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Sat, December 3, 2022 | 15:42

KakaoBank draws over 20 mil. users after opening in 2017

KakaoBank draws over 20 mil. users after opening in 2017

KakaoBank has drawn over 20 million users since its launch in July 2017, which is nearly 40 percent of the entire 51 million population of Korea. According to the internet-only bank Wednesday, the number of the digital bank's users has grown exponentially every year during the past five years. The bank's user number in December 2017, the first year when it was officially laun...

Anna J. Park | 2022-11-09 16:42

Banks face rising CDS premium

Banks face rising CDS premium

The credit default swap (CDS) premiums of commercial banks have soared over the past year due to their weakening credibility in the wake of recent financial scandals sparked by a debt default related to the Legoland Korea Resort in Gangwon Province. The CDS premium is used to measure credit risk. When the figure rises, it indicates a firm's increasing risk of bankruptcy.

Lee Min-hyung | 2022-11-08 16:22

MetLife Korea launches new traditional whole life insurance

MetLife Korea launches new traditional whole life insurance

MetLife Korea, a leading player in the country's foreign exchange insurance market, has recently launched a new whole life insurance that can be switched to a dollar insurance if certain terms are met.

2022-11-08 15:27

Heungkuk to exercise call option for hybrid bonds

Heungkuk to exercise call option for hybrid bonds

South Korean insurer Heungkuk Life Insurance Co. said Monday it plans to exercise a call option for long-term hybrid bonds issued in 2017, reversing its previous decision to delay the buy-back. "We apologize for causing turmoil in the financial market with our previous decision," Heungkuk Life Insurance said in a statement. "We plan to continue to spare no efforts to stabiliz...

2022-11-07 21:56

Korea introduces own container cargo index

Korea introduces own container cargo index

Korea announced its maiden container freight index Monday to better reflect shipping rates on Asian routes, the oceans ministry said.

2022-11-07 16:53

Financial risks squeeze non-banks, while boosting profits at banks

Financial risks squeeze non-banks, while boosting profits at banks

Financial risks deepened by costly borrowing rates are squeezing non-banking firms, such as brokerage houses and insurers, with liquidity shortages, while the situation doesn't seem all that bad for the banks. The banking arms of the nation's four largest banking groups - KB Kookmin, Shinhan, Hana and Woori - posted record net profits of 13.85 trillion won ($9.82 billion) com...

Yi Whan-woo | 2022-11-07 16:31

K bank logs record net profit in Q3

K bank logs record net profit in Q3

Online lender K bank posted a record net profit of 25.6 billion won ($18.2 million) in the third quarter of this year amid a surge in interest margins, the company announced on Monday. It said net profit for the July-September period was up 52.4 percent from a year earlier and that it remained in the black for the fifth straight quarter.

Yi Whan-woo | 2022-11-07 16:18

Ex-civil servant takes office as leader of insurance development institute

Ex-civil servant takes office as leader of insurance development institute

Heo Chang-eon, ex-civil servant at the Financial Supervisory Service, took office as the leader of the Korea Insurance Development Institute (KIDI) on a three-year tenure, Monday. He started his financial career at the Bank of Korea in 1987 and moved to the Financial Supervisory Service two years later. He spent most of his time there before ending his career as a former assi...

Lee Min-hyung | 2022-11-07 15:44

IBK, BNK set for year-end leadership reshuffle

IBK, BNK set for year-end leadership reshuffle

The Industrial Bank of Korea (IBK) and BNK Financial Group are moving to reshuffle their top management. This will be the first major shakeup in the financial sector as the year-end organizational reform period draws closer. IBK CEO Yoon Jong-won ends his three-year tenure in January 2023. He has expressed his intention to step down from the post without extending his term.

Lee Min-hyung | 2022-11-07 15:25

Shinhan cooperates with Visa on data and global business

Shinhan cooperates with Visa on data and global business

Shinhan Financial Group and Visa have decided to join hands to cooperate in the area of data utilization and global business.According to the financial giant Sunday, Shihan Financial and Visa agreed to form strategic partnership on data and global business, as the two groups' leaders - Shinhan Financial Group Cho Yong-byoung and Visa Chairman and CEO Alfred Kelly Jr. - met in...

Anna J. Park | 2022-11-06 17:00

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