Four industry experts have joined the race to head the leading nonprofit, self-regulatory financial organization in South Korea.According to the Korea Financial Investment Association on Wednesday, Daishin Securities CEO Na Jae-chul, Hana Financial Investment Executive Managing Director Seo Jae-ik, former IBK Securities CEO Shin Seong-ho and KTB Asset Management Vice Chairman Jung Ki-seung have thrown their hats into the ring.  Other strong potential candidates, including Korea Investm

Interest in unlisted stocks is projected to further grow as there are no other alternatives to Kosdaq and Konex

HSBC Securities has appointed Lee Jong-jin and Rhee Sang-ho as co-chief executive officers, the firm announced Wednesday.Lee joined HSBC in Hong Kong in 2009 from Dresdner Bank and transferred to HSBC Korea in 2010. He has since led fixed income sales, and in 2019 he expanded sales coverage to cash equity products. Lee is also said to specialize in risk management.Rhee joined HSBC in 2010 from JPMorgan and has been leading the Korea debt capital markets team.HSBC Securities provides market resea

SK Holdings slips from No. 1

Loans by insurance companies in South Korea rose 4.6 percent in September this year from a year earlier, data showed Tuesday.Outstanding lending by insurance firms totaled 229.3 trillion won ($193 billion) as of Sept. 30, compared with 219.1 trillion won during the same period of last year, according to the data released by the Financial Supervisory Service.Loans extended to households edged up 0.5 percent on-year to 120.4 trillion won, while their corporate lending increased 9.6 percent to 108.

Kakao Bank, South Korea's second internet-only bank, said Monday that it swung to a net profit in the first nine months of 2019 from a year earlier, further distancing itself from its only rival, K-Bank, in terms of profitability.The bank posted a net profit of 15.4 billion won ($13 million) in the January-September period, shifting from a net loss of 15.9 billion won a year earlier, according to data posted on the website of the Korea Federation of Banks.The bank posted a net profit of 6.6 bill

South Korea’s financial market watchdog on Monday expressed concerns over financial firms’ tendency of seeking short-term gains, referring to the recent disputes on the mis-selling of high-risk derivatives.“The conventional business practices, which led to the derivative-linked fund controversies, inflict heavy losses on both investors and financial firms,” said Yoon Suk-heun, governor of the Financial Supervisory Service.The FSS chief was speaking during a luncheon at Co

The chief executives of around 10 major brokerages in South Korea are set to end their terms in the first quarter of 2020, data from the Financial Supervisory Service showed Monday, signaling an industrywide leadership reshuffle. But market watchers also expect many of them to extend their average two-year terms based on their performance. CEOs who led strong earnings this year are likely to retain their positions due to the lack of major issues that usually prompt a reshuffle, according to Hwan

South Korea’s Mirae Asset Global Investments said Monday it has sold a premium authority building in Germany for 500 million euros ($551 million), earning a hefty profit.The asset management unit of Mirae Asset Financial Group has signed a deal to sell Cologne City Hall building -- the third-biggest building in the city, the company said in a press release.Mirae had acquired the building in February 2016 for 365 million euros through an overseas real estate blind fund. The firm’s div

Co-CEO Yeo Seung-joo to lead the insurer

Commercial banks in South Korea plan to formally launch an open banking service later this month, in a move to boost convenience and lower transaction costs for their customers, the country's financial watchdog said Sunday. The service, which enables bank customers to use virtually all banking services of any bank here with just one smartphone application, will be formally launched on Dec. 18, the Financial Services Commission said in a statement. Since launching a trial operation of the se

South Korean stocks opened slightly lower Friday on fears of a delay in a US-China trade deal.The benchmark Korea Composite Stock Price Index lost 2.82 points, or 0.13 percent, to 2,115.78 in the first 15 minutes of trading.The local shares closed slightly lower Thursday, one day after US President Donald Trump signed the law on support for protesters in Hong Kong, possibly creating a last-minute hurdle in US-China trade negotiations aimed at ending their prolonged trade dispute. Hit by the leng

GENERAL INSURANCEKB INSURANCEKB Insurance has launched an on-demand insurance product that offers a time unit insurance coverage for those working in delivery services, the first such product to be introduced in South Korea, according to the company.The subsidiary of KB Financial Group signed a memorandum of understanding with two firms -- Woowa Brothers, operator of the country’s largest mobile food ordering and delivery service app, and Smallticket, a community-based insurance marketing

CEO Lee seeks future growth in fast-growing financial markets in ASEAN, China, India

Korean banking giant kicks off New South Policy by becoming 2nd-largest shareholder