The use of mobile banking in South Korea more than doubled in 2011 from a year ago on the back of the ballooning local smartphone user population, the central bank said Monday.Mobile banking transactions reached an average of 7.67 million per day in 2011, growing more than two fold from 3.74 million in the previous year, according to the Bank of Korea.The daily transaction amount surged 57 percent on-year to 652.6 billion won ($587.6 million), while the number of mobile banking users jumped 50.6

Korean stocks closed a tad higher Monday, lifted by improved U.S. economic data, but the gains were limited on renewed concern over Greece’s default, analysts said. The local currency fell against the U.S. dollar. The benchmark Korea Composite Stock Price Index gained 0.79 points, or 0.04 percent, to finish at 1,973.13. Trading volume was heavy at 515.3 million shares worth 7.21 trillion won ($6.43 billion) with decliners outpacing gainers 433 to 400. The KOSPI opened 1.10 percent higher but los

About 1 million stores participate in protest to demand reduction of service chargesA million retailers nationwide are set to boycott payment via Shinhan Card from Feb. 20.Their protest against the nation’s largest credit card firm is due to the card industry’s lukewarm attitude toward cutting settlement service charges on retailers.Members of the retailer association notified consumers on Monday that they will not accept Shinhan Card for payment of goods.The retailers reportedly demanded cuttin

A convicted former senior tax official has been additionally indicted on charges of receiving a massive amount of money in return for helping South Korea's third-largest industrial conglomerate SK Group evade tax audits, prosecutors said Monday. Lee Hee-wan, a former director at the Seoul Regional T

Foreign bank branches in South Korea saw their net fall 16.2 percent in 2011 from a year earlier due mainly to a decline in profit from stock investment and interest earnings, the financial regulator said Sunday.The combined net income of 38 foreign lenders’ local branches reached 1.23 trillion won ($1.1 billion) in 2011, compared with 1.47 trillion won in the previous year, according to preliminary data by the Financial Supervisory Service.Of the total, 33 foreign bank branches reaped profits,

Los Angeles (Yonhap News) ― Hana Financial Group Inc., Korea’s No. 4 banking group, said that it is pushing to acquire a Korean American commercial bank in the United States as part of its bid to accelerate expansion abroad. The move comes as Hana Financial Group seeks to boost overseas revenue by taking over the Korea Exchange Bank, Korea’s No. 5 lender, in one of the biggest banking deals in South Korean history. “We are eying (targets) on the East and West coasts where a large number of overs

Korean stocks are expected to move in a narrow range in this week, as foreign buying may turn lackluster and pressure from the latest gains is likely to slow down a further gain by the key index, analysts said Saturday. The benchmark KOSPI closed on Friday at 1,972.34, up 0.38 percent, or 7.51 points, from one week ago. Although foreign investors propped up the KOSPI earlier this week, the key index failed to surpass the 2,000 level likely to have cheered investors. The last time the KOSPI trade

   Los Angeles (Yonhap) -- Hana Financial Group Inc.,South Korea's No. 4 banking group, said Saturday that it is pushingto acquire a Korean American commercial bank in the United Statesas part of its bid to accelerate expansion abroad.   The move comes as Hana Financial Group see

Korea’s central bank is expected to stand pat on its key interest rate in the first quarter as murky economic situations and a membership transition in the rate-setting committee is likely to spur a wait-and-see stance, analysts said Friday.The benchmark seven-day repo rate currently stands at 3.25 percent after the Bank of Korea froze the rate for the seventh consecutive month in January, citing increasing downside growth risks stemming from the eurozone debt crisis.The forecast contrasts with

Ministry’s excluding KDB from list of public agencies ignites pros and consThe government’s recent decision to exclude KDB Financial Group from the list of public corporations has paved the way for the lender to speed up its privatization project, financial sources said.In late January, the Finance Ministry took the state-run financial group off the yearly list of public agencies.But the government’s policy, which has paved the way for KDB Financial to push for a stake sale, is inviting contradi

Seoul shares barely budged before the 2,000 mark level Friday as mixed economic data and weaker-than-expected earnings undermined investor sentiment. Analysts projected the benchmark KOSPI to stay above the 2,000 level next week under the scenario that the U.S. jobs indicator continues to improve. The KOSPI lost 0.6 percent to close at 1,972.34, ending a relatively stable week after a three day winning streak. The junior KOSDAQ gained 0.1 percent to 522.59. The local currency traded flat, gainin