The amount of money South Korean firms raised through initial public offerings (IPOs) more than quadrupled to hit a record high last year thanks to ample liquidity and the overall bullish stock market sentiment, data showed Monday. A total of 89 companies went public in 2021 by listing stocks on the benchmark KOSPI and secondary tech-heavy KOSDAQ markets and raised a combined 19.7 trillion won ($16.4 billion), according to the data from the Financial Supervisory Service. The money raised from

Employees at South Korean financial firms will receive up to four times their monthly salary as their bonuses for 2021, backed by booming business, sources said Sunday. Woori Bank, one of the major commercial lenders here, has recently agreed with its union to hand its employees performance bonuses worth 300 percent of their monthly salaries plus some 1 million won ($830), according to industry sources. The nation’s No.1 commercial bank by performance, KB Kookmin Bank and its long-time

Local bank synthesizes facial features of its human staff to create faces of its virtual staff

The daily foreign exchange (FX) trading by banks in South Korea hit a record high in 2021 amid increased demand from strong exports, imports and foreigners' investment in local financial markets, central bank data showed Wednesday. The daily FX turnover came to an average $58.31 billion last year, up 10.3 percent from $52.84 billion tallied a year earlier, according to the data from the Bank of Korea (BOK). The amount marked the largest since 2008, when relevant statistics started to be compil

South Korea’s central bank said Monday that it has successfully completed the pilot testing of issuance and distribution of digital currency. The Bank of Korea has wrapped up the first phase of its two-part mock testing of the central bank digital currency in December and has been carrying out the second phase “smoothly.” Once the second phase wraps up in June, the BOK plans to start discussions on its actual launch and commercialization. It aims to expand the scope of the t

 Chiefs of South Korea’s Woori Bank and Shinhan Bank vowed to pursue customer-centric changes as a key goal for this year, the firms said Sunday. Woori Bank CEO Kwon Kwang-seok asked his employees to cooperate with the firm’s transition into a “customer-centric financial platform,” at a business strategy meeting held on both Zoom and via the metaverse. “The timeless solution toward success for businesses has always been the customers,” Kwon said at the

South Korea's state pension fund lowered its exposure to large cap and other domestic shares in 2021 in an apparent bid to boost returns and diversify its portfolio, a corporate tracker said Wednesday. The National Pension Service (NPS) held stakes of 5 percent or more in 265 companies listed on the country's major and secondary bourses as of end-2021, down 10 from a year earlier, according to CEO Score. Compared with two years earlier, the number was down as many as 49. Last year, the state

With government restrictions on loans getting tighter and financial technology firms expanding their presence, South Korean banks are turning to their wealthiest clients and their asset management as a survival tactic this year. NongHyup Bank CEO Kwon Joon-hak pledged Monday to adopt a new model that connects customers with wealth managers through its own digital channel. He said he plans to provide professional and quality services to customers using its digital wealth management channel, in

South Korea's money supply expanded in November as savings increased due in part to rising interest rates, central bank data showed Wednesday. The country's M2, a key gauge of the money supply, stood at 3,589.1 trillion won ($3.01 trillion) on average in November, up 1.1 percent, or 39.4 trillion won, from a month earlier, according to the preliminary data from the Bank of Korea (BOK). The growth rate was the same as what was reported in October. Compared with a year earlier, the money supply

The state-run Export-Import Bank of Korea (Exim Bank) said Thursday that it has issued $3 billion worth of dollar bonds to foreign investors. The state lender has sold three-year bonds worth $1 billion, another $1 billion in five-year bonds and $1 billion worth of debt that will mature in 10 years. It marks the largest-ever issuance of foreign-currency bonds among local institutions except the government, the bank said. Exim Bank added it has successfully floated its planned amount of bonds a

South Korea's foreign reserves declined for the second straight month in December as the country redeemed some of the maturing foreign currency stabilization bonds, central bank data showed Wednesday. The country's foreign reserves came to $463.12 billion as of end-December, down $790 million from the previous month, according to the data provided by the Bank of Korea (BOK). This marked the second straight month that the foreign reserves have contracted. In November, the amount dropped $5.3 bi

Leaders of traditional banks say growing clout of Big Techs, fintechs are threats

Samsung C&T said it has signed a deal to build an undersea high-voltage direct current network that connects the United Arab Emirates’ offshore oil production facilities and Abu Dhabi’s land power network. Samsung C&T said it would form a consortium with Belgian construction company Jan De Nul for the engineering, procurement and construction project worth 3.5 trillion won ($3 billion). Samsung C&T’s portion of the project amounts to 2.7 trillion won. This brin

Lotte Card recently launched a new credit card series that aims to offer best deals for shopping, dining out and more for millennials and Gen Z customers. The four cards under its so-called Loca Likit series – Loca Likit 1.2, Loca Likit Eat, Loca Likit Play and Loka Likit Shop – offers its users different discounts and cost-effective options for the shops they want. Loca Likit 1.2 pays 1.2 percent cash back on dining, cafe and food delivery apps and 1.5 percent back discount on o

Regulator, market players reluctant to open up access over fraud, money laundering concerns