KB Financial Group ranked 68th on the list of the world’s 100 largest banks by core capital, the highest spot among local lenders, the Bank of Korea said Sunday.Citing the July edition of the London-based Banker magazine, the central bank BOK said a total of six Korean banks made the world’s top 100 list as of the end of 2012. The five other financial groups were KDB, Woori, Shinhan, Hana (plus Korea Exchange Bank) and NongHyup.KB Financial saw its core capital come to $19.2 billion at the end o

South Korean stocks are expected to trade higher this week as the plan by the European Central Bank to maintain its economic stimulus moves will boost investors’ sentiment, analysts said.The benchmark Korea Composite Stock Price Index closed down 22.42 points, or 1.2 percent, to 1,833.31 on Friday from the previous week.Earlier last week, the KOSPI remained flat as investors took a wait-and-see approach on the rising concerns over the Chinese economy and listed firms’ second-quarter earnings.The

China's government has promised sweeping changes to its state-run banking industry, including allowing the creation of private lenders, to support struggling private companies and curb what regulators worry are growing financial risks.The changes announced Friday would tighten controls on some bank activities while also increasing lending to credit-starved private businesses.The new leadership that took power last year has pledged to support entrepreneurs who generate China's new jobs and wealth

HSBC Holdings Plc said Friday it has decided to pull its retail banking out of South Korea and focus on the corporate banking service here.The British banking group said that it plans to close down its retail and wealth management services in South Korea next week and instead focus on the corporate banking business.The British banking giant said that it will seek regulatory approval to close down 10 of its 11 branches in Korea.“HSBC remains committed to South Korea where it is uniquely positione

South Korean stocks closed 0.32 percent lower Friday due to Samsung Electronics' lower-than-expected earnings estimate for the second quarter, analysts said. The local currency fell against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved down 5.83 points to close at 1,833.31. Trading volume was low at 280 million shares worth 3.72 trillion won ($3.27 billion) with gainers outpacing losers 434 to 351.Analysts said the decline came as Samsung Electronics, the world's

South Korean stocks traded almost flat late Friday morning amid abated woes over the eurozone's economic stimulus moves and Samsung Electronics' lower-than-expected earnings report, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 0.72 points, or 0.04 percent, to 1,839.86 as of 11:20 a.m.Carmakers traded bullish, with No. 1 player Hyundai Motor moving up 0.23 percent and its smaller affiliate Kia Motors adding 2.04 percent.Retailers also traded higher, with Hyundai Me

South Korean stocks opened higher Friday as the overnight European Central Bank meeting implied that the eurozone plans to maintain its economic stimulus moves down the road, analysts said.The benchmark Korea Composite Stock Price Index (KOSPI) gained 9.08 points, or 0.49 percent, to 1,848.22 in the first 15 minutes of trading.Shares gathered ground across the board, with top chipmaker SK hynix adding 0.52 percent and No. 1 carmaker Hyundai Motor rising 1.87 percent. Leading steelmaker POSCO gai

Foreigners' net selling of local stocks hit a nearly two-year high last month, as the U.S. Federal Reserve's signal to gradually end its easy-money policy prompted them to leave the Seoul market, the financial regulator said Friday.Overseas investors sold off a net 5.14 trillion won (US$4.51 billion) worth of local equities in June, a turnaround from the 300 billion won net purchase the previous month, according to the Financial Supervisory Service (FSS).The June figure is the largest net sellin

Information protection, creative content services to gain leg up for growth

Targets expected to include 10,000 individuals including heads of major conglomerates

The Korean unit of Deutsche Bank AG may be placed under prosecutors’ investigation for business irregularities, according to the Financial Supervisory Service.An FSS official said the regulator, in consultation with the Financial Services Commission, referred the financial firm Thursday to the prosecution for breaching the laws on financial investment, issuing an “institutional warning” against the Seoul branch and reprimanding its branch manager and eight other employees.The Deutsche Bank Seoul

South Korean stocks closed 0.79 percent higher Thursday as investors' sentiment was heightened by the Unites States' optimistic job data, analysts said. The local currency rose against the U.S. dollar.The benchmark Korea Composite Stock Price Index (KOSPI) moved up 14.48 points, or 0.79 percent, to close at 1,839.14. Trading volume was moderate at 309 million shares worth 3.09 trillion won (US$2.71 billion) with gainers outpacing losers 481 to 316.    "Seoul shares gathered ground on the back of

National Assembly data shows outstanding loans top 1.1 quadrillion won

Japan Tobacco International announced on Wednesday that it will hold its fourth national writing competition for senior citizens in Korea.This year’s literary contest awards great works in two literary genres ― poetry and essay ― with the theme “elderly lives of wisdom.” The annual JTI Elderly Literary Award was first held in 2010 to proliferate the “new senior culture” of creativity and independence. The application period runs from Aug. 1 through Oct. 15, with the results to be announced Nov.