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Sun, May 29, 2022 | 05:22
Regional banks' declining offline business casts doubts over relocation plan of Seoul firms
The country's regional banks are shutting down their branches over the declining profitability of offline services, which in turn is casting doubts over the feasibility of President Yoon Suk-yeol's plan to relocate Seoul-headquartered financial institutions outside the nation's capital. Yoon has been singling out state-run policy lender Korea Development Bank (KDB) in his rel...
Shinhan Financial in final stage of getting gov't approval for BNP Paribas Cardif takeover
Shinhan Financial Group is in the final stages of winning government approval for its takeover of BNP Paribas Cardif General Insurance, the non-life insurance unit of French banking group BNP Paribas. According to financial sources, Friday, the Financial Services Commission (FSC) is likely to wrap up its review of the deal and finalize its decision by June 8.
KDB relocation emerges as last-minute campaign issue in Seoul, Busan mayoral elections
The rival mayoral candidates for both Seoul and Busan are capitalizing on President Yoon Suk-yeol's plan to relocate the Korea Development Bank's (KDB) headquarters outside the nation's capital in their last-minute campaigns to woo voters in the June 1 local elections. Yoon wants to move the state-run KDB to Busan in the name of balanced regional development, which collides w...
BOK raises key rate to 1.75%, signals more hikes soon
The Bank of Korea (BOK) hiked its key interest rate by a quarter percentage point to 1.75 percent, Thursday, its first back-to-back rate increase in 15 years, in a desperate bid to fight inflation. BOK Governor Rhee Chang-yong hinted at additional hikes in the months to come, stressing that the central bank will place a top priority on keeping prices under control over growth...
Consumers' inflation outlook hits 10-year high
Consumers' expectation for inflation hit its highest level in nearly a decade at 3.3 percent in May, according to a Bank of Korea survey (BOK), Tuesday, fueling concerns of intensifying inflationary pressure amid soaring oil and raw materials prices. Accordingly, it is presumed that the BOK may raise its key rate faster than expected to preemptively keep inflation under contr...
KB Financial vows to expand partnership with Jefferies Financial Group
KB Financial Group said Tuesday its Chairman and CEO Yoon Jong-kyoo met with Brian Friedman, president of the U.S. investment banking company Jefferies Financial Group, to discuss consolidating their partnership to help the Korean firm expand its presence in the global investment banking industry. They will widen their partnership from the ongoing cooperation between KB Finan...
Korea, US get closer to currency swap deal after summit
The latest summit between the leaders of Korea and the United States has raised expectations that the two allies will soon sign a currency swap agreement, since they agreed to cooperate closely to develop the foreign exchange market, according to experts, Monday. Such expectations stem from growing calls for the revival of the currency swap deal here amid a rapid depreciation...
IBK chairman in consideration for Prime Minister's chief officer position: sources
Industrial Bank of Korea (IBK) Chairman and CEO Yoon Jong-won may well be the strongest candidate as the chief of Office for Government Policy Coordination, according to political and financial sources, Monday. Whoever fills the position will be responsible for assisting new Prime Minister Han Duck-soo to coordinate administrative issues.
Summit tips Korea's economic axis toward US
The bilateral summit between leaders of Korea and the United States, Saturday, shows Seoul's tilt toward the U.S. concerning the economy, which accordingly is anticipated to benefit from the Washington-led alliance in global supply chain networks and trade. But because such a move could mean an end to Seoul's double allegiance to Washington and Beijing, they have the risk of ...
Hana Financial to widen support for aspiring young entrepreneurs
Hana Financial Group will expand nationwide support for university students who aspire to start their own business. The country's fourth-largest banking group said Sunday it signed a memorandum of understanding (MOU) with Korea National University of Cultural Heritage as part of a project named “Hana Social Venture University.”
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