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Sat, December 3, 2022 | 15:23
Homegrown IMM becoming giant private equity player
IMM Private Equity has sealed a deal to acquire Linde Group's Korean industrial gas business for 1.3 trillion won ($1.1 billion), according to the local private equity firm. IMM had a tight race with Macquarie Private Equity to buy the Germany-based company's local assets, which include a gas plant in Giheung, Gyeonggi Province. Linde Korea supplies gas to industries such as ...
'Security tokens to dwarf cryptocurrencies'
Fincross, a digital investment bank startup, sees an immense opportunity in security tokens, said Henry James, the company's deputy chief executive and chief strategy officer. Security tokens will be a lot bigger and offer stable returns than cryptocurrencies. Security tokens are like traditional stocks and bonds backed by underlying corporate assets. They are the digital ver...
Starting female leadership program
Shinhan Financial Group Chairman Cho Yong-byoung, center front row, poses with his female employees and executives after launching its female leadership program at a hotel in Seoul, Friday. Nearly 50 women will participate in the program, which will periodically hold events throughout the year. Courtesy of Shinhan Financial Group
Citibank seeks to sell Seoul HQ tower
Citibank Korea is moving to sell its landmark headquarters tower in Da-dong, Jung-gu, Seoul, the bank said Friday. “We are considering selling the building as part of a plan to integrate and upgrade our office space,” a spokesman. The bank declined to further elaborate on the potential sale and its timetable.
Card conflict pulling consumers into crossfire
The latest conflict between credit card firms and automobile companies has further pulled consumers into the crossfire following a spat over the former's decision to increase transaction fees on automobile purchases. This led Hyundai Motor and Kia Motors to suspend their contracts with Shinhan Card, KB Kookmin Card, Samsung Card, Lotte Card and Hana Card, expressing their dis...
Supporting teenage orphans
HSBC Korea CEO Jung Eun-young, fourth from left, donates 200 million won to Kim Yong-dok, fifth from right, chief executive of Social Solidarity Bank, at the bank's headquarters in Seoul, Wednesday. The donation will be used to help teenage orphans learn basic finance and entrepreneurship. Courtesy of HSBC Korea
Lotte Card launches 'One Fine Day' for rich customers
Lotte Card has launched a premium service called “One Fine Day” for its rich customers, the credit card company said. Customers can use One Fine Day if they pay a membership fee of more than 100,000 won a year and subscribe to the card's L.Class L20 premium service. One Fine Day enables customers to enjoy up to a 40 percent discount when dining at 11 renowned and expensive re...
Opening center for kids
Shinhan Financial Group Chairman Cho Yong-byoung, center, cuts a ribbon with Shinhan Card CEO Lim Young-jin, fourth from left, Shinhan Life Insurance CEO Lee Byung-chan, fourth from right, and officials from Goyang office, to open a welfare center for children in Ilsan, Wednesday. Along with a library and a playground, the center will offer various classes. Courtesy of Shinha...
Korean banks to stay in London despite Brexit
Four major local banks will keep their London branches going, despite concerns that the U.K.'s withdrawal from the European Union will put a hard dent in the former's growth, industry sources say. Banks and nonbank financial companies are expected to continue operating their businesses as usual in the City of London or Canary Wharf, sourcing deals, providing trade financing o...
FSS gets closer to having investigative rights
The country's financial regulators are in talks with the judiciary on whether to grant the Financial Supervisory Service (FSS) the authority to launch independent investigations into investors and company executives suspected of irregularities such as insider trading. “We are currently discussing the matter,” an official at the Financial Services Commission (FSC) - overseer o...
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