Korean banks suffered a 9 percent on-year decline in net profit earned from their overseas operations last year due to deteriorating net interest margins, the country's financial watchdog said Monday.In 2015, domestic banks posted a combined net income of $572 million from their overseas operations, down from $629 million a year earlier, the Financial Supervisory Service (FSS) said in a statement.  Financial Supervisory Service (Yonhap)In a breakdown of their overseas earnings, non-interest inco

Korean firms saw their debt-to-equity ratios fall last year on the back of increased operating profits in the metal-processing and construction sectors, the country's main bourse said Monday.A total of 718 companies listed on the Korea Exchange (KRX), which recently reported their financial results for 2015, saw their average debt-to-equity ratio fall to 121.12 percent last year from 126.18 percent the previous year, the KRX said in a statement. KRX (Yonhap)For the whole of 2015, their overall c

The head of Korea's central bank will attend the upcoming meeting of finance ministers and central bank governors from the world's 20 advanced and developing countries in the United States, the bank said Monday.Bank of Korea (BOK) Gov. Lee Ju-yeol will head to Washington on Tuesday for the G-20 finance ministers and central bank governors' meeting, slated to be held Thursday and Friday (Washington time), according to the BOK. Bank of Korea Gov. Lee Ju-yeol (Yonhap)At the meeting, "The BOK govern

The amount of banknotes currently in circulation has reached over 90 trillion won ($78.12 billion), the central bank said Monday, apparently in line with the bank's continued easing stance to bolster growth in Asia's fourth-largest economy.Outstanding banknotes came to 90.79 trillion won as of end-February, gaining 1.3 percent from a month earlier and breaching the 90 trillion-won mark for the first time in the country's history, according to the Bank of Korea (BOK).Outstanding banknotes refer t

Korean Air failed to attract investors to its bonds due to growing risks stemming from its cash-strapped subsidiary Hanjin Shipping, according to news reports that cited investment banking sources.The listed Korean flag carrier, with a credit rating of BBB-plus, was seeking to issue bonds worth 250 billion won ($218 million) with a two-year maturity through its underwriters – Dongbu Securities, Kiwoom Securities, Korea Investment & Securities and Hyundai Securities.However, the company only saw

TEMPLESTAY FOR KEB HANA CLIENTS -- A group of expats who joined KEB Hana Bank’s Templestay Tour pose in traditional temple attire at Woljeongsa Temple, Gangwon Province, on Saturday. The bank said Monday that nearly 30 customers from 14 countries have participated in the two-day program held in partnership with the Jogye Order of Korean Buddhism. (KEB Hana Bank)

The number of bank branches in South Korea declined sharply in 2015 from the previous year as more users opted for mobile and Internet banking, data showed Monday.A total of 13 national and regional banks had a combined 5,890 branches and representative offices across the nation as of end-2015, down 165 from a year earlier. SC Bank Korea headquarters in downtown Seoul. (Yonhap)Standard Chartered Bank Korea, formerly SC First Bank, posted the largest drop by cutting 71 branches last year. In thei

More financial firms using automated platforms for managing money

South Korean share prices opened in the negative on Monday as investors remained cautious ahead of the release of major Chinese economic data due this week.The benchmark Korea Composite Stock Price Index fell 3.87 points, or 0.2 percent, to 1,968.18 in the first 15 minutes of trading. As of 10:24 a.m., the KOSPI was trading 0.4 percent lower at 1963.93. Traders monitor South Korean share prices at a local bank. (Yonhap)Analysts said traders are likely to stay in selling mode as they wait for a s

The stunningly low price of Allianz Life Insurance Korea being sold to China’s Anbang Insurance Group highlights the depth of troubles facing Korea’s life insurers, industry sources and experts said Sunday. Anbang has agreed to buy Korean operations of the German insurance group -- Allianz Life Insurance Korea and Allianz Global Investors Korea -- for $3 million, the two announced Wednesday. Allianz Life Insurance Korea's office building in SeoulThe news -- or more precisely the price at which A

McDonald’s, the world’s largest restaurant chain, has put its Korean unit up for sale, industry sources said.The company has asked financial services company Morgan Stanley to look for potential buyers but how much stake it wants to sell is unknown, they said.The food chain announced on March 31 its plans to search for “strategic partners” in Asia and add more than 1,500 restaurants in China, Hong Kong and Korea over the next five years.“These actions build on our turnaround efforts and will adv

Korea is preparing a renewed push for economic recovery after this week’s general election in a desperate attempt to jump-start the economy after a worse than expected first quarter, government officials said Sunday.The Ministry of Strategy and Finance plans to announce a series of policies by the end of April to boost jobs for youth and women, and to issue up to five new licenses for duty-free shops in Seoul, they said. Ministry of Strategy and Finance in Sejong City (Yonhap)The ministry’s move

KB Financial Group is expected to sign a stock-purchase agreement to take over Hyundai Securities Co. next week, industry sources said Saturday.KB Financial was chosen as the preferred bidder in late March, beating two major rivals, Korea Investment Holdings Co. and Hong Kong-based private equity firm Actis, in the bid to acquire a controlling 22.56-percent stake in Hyundai Securities.The deal came in line with Hyundai Group's efforts to revitalize Hyundai Merchant Marine Co., a key shipping uni

Korean stocks shed 0.1 percent on Friday as institutional investors opted to lock in recent gains following overnight falls in Wall Street, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) fell 1.84 points to close at 1,972.05. Trade volume was moderate at 395 million shares worth 4.33 trillion won ($3.75 billion), with losers outnumbering gainers 406 to 390.The market opened lower tracking the overnight slide in Wall Street,

As Korean regulators plan to make institutional investors reveal which stocks they’re selling short, experts here had mixed views on the new rule. Some believe it will boost transparency of stock market by providing retail investors fresh information about the volume and velocity of negative bets placed against companies. But others say short selling’s benefits, including market liquidity and pricing efficiency, will be hampered. From the second half of this year, the Financial Services Commissi