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Reporter : Anna J. Park
Tue, December 6, 2022 | 03:31
IMM decides to unload Missha despite losses
Able C&C, which owns Korea's representative road-shop cosmetics brand Missha, is finally up for sale in the M&A market, five years after IMM Private Equity (IMM PE) purchased a controlling stake in the firm for about 400 billion won ($287 million). While Credit Suisse has been tapped to manage the sales process, the selling price is estimated to be less than half of what IMM ...
Hyundai Card CEO's sudden resignation draws attention
As the CEOs of both Hyundai Card and Hyundai Commercial stepped down from their posts recently without completing their terms, market attention is now focused on Chung Tae-young, vice chairman at Hyundai Card and Hyundai Commercial, as to the reasons for the CEOs' sudden resignations and the vice chairman's future moves with the firms.
FSS chief stresses preemptive risk management for market stability
Financial Supervisory Service (FSS) Governor Lee Bok-hyun reiterated his vows to respond preemptively to the economy's internal and external uncertainties, aiming to maintain financial stability amid the increasingly complex situation. During a press conference on Thursday, which was held to mark the 100th day since his taking the chief position in early June, Governor Lee sa...
Financial industry's strike plan fails to win support from colleagues
The Korean Financial Industry Union (KFIU) confirmed its plan to go ahead with an all-out strike from Friday, yet the strike is unlikely to present major setbacks to financial customers, as only a minimal percentage of union members are expected to join the move. According to the KFIU, the industry union, which includes members from both commercial banks and state-run banks, ...
Shinhan Life to expand operation in Vietnam
Shinhan Life is expected to open up its new Vietnam business center in Hanoi later this year, aiming to strengthen its presence and competitiveness in the Southeast Asian country. The life insurer began its Vietnamese operation in January this year in Ho Chi Minh City, and its success in the southern city has encouraged the expansion to Hanoi later this year.
PEFs face challenges raising capital
The amount of capital committed for fundraising by local private equity firms (PEFs) has plunged this year, amid soaring global interest rates and increasing economic uncertainty. According to data by the Financial Supervisory Service (FSS), the amount of newly committed capital for local PEFs during the first quarter of this year stood at 2.7 trillion won ($1.94 billion), wh...
McDonald's Korea initiates sale procedure for M&A market
While major burger franchises in Korea, including Mom's Touch and Burger King Korea, are expected to be put up for sale soon, McDonald's Korea has become the first to officially initiate the selling process. According to the investment industry Tuesday, Mirae Asset Securities - the organizer of the sale of McDonald's Korea - has recently sent an investment teaser letter to po...
Hana Financial joins preliminary bidding for acquiring Lotte Card
Hana Financial Group turns out to be the only major financial group that has joined a preliminary round of bidding for acquiring Lotte Card that ended last week. Other major candidates that the market had previously anticipated to see joining in the acquisition race, such as Shinhan Financial, KT, Toss Bank and Woori Bank, are said to have not participated in the preliminary ...
Gov't to collect data to curb housing speculation by foreigners
The government plans to release statistics of the real estate properties of foreign nationals in Korea from the first quarter of next year, with the goal of curbing housing speculation by foreign nationals in the country. According to the land ministry's key budget plans for next year submitted to Democratic Party of Korea lawmaker Rep. Park Sang-hyuk, 300 million won ($217,0...
Hyundai Motor, LGES stocks shine brighter amid bearish stock market
As the won-dollar exchange rate soared to a 13-year high recently, local stocks have generally become less attractive to foreign investors due to the weakened Korean currency. But some local stocks still remain popular among foreign investors. They have been focusing lately on buying LG Energy Solution (LGES) and Hyundai Motor. A weak won makes Korean automobiles cheaper to b...
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