Korea's three financial services companies, including industry leader Woori Finance Holdings Co., have launched a due diligence on an ailing savings bank, industry sources said Friday. Mid-sized Samhwa Mutual Savings Bank has been suspended by thefinancial regulator as it failed to meet regulatory capital requirements. The government is seeking to sell the embattled savings bank unless it normaliz

South Korea and the United States plan to expand a program that simulates removing weapons of mass destruction in this year’s joint military drills to deter threats from North Korea, military sources here said Friday.Forces of the two countries have annually carried out joint war games, with last year’s 11-day Key Resolve and Foal Eagle exercise involving some 18,000 American troops and about 20,0

The state-run Export-Import Bank of Korea said Friday it has raised 40 billion Japanese yen ($484 million) by selling bonds in Japan to provide trade finance.The so-called “Uridashi” bonds mature in four years and carry a fixed interest rate of 1.05 percent, the bank said in a statement.Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investo

Renault Samsung Motors Co., the South Korean unit of French automaker Renault SA, said Friday it has introduced its mid-size passenger vehicle, the SM5, to the European market.The vehicle, known as the Latitude in overseas markets, is currently sold in some 30 countries throughout the world.“Through these SM5 exports, Renault Samsung Motors will fulfill its role as the Asian hub of the Renault-Nis

Money remittances to foreign countries, including foreign workers’ income transfers, jumped last year to nearly $10 billion (11.2 trillion won) amid the economic recovery, central bank data showed Friday.Total money flowing to foreign countries reached $9.97 billion last year, up 31 percent from the previous year, according to the Bank of Korea.Among total remittances, payment of income to foreign

Two of the nation’s three major financial groups are to choose their next chairmen in about a month.Woori Financial Group’s incumbent chairman Lee Pal-seung will see his term end in March and Shinhan Financial Group currently maintains an interim chairman system due to the recent internal feud among executives.Woori Financial launched a committee Friday, which will recommend the list of several ca

The Financial Supervisory Service plans to tighten oversight of local banks’ overseas operations, diverting from its earlier position of eased regulations to encourage their making inroads into foreign markets.The watchdog unveiled this year’s key regulatory policies during its meeting with financial market leaders at the Bankers’ Club in downtown Seoul on Tuesday.Major banks, including the nation

The Bank of Korea is focusing on the coming revised outlook of the International Monetary Fund for the 2011 global economy as the U.S. economy is showing positive signs of recovery.An issue is whether the IMF will revise its forecast on Korea’s GDP growth upward for this year, from its projection of 4.5 percent in October. The figure was identical to the outlook issued by the BOK.While BOK Governo

China Merchant Bank expected to boost Korean group’s expansionHana Financial Group has established a strategic partnership with China Merchant Bank, the country’s sixth-largest lender, beefing up ammunition for its planned portfolio diversification and expansion of China operations. The Korean financial group said Tuesday that the agreement will involve cooperation on a range of joint financial se