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Tue, May 30, 2023 | 14:24
Banks stop intermediary transfers in New York
Some Korean banks in New York have shut down their intermediary wire transfer operations as the United States has enforced stronger preventive measures and rules on money laundering and shadow banking, industry sources say. Besides offering regular loan and deposit services, they had operated as intermediary banks, enabling funds to be transferred and “relayed” through them t...
Finance minister nominee signals more market-friendly policy
The Moon administration's second economic team will focus on reinvigorating the economy for the lower and middle classes by pursuing three key policies of income growth, innovation and fair competition, said Finance Minister nominee Hong Nam-ki.
Woori launches taskforce for holding company
Woori Bank has organized an internal taskforce that will take charge of incorporating and launching Woori Financial Group in January 2019, according to the bank Sunday. The team consists of personnel from strategy, information and technology, accounting and finance, and human resources divisions. “The taskforce, from now on, will take care of matters concerning the launch of ...
[Macro Today] Let market revolution start
Over the past decade, nothing has changed much in the economy, especially finance. But particularly, the capital market really hasn't really seen a glimmer of hope. Not even with high expectations for the Financial Services and Capital Markets Act that aimed to boost competition and create big investment banks by tearing down the walls between securities, futures and asset ma...
For farmers, low-income earners
Shinhan Financial Group Chairman Cho Yong-byoung, left, holds up an agreement to provide agricultural goods to low-income households in front of Shinhan Bank in Seoul, Thursday. Employees from the group and its subsidiaries such as bank, credit card and securities units opened a pop-up market to promote and sell farmers' agricultural products. Courtesy of Shinhan Financial Gr...
Sohn to head Woori Financial, Woori Bank
Woori Bank CEO Sohn Tae-seung will head both Woori Bank and Woori Financial Group until March 2020, the bank said Thursday. The bank's board decided that Sohn should take on “double duty” as the chairman and chief executive of the holding company and Woori Bank, following the Financial Services Commission's (FSC) approval of the governance proposal.
Stock trading tax debate heating up
Debate over abolition of stock transaction taxes is heating up after the nation's top financial regulator said that time is ripe for the change. The Financial Services Commission (FSC) Chairman Choi Jong-ku told lawmakers, Nov. 6, that it is time to “seriously consider” abolishing taxes imposed on stock transactions to reinvigorate the capital market.
Kimchi for underprivileged
Korea Development Bank (KDB) CEO Lee Dong-gull, sixth from left, holds kimchi after making it with his employees in front of the bank on Yeouido in Seoul, Wednesday. The bank made kimchi for 1,100 low-income households in the city. Courtesy of KDB
Kookmin eyes ties in Silicon Valley for digitization
KB Kookmin Bank CEO Hur Yin is visiting Silicon Valley in California to seek and forge ties with potential tech partners for the bank's digitization this week, industry sources say. He will be meeting with tech companies to discuss possible partnerships that would further help digitize the bank's services not only in Korea, but also in Southeast Asian countries such as Cambod...
Learning from KDIC
Employees from foreign deposit insurance companies pose for a photo ahead of the “One Asia with KDIC” program offered by the state-run Korea Deposit Insurance Corp. (KDIC) at its training center in Chungju, North Chungcheong Province, Monday. Eighteen people from 13 countries including Vietnam, Indonesia and Nigeria participated in the program to learn about KDIC'...