Since 2014, KB Financial Group has renewed one business record after another, raising its yearly net profit to a record-high benchmark, moving a step ahead of rivals and cementing its position as industry champion.At the heart of such progress was Chairman Yoon Jong-kyoo, who is noted for his strategic balance between the group’s signature banking sector and prominent nonbanking businesses.In September last year, Yoon was reappointed as the financial holding company’s chairman, marki

KB Financial Group has solidified its position as South Korea‘s top banking group in terms of earnings and market cap, on the back of higher-than-expected earnings in the fourth quarter of 2017 that led to a record-high yearly net income last year.Stock analysts have said the financial giant’s capability to carry out shareholder-friendly actions driven by its increase in capital, will stretch its lead in the domestic banking industry, ahead of Shinhan Financial Group that topped in 2

The amount of corporate bond issuance here took a drastic upturn last month as companies took pre-emptive actions to secure funds ahead of the central bank’s impending key interest rate hike, according to the Korea Financial Investment Association.The total amount of bonds issued in February stood at 53.31 trillion won ($49.87 billion), up 1.6 trillion won from a month earlier, on the back of corporate bonds and asset-backed securities, data showed Wednesday.Of the total, the corporate bon

South Korean stock markets had a roller coaster day on Wednesday on foreign sell-offs, despite signs of inter-Korean rapprochement in the wake of South Korean envoys‘ meeting with North Korean leader Kim Jong-un the previous day. Market watchers remained mixed on whether the North Korean momentum would lead to a long-term upward drive in the local stock markets,  On Wednesday, the top-tier stock market Kospi and the second-tier Kosdaq both fluctuated. Opening lower, both Kospi and Kos

Ion Investments, which is controlled by Singapore’s sovereign wealth fund Temasek Holdings, has sold a part of its stake in South Korean biopharma company Celltrion and its distribution unit Celltrion Healthcare in a block deal worth around 1.1 trillion won ($1.03 billion).　News of the deal, which was made after the market’s close on Tuesday, led to the price of Celltrion and Celltrion Healthcare plunging by more than 10 percent Wednesday.According to news reports, Temasek on Tuesday

Those in their 20s are most active in investing in cryptocurrencies in South Korea, a survey showed Wednesday, as state regulators move to rein in the virtual currency frenzy in Asia's fourth-largest economy.Amid concerns over a bubble, the government banned the opening of new virtual accounts for cryptocurrency investors and requires those that bought and sold the currency to use real-name accounts, and not the virtual system favored in the past.Bitcoin, ethereum and other cryptocurrencies have

The Korea Herald is publishing a series of interviews on promising startups in the financial technology industry. This is the 11th installment. - Ed.Since last year, South Korea’s financial watchdogs warned retail investors about crowdsourcing funds for peer-to-peer project finance, saying that their repayment capabilities could only be determined on projected cash flow without collateral.The high return -- often at above 10 percent -- that the instrument promises to the lenders, triggered

SK Holdings decided in a board meeting Monday to hand over the controlling stakes of its brokerage arm worth 51.5 billion won ($47.9 million), or 10 percent of the firm, to Seoul-based private equity firm J&W Partners.If the deal gets the nod from the Financial Services Commission and J&W Partners manages to acquire all the shares until February 2019, SK Group will be free of regulatory drag for failing to divest itself of a financial arm. SK Holdings, a major shareholder of SK Securitie

Korea's current account surplus narrowed in January from a month earlier due mainly to a jump in the deficit of the service account, central bank data showed Tuesday. The country's current account surplus reached $2.68 billion in January, down from a surplus of $4.09 billion a month earlier, according to the preliminary data from the Bank of Korea.It marked the 71st consecutive month of a current account surplus, which started in March 2012. The services account deficit widened to $4.49 billion

Monetary policymaker gains confidence in belt-tightening measures

Prosecutors in South Korea have decided not to indict commercial bank KEB Hana Bank for offering preferential loans to Chung Yoo-ra, according to a news report Monday.Chung, 22, is a daughter of Choi Soon-sil, ex-president Park Geun-hye’s longtime confidante who was sentenced to 20 years behind bars in February for a corruption scandal which led to the impeachment of Park last March. KEB Hana Bank issued a standby letter of credit worth 386,600 euro ($476,200) to Chung in 2014, when she wa

Korea's top economic and monetary policymakers agreed on Monday to cooperate to reduce any fallout from a much expected rate hike in the United States and from growing trade protectionism, Seoul's finance ministry said.In a meeting held earlier in the day, Finance Minister Kim Dong-yeon and Bank of Korea Gov. Lee Ju-yeol shared the view that current economic recovery trends can be maintained but that there are a slew of external risk factors as well. "(The two) shared the view that the US F

Ranking officials of the finance ministry held a meeting Sunday to come up with measures on tackling the country's chronic low birthrate in order to bolster growth potential.Finance Minister Kim Dong-yeon, vice ministers and ranking officials gathered to discuss measures to deal with the impending issue after the number of newborns in South Korea dropped to a new record low last year.The number of babies born in 2017 reached 357,700, down 11.9 percent, or 48,500, from a year earlier, according t

South Korea’s bourse operator is expected to ease regulations on stock split processes in the wake of market top cap Samsung Electronics’ latest decision to implement a first-ever stock split.Korea Exchange is expected to announce a revised set of plans later this week to shorten the trading suspension period caused by stock splits, according to the benchmark Kospi operating headquarters Sunday. Under current regulations, stock trading is to be banned for 10-15 days after the gi

This is the 51st in a series of articles analyzing major companies traded on the tech-heavy Kosdaq market. -- Ed.An upbeat forecast for the first quarter of this year appears to have catalyzed the bull run of Studio Dragon, the creator of South Korean megahit series such as “Misaeng,” “Guardian,” “Signal,” and most recently, “A Korean Odyssey.”Behind the forecast is the projected income from rights sales of latest hit series to global internet ente