NH Financial Group Chairman Kim Kwang-soo has officially been tapped to lead the Korea Federation of Banks, a representative body of commercial banks, officials said Friday.  The KFB board of directors unanimously approved Kim’s nomination as its 14th chairman during a general meeting held early in the morning. The appointment came after Kim was picked as the sole candidate to be KFB chief Tuesday, among seven candidates initially recommended for the post. Kim’s three-year te

Woori Financial Group said Wednesday that it has set up a 200 billion won ($180 million) fund to invest in social infrastructure projects, called the “Woori Global Infra New Deal Fund.”  In September the government announced its New Deal Fund, a state-led fund worth 20 trillion won aimed at investing in tech and green sectors, including artificial intelligence, renewable energy and hydrogen vehicles, through money pooled from government agencies, private financial institutions

NH Financial Group Chairman Kim Kwang-soo is likely to offer resignation soon as he was named the sole candidate to represent the nation’s largest bankers’ club, according to reports quoting insiders said Tuesday. On Monday, board members of the Korea Federation of Bank unanimously nominated Kim, among six other candidates. The federation is set to hold a general meeting on Friday to put Kim’s nomination to vote. If elected, Kim will officially start his term on Dec. 1, rep

South Korea’s real estate investment trust, indirectly controlled by Hong Kong-listed real estate platform ESR, said Monday that it is gearing up for an initial public offering that will raise 357.3 billion won ($321.3 million) before a listing on the main stock bourse, Kospi, to attract retail investors to its industrial portfolio. The new REIT, dubbed ESR Kendall Square REIT, will become the first listed REIT dedicated to logistics properties in Korea if the IPO goes ahead as planned l

Controversy escalated Sunday over the proposed business integration plan of South Korea’s two flag carriers -- Korean Air Lines and Asiana Airlines -- as to whether the fundraising plan of Korean Air’s parent company Hanjin KAL to achieve the tie-up is legally viable. State-run lender and creditor Korea Development Bank has addressed concerns over the possibility of an injunction court order that might kill its plan of providing 800 billion won ($716 million) to Hanjin KAL in retur

South Korea’s sovereign wealth fund Korea Investment Corp. said Sunday that it was now a member of the One Planet Sovereign Wealth Fund, the world’s largest multilateral working group convened by sovereign wealth funds across the globe to promote cooperation on climate change.  Established Dec. 12, 2017, at the “One Planet Summit” -- a global coalition launched by the French government and the UN to work together on climate change -- the fund exists to develop a f

South Korean banking groups are set to tighten lending rules for overdraft accounts, lowering borrowing limits amid government efforts to put a brake on the nation’s fast-growing household debt, industry data showed Friday. The five major commercial banks here -- KB Kookmin, Shinhan, Woori, Hana and NH NongHyup -- have started lowering limits for their key overdraft account products designed for “high-income individuals and professionals” from an average 200 million won ($179,

Top officials of the state-run lender Korea Development Bank said Thursday that the proposed merger of South Korea’s two flag carriers, Korean Air Lines and Asiana Airlines -- largely orchestrated by the creditor of the two -- may be scrapped if the court grants an injunction grinding the blockbuster deal to a halt. If the injunction is granted, the state lender has no choice but to go back to square one and pursue a plan that could cost it 5.4 trillion won ($4.8 billion) by 2027 to keep

The price of largest cryptocurrency Bitcoin reached a recent high dating back nearly three years, rising more than 4 percent within 24 hours amid investors’ rising demand for safe investments, digital currency data showed Wednesday. According to US-based cryptocurrency data provider CoinMarketCap, Bitcoin surpassed the $17,000 per bitcoin mark on Tuesday. The figure was the highest since $20,089 observed in December 2017. As of 4:30 p.m. on Wednesday here, bitcoin traded at $17,769.48,

South Korea’s mobile-only commercial lender Kakao Bank said Tuesday that it plans to raise 250 billion won ($226 million) from Hong Kong-based private equity firm Anchor Equity Partners. Under the plan approved by the board the same day, Anchor Equity Partners will complete the payment by Dec. 7 to buy 1 million new ordinary shares of Kakao Bank, as the lender plans to fetch a combined 1 trillion won by year-end before its initial public offering next year. Kakao Bank also said US inves

The Korean Federation of Community Credit Cooperatives, the nation’s leading financial cooperative, has been strengthening global cooperation with its foreign counterparts in the midst of the COVID-19 pandemic, the federation said Tuesday. 　 Under KFCC President Park Cha-hoon’s initiative, the financial cooperative has been exchanging messages with cooperatives around the world via Facebook and Twitter to encourage each other to stay strong during the pandemic. A total of 21 foreign

South Korea’s private equity fund backed by fried chicken franchise Pelicana Chicken is on the verge of closing a 20 billion won ($18.1 million) acquisition deal to become the biggest shareholder of MP Group, which owns pizza restaurant franchise Mr. Pizza and coffee chain Manoffin, a filing showed Tuesday. The deal will reach a final close once MP Group gets the green light to resume trading on the Korea Exchange’s development bourse Kosdaq in a decision affecting some 10,000 smal

Korea Development Bank to inject W800b into megadeal to help Korean Air acquire Asiana

South Korea’s government and the ruling Democratic Party of Korea have decided to lower the maximum legal lending rate to 20 percent from the current 24 percent starting next year to ease financial burdens on beleaguered debtors, the nation’s top financial regulator said Monday. Through the rate cut, nearly 87 percent or 2.08 million of 2.39 million borrowers across the country -- being charged with 20 percent interest rate per annum or more -- are expected to see their debt shrin

Investors say COVID-19 has helped them develop an eye for distressed assets, suitable partners