The ratio of South Korean savings banks' loans extended to households hit a record amid shrinking corporate investment, data showed Sunday.Their outstanding loans totaled 41.1 trillion won ($34.9 billion) as of end-September, up 15.77 percent from the end of last year, according to the Bank of Korea's economic statistics system. A composite image provided by Yonhap News TV shows savings banks in operation. (Yonhap)Corporate loans rose 9.84 percent to 23.4 trillion won, while household loans jump

Woori Bank said it had sold four tankers owned by Hanjin Shipping for $58.6 million to recover 36.8 billion won of uncollected ship financing debt.When the financially troubled shipper went into court receivership in early September, it handed over its 44 ships bought on borrowed money to the creditors.The four tankers, 8-9 years old, were the first to be sold among the 44 vessels, the bank said.The bank put the vessels on sale in September on public bidding and selected a Hong Kong-based shippi

Ever since Levi’s first introduced denim jeans in the late 1800s, the denim industry has continued to grow regardless of the economic situation, according to Jung Jang-geun, a veteran financial investor based in Seoul. “As long as the population grows, it is impossible to see the denim industry slowing,” Jung said in an interview with The Korea Herald. “Denim jeans may be a fashion item in developed countries now, but they are still work wear for laborers in emerging countries.” Jung Jang-geun,

Corporate split-ups as a means to raise stock value and make corporate governance more transparent have emerged as a recent trend in the South Korean securities market, with food companies the latest to join in. Orion Group, a leading confectionary manufacturer, decided late Tuesday to split the group into two entities -- Orion Holdings and Orion Corp. -- starting from June 1 next year.Orion Holdings will be in charge of controlling 17 non-confectionary subsidiaries and making new investments, w

Shinhan Bank said it has been given a presidential award from the Trade Ministry for its role in helping attract foreign direct investment at the 2016 Foreign Company Day event Wednesday.The bank’s task force consisting of FDI experts has helped foreign investors make inroads into the local market and offered foreign-language investment consultations with expat employees from the UK, Japan and China, the bank said. Shinhan Bank‘s Vice President Choi Byung-hwa (center) poses for a photo with Vice

The credit outlook for Korean financial and non-financial corporations are stable for 2017 on the back of support by steady economic growth and low commodity prices, Moody’s announced on Tuesday. At a media briefing session prior to the 14th annual conference on Korean firm’s credit outlook in Seoul, Michael Taylor, managing director and chief credit officer at Moody’s Investors Service based in Hong Kong, highlighted Korea’s strong fiscal position that will help to smooth the ongoing economic r

Suhyup Bank will broaden its capital base to 2 trillion won ($1.7 billion) and become a mid-tier bank when it separates from the National Federation of Fisheries Cooperatives on Dec. 1, its CEO said Tuesday.The semi-policy bank, mainly providing financing and support for the fisheries and maritime industries, has been preparing to launch as a separate subsidiary of the NFFC to meet Basel III capitalization standards.When the Financial Services Commission announced in 2013 that the regulator woul

South Korea's financial authorities announced a package of measures Tuesday aimed at enhancing the global competitiveness of the local derivative market.Since introducing derivative products two decades ago, South Korea has been a leading player in the field among Asian economies. A computer-generated imagery of a exchange-traded note (ETN). (Yonhap)But its market remains heavily dependent on stock index-linked instruments.The volume of such products traded here last year accounted for 68.9 perc

This is the 30th in a series of articles analyzing major companies by market capitalization traded on the tech-heavy Kosdaq market. -- Ed

A Bank of Korea survey of 2,500 adults nationwide showed that 39.7 percent of purchases by South Koreans were with plastic. Credit card usage surged from 31.4 percent last year, surpassing cash.

China-sensitive stocks of entertainment and cosmetics firms nosedived Monday, after China reportedly banned Korean dramas and commercials featuring K-pop stars on China’s state-run TV stations in retaliation against Korea’s decision to deploy a US advanced missile defense system here. On the Kosdaq market, stocks of S.M. Entertainment -- the nation’s largest entertainment agency which manages many K-pop acts -- plunged 8.2 percent to 25,900 won on Monday. YG Entertainment fell 6.9 percent to 26,

The National Pension Service’s stock investment in Samsung C&T has suffered a loss of 590 billion won ($500 million) since it voted to approve the merger of Samsung C&T and Cheil Industries in July last year, industry data showed Sunday.According to Chaebul.com, which traces the finances of Korean conglomerates, the NPS’ holdings of Samsung C&T’s stocks were valued at 1.51 trillion won as of Thursday, a 28 percent decline from a combined 2.1 trillion won of the former Samsung C&T and Cheil Indus