Mirae Asset names first non-family chairman

Mirae Asset Securities said Monday that executive vice chairman Choi Hyun-man will take over the brokerage firm as chairman in what will be the company’s first move to tap a non-family member chief since it became the largest South Korean brokerage in 2016 when it merged with Daewoo Securities. Choi, a founding member of Mirae Asset Securities when it was set up in 1999, has been CEO at a number of key affiliates of Mirae Asset Financial Group, which along with brokerage provides comprehe

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] Citibank Korea seeks real change with contributions beyond charity

Citibank Korea runs a number of programs that contribute to Korean society based on three principles -- employee participation, long-term commitment and leading activity. The bank does not simply deliver donations but also makes contributions to drive real change by partnering with nonprofit organizations to plan programs and giving them long-term support. It also encourages employees to voluntarily participate in these programs. On of the programs is “Citi Global Community Day” wh

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] Kyobo Life Insurance accelerates digital transformation drive

Kyobo Life Insurance, one of Korea’s biggest life insurers, has picked up speed in its digital transformation efforts this year by innovating its traditional businesses and securing future growth engines. According to Kyobo Life Insurance, the company reorganized its structure with a digital transformation, opening departments on digital strategy, digital new businesses and IT support. The life insurer also implemented Amazon’s Public Cloud services in order to cope with the para

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] Woori Bank's green finance generous to COVID victims, but strict to polluters

When banks gave out loans, the only question they asked was, “Can you pay it back?” This was before the pandemic. But now, people hit hard by the COVID-19 are flocking to banks, desperate to get their hands on cash. Suddenly, lending money has become an emotional task. Banks have also come under increased scrutiny against the backdrop of a stronger push for environmental, social and governance values. If loans are used for controversial purposes, such as building coal power plant

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] Global X ETFs expands Europe foray with themed funds

Global X ETFs, an exchange-traded fund provider fully owned by South Korea-based asset manager Mirae Asset Global Investments, is making inroads into European stock markets by adding new products to its lineup. As of Monday, Global X was trading 12 ETFs in European stock markets. Among them, seven new themed ETFs started trading on the London Stock Exchange earlier in November. The seven new products allow ETF buyers to get exposure to a wider range of sectors, targeting robotics, cybersecuri

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] Mirae Asset Securities sets new records this year

BROKERAGE OF THE YEAR / MIRAE ASSET SECURITIES Mirae Asset Securities, a South Korean brokerage firm, has set new records this year. Mirae’s overseas stock and retirement pension assets each reached a record high of 20 trillion won ($16.8 billion), the brokerage firm said. The company’s overseas stock trading volume has surged 20 times more than it was in 2017. Compared to 2020, it increased by 4.3 trillion won this year. Investors who purchased and sold overseas stocks through t

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] KakaoBank CEO embraces digital wave, innovates financial services

Yun Ho-young, CEO of South Korea’s largest digital-only bank, KakaoBank, has brought changes in one of the country’s most conservative industries with innovative noncontact services. Playing a key role in leading the company’s digital banking drive, Yun has put KakaoBank in a position to receive the highest market valuation among local financial companies. Investors are keeping an eye on the CEO’s next steps toward innovation. “From the start, KakaoBank was differ

Dec. 6, 2021

[GLOBAL FINANCE AWARDS] KB chairman joins ranks of global ESG leaders

FINANCIER OF THE YEAR / KB FINANCIAL GROUP CHAIRMAN YOON JONG-KYOO Despite the problems of the pandemic, 2021 was a landmark year for KB Financial Group as it celebrated its 20th anniversary. Under the leadership of its Chairman Yoon Jong-kyoo, the firm not only clinched the title of the nation’s No.1 banking group by total asset, but made unprecedented progress in adoption of environmental, social and governance values, including an endorsement by one of the most important global ESG o

Dec. 6, 2021

Seoul stocks gain for 4th session on easing virus woes

South Korean stocks advanced for the fourth straight session Monday on easing woes over the impact of the omicron variant of the coronavirus. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) added 4.92 points, or 0.17 percent, to close at 2,973.25 points. Trading volume was moderate at about 468 million shares worth some 9.1 trillion won ($7.7 billion), with gainers outnumbering losers 543 to 319. Foreigners bought a net 97 billion won and ins

Dec. 6, 2021

Will eased rule on capital gains tax effective?

