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Reporter : Anna J. Park
Fri, January 27, 2023 | 10:27
4 major banks spend $178 mil. on legal fees
Major local banks' spending on legal costs has soared in the last couple of years, in their efforts to defend themselves from financial authorities' punishments for some key financial scandals and accidents. According to documents submitted by the Financial Supervisory Service (FSS) to main opposition Democratic Party of Korea (DPK) Rep. Lee Yong-woo, four major banks - KB Ko...
Insurance sector faces low growth amid inflation, uncertainties
Insurance experts in the country forecast a 2.1 percent year-on-year growth in premium income next year, due mainly to continuing inflation and recessional market sentiment stemming from increased uncertainties in macroeconomic factors. Participants at a seminar hosted by the Korea Insurance Research Institute (KIRI) in Seoul, Thursday, called for local insurers to strengthen...
Innovative restructuring leads Meritz Fire's prominent growth
Since taking the helm of Meritz Fire & Marine Insurance in 2015, Vice Chairman Kim Yong-beom has been focusing on revamping the corporate structure and empowering each employee with a greater sense of responsibility over the business.
Meritz flourishes on Chairman Cho's meritocracy-based management
Meritz Fire & Marine Insurance has achieved exponential growth since the company broke off from Hanjin Group's affiliates back in 2005. During the past 17 years, the company's market cap has increased to 4.5 trillion won ($3.1 billion), which is more than a 23-fold growth rate, while the insurer's assets also recorded a 10-times increase to reach 28 trillion won.
Meritz Fire marks 100th anniversary in October
Meritz Fire & Marine Insurance celebrated its 100th anniversary on Oct. 1. Often dubbed the icon of innovation in the local insurance market, the company has undergone continual transformation and renovation to thrive as a successful company throughout the past century.
KIC to join UN-backed campaign to strengthen sustainable investment
Korea Investment Corporation (KIC), the country's sovereign fund, plans to join the UN-backed Principles for Responsible Investment (PRI), aiming to strengthen its ESG-focused investment activities.
Big 4 accounting firms reap record-high revenues
The big four accounting firms in Korea posted all-time-high annual revenues last year, due mainly to double-digit year-on-year growth rates recorded in M&As and consulting advisory services. According to data available from the electronic disclosure system operated by the Financial Supervisory Service (FSS), the aggregated annual revenues of the four largest accounting firms ...
[INTERVIEW] Real estate investors see hope for future
In times of soaring interest rates and globally tightened liquidity, investments into real estate markets may seem unpromising with little upside potential left. Yet, global real estate experts not only stress real estate investments are fundamentally long term in nature, but also highlight that key real estate sectors represented by the “3Ls” - logistics, living and life sci...
Short-selling transactions focus on blue-chip stocks
The total amount of short-selling transactions on the main Korea Composite Stock Price Index (KOSPI) in September increased about 40 percent compared to the previous month, while the country's blue-chip stocks were the most shorted amid the bear market.
MBK Partners joins bid to acquire Toshiba
MBK Partners has participated in a joint bid to acquire Toshiba, forming a consortium with the state-backed Japan Investment Corporation (JIC) and U.S.-based Bain Capital to carry out the buyout of the Japanese-headquartered multinational conglomerate.