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Reporter : Anna J. Park
Fri, January 27, 2023 | 10:29
KakaoBank shares plunge on KB block deal
KakaoBank shares nosedived, Friday, with its stock price plummeting 8.17 percent to close at 28,650 won ($21.6). The plunge was mainly attributed to a block deal by KB Kookmin Bank, one of the digital lender's major shareholders. KB Kookmin Bank sold over 14.7 million shares, which is about 38 percent of the bank's entire stake in KakaoBank, for 28,704 won per stock in the bl...
K bank's IPO up in the air due to valuation discrepancy
Despite K bank's strong determination to go public by the end of this year, the digital bank's targeted IPO schedule remains murky due to discrepancies over the lender's corporate valuation seen by the market and the company.
Authorities to ban access to unauthorized foreign crypto exchanges
The Korea Financial Intelligence Unit (KoFIU) has urged caution on the part of local clients of overseas cryptocurrency exchanges to verify whether they have been registered under the Korean financial authority. The KoFIU announced a total of 16 virtual asset service providers (VASPs) on Thursday, which had failed to register themselves with the financial authority, and are t...
Digital assets continue to expand presence in both public, private sectors
There are many naysayers regarding the future of cryptocurrencies, calling them the contemporary version of the infamous speculation bubble surrounding Dutch tulips in the 17th century. Despite the presence of such pessimistic voices on digital assets, it is undeniable that central banks around the globe are researching the idea of a Central Bank Digital Currency (CBDC), with...
Life insurers to continue facing unfavorable external biz environment in H2
Major life insurance companies' earnings during the first half of this year showed a sharp year-on-year decrease amid rising interest rates and global monetary tightening policies. It is anticipated that the external business environment faced by local life insurers is not likely to change much during the second half of the year either. According to Kyobo Life's H1 earnings r...
SoftBank Ventures Asia up for sale on M&A market
SoftBank Ventures Asia, the venture capital arm of SoftBank Group, is reportedly seeking a new owner, a move that coincides with SoftBank Group's largest ever quarterly loss of 30.5 trillion won ($23.3 billion) posted in the second quarter, this year. Although the venture capital firm hasn't yet officially acknowledged market rumors about its potential sale in the M&A market,...
NPS reduces Samsung shares, while increasing TSMC stocks
The National Pension Service (NPS), the largest institutional investor in Korea with a net asset size of 948 trillion won ($725 billion) as of the end of last year, has lowered the number of shares it holds of Samsung Electronics, while increasing its stake in Taiwanese semiconductor company TSMC. According to the public disclosure information released by the pension service ...
Suspicious international wire transfers at local banks grow
As a follow-up to the ongoing investigation into suspicious international money transfer transactions of over 4.1 trillion won ($3.37 billion) over the last year at Woori Bank and Shinhan Bank, other major local banks have also spotted records of abnormal international remittances during the past year, amounting to some $3.15 billion. In total, a whopping $6.54 billion in sus...
Financial authority seeks to promote pet insurance
A pan-government task force team to promote the local pet insurance market will be launched next month, as the Yoon administration aims to fulfill its pledge of invigorating the pet insurance market, which was one of the Yoon government's 110 national task agenda items
FSS brings legal battle with Woori Financial chief to Supreme Court
The Financial Supervisory Service (FSS) has decided to appeal to the Supreme Court over a legal battle with Woori Financial Chairman Son Tae-seung, as the two sides have been fighting over the validity of the FSS' sanctions on the financial group's chief. The decision to appeal came several weeks after the FSS lost its appellate trial on the issue in late July.