SEJONG -- Homeowners will enjoy an increased capital gains exemption when they sell their homes after a law was passed. The National Assembly has passed the bill on raising the upper level for the tax exemption from the current 900 million won to 1.2 billion won. The revised law -- which is not applicable to multiple homeowners but to those owning only one home -- will take effect in the coming weeks. Under the current 900 million-won standard, a homeowner who purchased a property at 700 mill

Dec. 6, 2021

Seoul stocks open lower on omicron concerns

South Korean stocks opened steeply lower Monday, tracking losses on Wall Street that stemmed from worries about the omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) fell 30.26 points, or 1.02 percent, to 2,938.07 points in the first 15 minutes of trading. Stocks came off to a weak start, led by foreign and institutional sell-offs. The Dow Jones Industrial Average retreated 0.17 percent, and the tech-heavy Nasdaq composite declined 1.92 percent amid r

Dec. 6, 2021

[ESG Talk] Implant basic principles of ESG, competitiveness in 2022

Companies are facing a stricter and more standardized ESG business environment. Recently, the Korean state-run bodies have released the K-ESG guidelines, or guidelines for domestic players to abide by. As 2021 ends, reputable ESG rating agencies are publishing ESG scores in Korea. One of the most famous rankers globally is MSCI, and its ESG ratings recently added the new climate change section as part of their rating systems. The newly included ”Implied Temperature Rise“ element trac

Dec. 5, 2021

US keeps S. Korea on monitoring list for currency practices

The United States said Friday that it is keeping South Korea on its list of countries to be monitored for currency practices.    The US Treasury Department named 11 other countries, including China and Japan, on the monitoring list in its semiannual report to Congress.    It, however, said none of the countries were found to have purposefully intervened in currency markets for unfair gains.    "Pursuant to the 2015 Act, Treasury has also established a Monito

Dec. 4, 2021

Seoul stocks likely to face volatility next week on omicron scare

South Korean stocks are likely to continue to face volatility next week as investors take to the sidelines amid the spreading omicron strain of the coronavirus.    The benchmark Korea Composite Stock Price Index (KOSPI) closed at 2,968.33 points Friday, up 1.09 percent from 2,936.44 points a week ago.    The KOSPI plunged Monday and Tuesday in the wake of the first confirmed cases of the omicron variant of COVID-19 in South Korea and other countries, fanning concerns majo

Dec. 4, 2021

Seoul stocks up for 3rd day on foreign buying

South Korean stocks advanced for a third consecutive session Friday, backed by strong foreign buying. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (Kospi) rose 23.06 points, or 0.78 percent, to close at 2,968.33 points. Trading volume was moderate at about 478 million shares worth some 10.1 trillion won ($8.6 billion), with gainers outnumbering losers 807 to 95. Foreigners bought a net 157 billion won and institutions purchased 89 billion won, whi

Dec. 3, 2021

IBK chief visits corporate clients, OECD headquarters in Europe

State-run Industrial Bank of Korea CEO Yoon Jong-won recently met with corporate clients and the Organization for Economic Cooperation and Development officials in Europe, while inspecting potential markets the bank is eyeing to enter, the firm said Friday. The meetings and site visits took place during his weeklong business trip to Poland, the United Kingdom and France from Nov. 23-30. In Poland, Yoon visited two factories and met with corporate clients to lend an ear to the troubles they ha

Dec. 3, 2021

Seoul stocks open lower on tightened virus curbs

South Korean stocks opened lower Friday as health authorities strengthened virus curbs amid spiking cases and the potential spread of the highly contagious omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (Kospi) had fallen 15.16 points, or 0.51 percent, to trade at 2,930.11 points as of 9:15 a.m. Stocks got off to a lackluster start, as the government has decided to limit private gatherings to six people in the capital area and eight in other regions for fou

Dec. 3, 2021

Seoul stocks rally for 2nd day on strong foreign buying

South Korean stocks rallied for second straight session Thursday on the back of strong foreign buying. The Korean won rose against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) increased 45.55 points, or 1.57 percent, to close at 2,945.27 points. Trading volume was moderate at about 523 million shares worth some 11.8 trillion won ($10 billion), with gainers outnumbering losers 756 to 139. Foreigners bought a net 886 billion won, while retail investors sold 915 billion

Dec. 2, 2021

Seoul stocks open lower on virus woes

South Korean stocks opened lower Thursday, tracking overnight losses on Wall Street that stemmed from worries about the global outbreaks of the omicron variant of the coronavirus. The benchmark Korea Composite Stock Price Index (KOSPI) fell 9.42 points, or 0.32 percent, to 2,890.3 points in the first 15 minutes of trading. Stocks came off to a weak start, led by foreign and institutional sell-offs. The Dow Jones Industrial Average retreated 1.34 percent, and the tech-heavy Nasdaq composite de

Dec. 2, 2021

Pressure builds on stock market over omicron variant, Fed warning

Growing fear over the omicron variant and sooner-than-expected tapering by the US Fed are weighing on the South Korean stock market, analysts said Wednesday, although some say it will take longer to gauge how the impact will play out here. The nation’s main bourse Kospi hit the lowest mark of the year on Tuesday, as short sellers dumped about 1 trillion won ($848 million) on the Kospi and the junior, tech-heavy Kosdaq in their second largest sell-off this year. Stocks rebounded Wednesd

Dec. 1, 2021