inflation hit a record high at 4.7 percent in July, while their confidence in economic prospects fell to the lowest level in nearly two years, a Bank of Korea (BOK) survey showed, Wednesday. The survey suggests consumers are not optimistic about inflation letting up in the second half, in contrast to the country's top economic policymaker who forecas...
How far will banking groups advance into new industries as gov't deregulates?
Banking firms will soon be unrestrained as they search for their next growth engines - in non-financial sectors - under the government's latest deregulation plan, prompting speculation over possible new businesses that they may be interested in. Announced by the Financial Services Commission (FSC) on July 19, the plan is aimed at easing a rule that restricts banks and industr...
Slowdown in exports raises concerns over Korea's growth
The Korean economy grew at a faster-than-expected pace in the second quarter, on the back of an increase in private spending. But exports, the key engine for growth, suffered a major setback amid a global slowdown fanning worries that the economy will lose steam in the latter half of this year. In its preliminary report, Tuesday, the Bank of Korea said the nation's gross dome...
Woori Bank embezzlement suspect stole far more than previously estimated: financial watchdog
A Woori Bank employee who was arrested recently for embezzlement took far more money than the prosecution had originally concluded when it pressed charges against him in May, the Financial Supervisory Service (FSS) said, Tuesday. The FSS said the case reveals Woori Bank had a serious defect in its self-regulatory control system when securely managing customers' money.
KB, Shinhan, Woori post record net profits in 1st half of year
Three of the country's major banking groups posted record net profits in the first half of this year on the back of robust interest payments. The country's top banking group, KB Financial Group, still leads Shinhan Financial Group in its earnings for the first half of the year, while it fell into second place behind the latter in its performance for the second quarter.
Korea to expand tax incentives for highly-skilled foreign engineers
The government will extend a 50-percent cut on income taxes for highly-skilled foreign engineers to 10 years from the current five years in a bid to attract more talented workers from abroad and encourage such people to stay longer amid growing concerns of a population decline. The government will also offer a flat income tax rate of 19 percent for foreigners who work in Kore...
Prolonged strike may hamper KDB's move to sell off DSME
A protracted strike by subcontracted workers of Daewoo Shipbuilding & Marine Engineering (DSME) is emerging as a new stumbling block in state-run Korea Development Bank's (KDB) efforts to find a new buyer for the loss-making shipbuilder, raising fears of additional losses and tarnished credibility. KDB is DSME's main creditor and largest shareholder with a 55.7 percent stake....
KEPCO bonds rate distorting wider bond market: experts
Korea Electric Power Corp. (KEPCO) is moving faster on issuing bonds at higher coupon rates this year in a bid to cover snowballing losses, with the rate for the firm's five-year bond hitting a 13-year high of 4.48 percent last month. While the state-run electricity supplier is enjoying a sharp rise in bond sales, other companies find it tough to keep up with KEPCO's coupon r...
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