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Reporter : Anna J. Park
Thu, June 1, 2023 | 12:26
FSS warns Shinhan and Woori over lack of internal controls
The country's top financial regulator has ordered Shinhan Bank and Woori Bank to make up for their weaknesses regarding their internal controls. The notifications by the Financial Supervisory Service (FSS) to the two major banks are aimed at preventing various kinds of financial accidents.
Household debt expected to drop for 1st time in 18 years
With rising interest rates and frozen asset markets globally, the country's household debt is expected to fall this year for the first time in 18 years, since records began back in 2003. According to data by five major local banks ― KB Kookmin, Shinhan, Hana, Woori and NH NongHyup ― the remaining amount of household debt, as of Dec. 15, stood at 693.6 trillion won ($529.4 bil...
Woori Bank-Musinsa collaborative branch extends operations
Woori Bank has decided to extend for three more months the operations of a special branch that collaborated with online fashion platform Musinsa. The branch is located at one of the fashion brand's off-line shops called “Musinsa Terrace” in the trendy Hongdae district of Seoul, where customers can listen to various vinyl records and take photos. The store is called “Won Recor...
Supreme Court sides with Woori Chairman in DLF case
Woori Financial Group Chairman Son Tae-seung won a final victory in his legal battle to repeal a punitive measure imposed on him by local financial authorities, after the Supreme Court ruled in his favor.
KIRI president to serve another term
Ahn Chul-kyung, the incumbent president of the Korea Insurance Research Institute (KIRI), has been selected as the research institute's next president this week, after a nine-month delay in appointing the head of the institute.
Financial unions protest gov't meddling in chairman appointments
The Korean Financial Industry Union (KFIU), together with the unions of financial companies, are raising voices of criticism and protest against the Yoon administration meddling in the appointments of the heads of the major financial groups.
KCGI tapped as preferred bidder to acquire Meritz Asset Management
Korea Corporate Governance Improvement Fund (KCGI) plans to acquire Meritz Asset Management, as it was recently selected as a preferred bidder by Meritz Financial Group and NH Investment & Securities, the manager for the sale.
Corporate bond market shows signs of revival
The country's corporate credit market is showing signs of a revival, as the trading of corporate bonds with longer term maturities is increasing, after bottoming out just a few weeks ago. According to data by NICE Investors Service, a local corporate credit ratings agency, the trade volume of corporate bonds with maturities of over five years rose during the past week to 201 ...
Shinhan may undergo generational shift under incoming chairman
As incumbent Shinhan Bank CEO Jin Ok-dong was tapped early this month to take office as its next chairman in March, markets are focusing now on what changes he will bring to the group's management strategies. If Jin, who is currently the only nominee for the position, is officially approved as the next chairman at the group's shareholders meeting slated for March, he will beg...
KEPCO blocked from issuing more corporate bonds
The stock price of Korea Electric Power Corporation (KEPCO) soared during Friday's trading session, as investors expected an increase in domestic electricity fees after the National Assembly voted down a bill a day earlier aimed at expanding KEPCO's upper limit in corporate bond issuance. KEPCO shares ended at 21,000 won ($16.13) on Friday, up 8.53 percent from the previous t...