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Reporter : Anna J. Park
Tue, May 30, 2023 | 13:45
K bank decides to delay IPO plan
K bank has officially decided to halt its IPO procedure, due mainly to unfavorable market conditions that attributed to a decline in the internet-only bank's corporate value. The bank made the decision earlier this week, five days before the deadline for submitting a prospectus for its IPO procedure.
Able C&C sale attracts dozens of potential buyers
Dozens of investors have shown interest in acquiring Able C&C, which was put up in the M&A market late last year, raising market expectations that IMM would make a successful exit from its years-long investment.
Private equity firms expect high returns from low-cost airlines
Private equity firms (PEFs) opted to invest huge sums of money into low-cost carrier (LCC) businesses amid the worst hardships stemming from the pandemic. Now that international travel numbers are again soaring, the PEFs are eyeing a successful exit from their LCC stakes in the coming years.
Toss Bank offers new group account product
Toss Bank, one of Korea's major internet-only banks, announced Wednesday that it has newly launched a joint deposit account product called the “group account,” through which a group of people can jointly manage a shared account.
Korean corporations' dividend payout system to follow global standards
Investors will be able to decide next year whether to buy the stocks of Korean companies based on the exact size of their dividend payouts, just like in major financial markets' dividend payout systems such as in the U.S. and France.
Financial authorities to ease rule on separation of industrial and financial capital in H1
The Financial Services Commission (FSC), Korea's top financial regulator, has vowed to push forward to ease the country's long-held separation of industrial and financial capital during the first half of this year. It aims to open the gate for both local and global financial firms to extend further to non-financial businesses.
Bank operating hours return to normal amid union opposition
From Monday, five major commercial banks in Korea will return to their normal operating hours, opening at 9 a. m. and closing at 4 p.m. The lenders decided to shorten their operating time by an hour 18 months ago, opening at 9:30 a.m. and finishing at 3:30 p.m., due to coronavirus-led social distancing policies in July 2021.
Inflation weighs on households
Many Koreans were surprised by their heating bills this month, as their energy costs went up by some 30 percent compared to last winter, even though people's home-heating patterns haven't changed. The problem feels even more pronounced in households with young children, as they cannot choose to drastically reduce the heating of their homes, given the unusual cold spells that ...
FSS chief urges insurers to focus on stability
Financial Supervisory Service (FSS) Governor Lee Bok-hyun urged CEOs of local insurance companies to pay extra attention to risk management and market stability, while refraining from overexpansion.
Major Korean banks' overseas branches sanctioned by foreign authorities
Major local banks' overseas legal entities were sanctioned or fined by foreign financial authorities for various reasons last year, raising concerns about whether the banks are successfully maintaining internal controls in their overseas operations.