Yoo Myung-soon, incumbent interim chief executive officer of Citibank Korea, was officially tapped to lead the bank as the first female chief to lead the US lender’s local unit, officials said Tuesday. The South Korean subsidiary of the New York-based bank held a general meeting of stockholders and the board of directors early in the morning to approve and confirm Yoo’s appointment. Yoo, who previously served as the bank’s senior executive vice president, was

Woori Financial Group said Monday that its third-quarter net profit dropped 1.13 percent on-year to 479.8 billion won ($425 million), but was above market expectations amid coronavirus woes. Local brokerages had projected an average 468.7 billion won for Woori’s third-quarter net profit. 　 The figure was calculated based on the respective sizes of the stakes Woori holds in its units. Under the premise that Woori holds 100 percent stake in all of its units, the figure would amount to 521

Woori Financial Group said Friday its board of directors agreed to buy a controlling stake in nonbanking lender Aju Capital from private equity firm Well to Sea Investment for 572.4 billion won ($507.2 million). The move heralds the move of South Korea’s fourth-largest banking group to enhance its nonbanking business and diversify its business portfolio. According to the filing Friday, Woori’s board agreed to acquire 42.6 million common shares, or a 74.04 percent stake, in the co

An instant 425.8 billion-won ($375.1 million) selloff by major shareholders of South Korean pop music agency Big Hit Entertainment appears to have caused a sharp decline of the Big Hit stock price in the days after its listing, market watchers said Thursday. Two special purpose companies including the fourth-largest shareholder Mainstone -- which owned a combined 9.16 percent of common shares -- immediately sold nearly half of their holdings in Big Hit, after the company went public o

South Korea‘s internet giant Kakao is planning to issue $300 million worth of exchangeable bonds to accumulate the dry powder for its future mergers and acquisitions activities, the company said in a filing Thursday. The US dollar-denominated exchangeable bonds will be issued privately on Wednesday on the Singapore Exchange. Investors in the hybrid securities will be offered straight bonds with zero interest. Once the bonds mature in April 2023, the hybrid security investor will be offe

Phnom Penh Commercial Bank -- the Cambodian subsidiary of JB Financial Group’s flagship lender -- signed a deal with a Thailand-based financial technology firm to provide electronic loan repayment services to customers, the South Korean banking group said Wednesday. PPC Bank’s latest memorandum of understanding with True Money is to allow customers to repay both the principal and interest back to the lender via the fintech firm’s electronic wallet service known as True Money

South Korea’s central bank on Wednesday held a ceremony for the launch of its upgraded large-value interbank fund transfer system, which started operations last week. The Bank of Korea’s real time gross settlement system is the nation’s only system handling transfers of large funds between financial institutions. The system was first launched in 1994 and was upgraded previously in 2009, but the BOK has been building the “next-generation” version since 2015 t

South Korea’s financial watchdog on Tuesday recommended that Lime Asset Management lose its license, the toughest penalty possible, for defrauding its investors and costing them trillions of won.  The FSS decision followed a meeting to decide the level of sanctions it would advise the regulator, the Financial Services Commission, to impose on the Seoul-based hedge fund manager. If the FSC agrees, Lime’s license as a privately pooled fund manager could be revoked as early as Nov

South Korea's state pension fund said Tuesday it has partnered with its Dutch counterpart to make joint investments in overseas assets. The National Pension Service has recently joined hands with APG Asset Management, which runs the biggest Dutch pension fund, to explore investment opportunities in global markets, the NPS said in a statement. The partnership came as the Korean pension fund increases the ratio of alternative investments in global markets amid low rates and an extended slowdown,

JPMorgan Asset Management has reduced its stake in South Korean securities brokerage house Kiwoom Securities to cash out 26.1 billion won ($22.9 million), in an apparent profit-making move, a filing showed Tuesday. Since August, Hong Kong-based JPMorgan Asset Management Asia Pacific and five affiliated parties had unloaded a combined 1.11 percent stake in the Seoul-based brokerage house without a brick-and-mortar branches. The transaction cut JPMorgan’s stock holding to 3.9 percent, stee

Major South Korean bank KB Kookmin’s incumbent CEO is likely to keep his role for another year, as he was tapped by board members on Tuesday as the sole candidate for the position, the firm said. KB Kookmin Bank CEO Hur Yin has been selected by the lender’s holding group KB Financial Group’s affiliate leadership nomination committee to serve his third term as his one-year second term is set to end on Nov. 20. Hur would have to gain approvals from a similar, yet lower committe

Major South Korean banking group KB Financial Group said Tuesday that it has issued 500 billion won ($439.1 million) worth of hybrid bonds focused on environmental, social and governance investment. They are the first won-denominated ESG bonds issued by a banking group here, the firm said. While a growing number of local financial institutions have floated ESG bonds in recent years, it was usually the major banking group’s flagship lenders that handled the business, not the holding compan

Nearly a half of local lenders’ borrowers have received the top credit rating as their ability to repay interest improved under the ultra-low interest rate environment, data showed Monday. As of end-September, 3.11 million, or 48 percent of the 6.46 million individual customers who borrowed money on credit were found to have received top score of the 10-level credit assessment system, according to Rep. Yoon Du-hyeon, citing data from credit rating firm NICE Credit Information Service.&nbs

South Korea’s buyout firm IMM Private Equity is looking for a buyer for Taihan Electric Wire starting November, five years after it invested 300 billion won ($261.7 million) in the then-debt-saddled company for a controlling stake, according to sources Friday. Shares of Taihan, the nation’s No. 2 power transmission wire maker, rose sharply on the Korea Exchange’s main bourse Kospi on Friday. At 12:30 p.m., Taihan shares were trading 9.8 percent higher than the previous day&rs

Shinhan Financial Group said Thursday that it has launched a comprehensive online auto financing platform that allows users to gain access to the firm’s loan and lease services. Shinhan’s customers can now check their credit limits and compare auto finance products or monthly installment plans tied to loans, leases and rentals via the platform dubbed “My Car.” The platform is available on its website and in app form. “My Car” was created by merging two sep