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Reporter : Anna J. Park
Sat, November 26, 2022 | 23:58
KDB Life put up in M&A market for fifth time
Korea Development Bank (KDB) has officially kicked off the process to sell KDB Life Insurance, appointing Samil PwC to be the lead adviser for the sale. According to the investment banking industry Friday, KDB and Consus Asset Management - the two major shareholders of the life insurance firm - are set to send a prospectus on the sale deal to potential buyers as early as the ...
Lionheart Studio, Golfzon Commerce withdraw IPO plans
Lionheart Studio, which had been regarded as one of most anticipated IPOs for the tech-heavy Kosdaq market slated for this year, ended up canceling its listing plan, amid the market's negative sentiments towards its estimated corporate valuation as well as the public's fatigue over Kakao affiliates' series of IPOs. Originally, the subsidiary of Kakao Games was supposed to con...
KakaoBank, Kakao Pay employees agonize over stock price plunge
As the stock prices of key Kakao affiliates continue to plunge, employees at KakaoBank and Kakao Pay, who spent hundreds of millions of won to purchase their company's stocks when they went public last year, are suffering from snowballing losses. The stock prices of KakaoBank and Kakao Pay have been falling to new lows for consecutive sessions lately. KakaoBank's stock price ...
IMM considers selling minority stake in AirFirst
IMM Private Equity (PE), one of Korea's leading private equity firms, is considering selling a minority stake in AirFirst, a major industrial gas business company in the country. AirFirst was launched in 2019, following IMM PE's acquisition of a 100-percent stake in Linde Korea's industrial gas business. According to the investment banking sources Wednesday, the private equit...
FSS vows stern action against suspicious overseas remittance cases
The Financial Supervisory Service (FSS) plans to wrap up its months-long investigations over local banks and securities firms' abnormal overseas remittance transactions that amounted to nearly 10 trillion won ($7 billion) in 2021.
Kakao Pay Insurance launches first product
Kakao Pay Insurance officially launches its very first insurance plan this week, aiming to solidify its position as the country's representative fintech-led digital non-life insurer. It took six months for the digital insurer to come up with its first product, since the country's financial regulator, the Financial Services Commission (FSC), gave the green light to the firm to...
Startups see corporate values dive due to tightened liquidity
A rapid tightening of global liquidity is dealing hefty blows to local startup companies, as many of them are forced to accept much-lowered corporate valuations to attract new investments. An overall drop in new investments made by venture capital companies has forced startups to sell their stakes at much lower prices. For instance, Balaan, a high-end fashion shopping commerc...
Internal business transactions soar at Naver and Kakao
Naver and Kakao, Korea's leading IT platform companies, each recorded internal transactions worth over one trillion won ($700 million) last year. While the volume of the internal transactions doubled at Naver during the past four years, Kakao logged a seven-fold increase in such settlements during the same period. According to documents submitted by the Fair Trade Commission ...
4 major banks spend $178 mil. on legal fees
Major local banks' spending on legal costs has soared in the last couple of years, in their efforts to defend themselves from financial authorities' punishments for some key financial scandals and accidents. According to documents submitted by the Financial Supervisory Service (FSS) to main opposition Democratic Party of Korea (DPK) Rep. Lee Yong-woo, four major banks - KB Ko...
Insurance sector faces low growth amid inflation, uncertainties
Insurance experts in the country forecast a 2.1 percent year-on-year growth in premium income next year, due mainly to continuing inflation and recessional market sentiment stemming from increased uncertainties in macroeconomic factors. Participants at a seminar hosted by the Korea Insurance Research Institute (KIRI) in Seoul, Thursday, called for local insurers to strengthen...
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