South Korea should encourage the establishment of an independent research body that produces unbiased securities reports to guide investors, suggests a latest report by the Korea Institute of Finance.According to a KIF report Sunday, the proportion of “sell” opinions for Korean companies that were adopted by local securities companies between September 2017 to September 2018 stood at a mere 0.1 percent.During the same period, the proportion of “sell” opinions adopted by f

South Korean stocks are unlikely to to gain ground next week amid gloomy corporate estimates and looming signs of economic slowdown, analysts said Saturday.The Korea Composite Stock Price Index (KOSPI) rose 19.04 points, or 0.87 percent, to 2,196.09 on Friday, from 2,177.05 points a week ago. The index rallied for the first four days of the week on rising expectations that a trade deal could be forged between Washington and Beijing.It jumped nearly 25 points to hit a four-month high on Thur

South Korea’s major banking groups are actively seeking mergers and acquisitions to expand their nonbanking business, in an effort to diversify incomes in light of volatilities in the main banking sector.Faced with the government’s efforts to lower lending rates, banks here have been turning their attention to diversifying their portfolio, focusing on acquiring nonbanking finance firms, such as loan service providers and credit card firms.The latest move was made by KB Financial

Nonghyup Financial Group Inc. said Thursday its net profit reached an all-time high last year, surpassing the 1 trillion won ($888.9 million) mark for the first time.Net profit of the financial group reached 1.22 trillion won in 2018, up 41.8 percent from a year earlier, the group said in a statement.The best-ever performance since the group's establishment in 2012 is attributable to the growth in interest income and commission fees and lower loan-loss provisions. Its interest income rose 9.9 pe

South Korea’s tech-heavy secondary bourse Kosdaq has been buoyed in recent weeks by foreign investors’ increased interest in the nation’s biotech and pharmaceutical sectors. According to the nation’s sole stock exchange operator Korea Exchange on Wednesday, overseas investors’ net buying of local shares on the Kosdaq, from Jan. 23 to Monday, amounted to 490.5 billion won ($437.6 million), a stark contrast to their decision to net sell stocks worth 606.1 billion won

Global credit card giant Visa is planning to open a new innovation center in South Korea as it seeks to expand partnerships with local financial technology startups to develop the next generation of payment solutions.“Korea is considered an epicenter of fintech innovation. To pursue a more meaningful fintech-big tech collaborative business model, we are planning to establish an innovation center here,” said Patrick Yoon, country manager for Visa International Asia Pacific Korea, duri

Shinhan Financial regains No. 1 banking group title, overtaking KB Financial

With the National Pension Service apparently determined to pressure companies with “stingy” dividend policies to change their ways, investors are viewing it as an opportunity to seek out new targets with the potential for high payouts, while businesses are concerned on excessive management intervention. Signs of change were spotted as the NPS began exerting its shareholder rights through the stewardship code over Hanjin KAL on Feb. 1, followed by its demand for Namyang Dairy to incre

Market regulators call for exclusive regulations for new fintech sector

Shinhan Financial Group has decided to form a consortium with Viva Republica, the operator of the popular mobile payment app Toss, to enter South Korea’s internet-only bank business, the financial holding firm said Monday. The consortium will place a bid for a preliminary license to clinch the right to operate the nation’s third internet-only bank, it said. The Financial Supervisory Service is slated to accept applications March 26-27. Shinhan said its decision to team up with T

Woori Bank, a major South Korean commercial lender, said Monday its net profit for 2018 soared 33.34 percent from a year earlier on the back of growth in interest income.　Net profit came to 2.04 trillion won ($1.81 billion) in 2018 on a consolidated basis, up from 1.51 trillion won a year earlier, the lender said in a regulatory filing.　Its operating profit jumped 27.22 percent on-year to 2.74 trillion won, a record high, the bank said, while noting that its yearly sales fell 16.05 percent to 19

The preliminary bidding for Lotte Capital, the loan services unit of Korean-Japanese conglomerate Lotte Group, takes place Tuesday, with the country’s major banking groups and private equity funds expected to participate. Lotte Capital is one of the three Lotte companies currently on the market. The two remaining firms on sale -- Lotte Card and Lotte Non-Life Insurance -- already held the preliminary bidding on Jan. 30, with a number of conglomerates and PEFs showing interest. Among the th

Officials from the International Monetary Fund and the World Bank will visit South Korea this week for a regular assessment of the nation's financial system, officials said Monday.The IMF and World Bank conduct evaluations of the financial architecture of 25 selected countries every five years under the Financial Sector Assessment Program. South Korea was last reviewed in 2013. A delegation of IMF and World Bank officials will arrive in South Korea on Tuesday to discuss details of the assessment

Leading banks seek to nurture in-house ventures, amid slowing business and intense rivalry from fintech players