Antitrust agency’s review of $4b deal likely to redefine boundary of fast-evolving industry

Local banks, including Woori and Shinhan, take flak for sales of risky funds

Commitments highlighted for responsible restructuring; critics question nature of ESG initiatives in banking sector saying it doesn’t fit purpose

South Korea's foreign exchange reserves climbed to a record high in December on the back of the weakening of the US greenback, which pushed up the dollar value of other foreign currencies held by the country, central bank data showed Monday. The country's foreign exchange reserves came to $408.82 billion as of the end of last month, up $1.36 billion from a month earlier, according to the data fr...

Major banking groups in South Korea are revealing their appetite for what could become the largest acquisition deal in the nation’s financial industry this year: a 100 percent stake in Prudential Life Insurance of Korea valued at some 2 trillion won ($1.7 billion). The latest to express an interest was Woori Financial Group Chairman Sohn Tae-seung on Friday. He told reporters at a New Year gathe...

South Korea’s fabricated quartz maker Wonik QnC said Friday it had completed an acquisition of quartz and ceramics business units owned by New York-based company Momentive Performance Materials for $266 million, in a bid to achieve a vertical integration of its supply chain. Wonik QnC based in Gumi, North Gyeongsang Province, makes components for semiconductors, displays and other products using...

Shareholders of Seoul-based KDB Life Insurance are under intensifying pressure to find a new owner, potentially facing a host of new complex regulations next month when a 10-year grace period expires. State-run policy lender Korea Development Bank has yet to find a preferred bidder for the life insurance unit, although Chairman Lee Dong-gull anticipated finding one through an open tender by end...

After its launch in Dec. 2018, Seoul City’s own mobile payment app Zero Pay is now in a very fragile situation and is struggling to make a mark in the local payment industry, data showed on Wednesday. As of Dec. 16, the transactions made through Zero Pay reached 69.6 billion won ($60 million), a mere 0.0076 percent of the entire transaction volume of some 910 trillion won paid via noncash paymen...

Sales of private equity funds for individual investors dropped for the fifth consecutive month in November, amid growing distrust in the aftermath of damages incurred by risky derivatives-linked funds sold by banks and asset management firms, a local self-regulatory organization said Wednesday. According to the Korea Financial Investment Association, local banks sold a combined 24.1 trillion won...

A consortium led by HSG Heavy Industries signed a contract Tuesday to buy debt-saddled South Korean shipbuilder Sungdong Shipbuilding & Marine Engineering for 200 billion won ($173 million), allowing the shipbuilder to avert liquidation of its assets. So far the consortium has paid 10 percent of the total, with the balance due by February. This came a month after the consortium, composed of HSG...

South Korea was brimming with billiondollar mergers and acquisitions in 2019, mainly propelled by large business groups in search of new growth opportunities, along with the divestment of their noncore business units. Throughout 2019, Korean entities announced a record-high volume of M&A transactions worth a combined 37.7 trillion won ($32.6 billion), according to Maeil Business Newspaper’s capi...

Credit card/ Lotte Card For customers driving long distances, Lotte Card, a major credit card company in the nation, has launched the I’m DRIVING card that offers discounts at gas stations across the country and other auto-related benefits. Two types of the new credit card are offered -- DC One and DC All. For the DC One type, customers can choose one of four oil retail brands -- SK Energy, GS...

Woori Financial Group Chairman and Woori Bank CEO Sohn Tae-seung is likely to pursue a second term as head of the financial holdings company. On Monday, a group of outside directors responsible for selecting leadership candidates recommended Sohn as the sole candidate for the group’s next chairman position, citing the stability of its operations as a holding company. If the recommendation is ap...

The Financial Supervisory Service, South Korea’s financial watchdog, intends to take legal action against Lime Asset Management, a Korean hedge fund that manages 4.1 trillion won ($3.5 billion) worth of assets, on allegations that it concealed losses from its investors. The news comes as its 600 billion won fund dedicated to trade finance was found to have been associated with a debacle involvin...

South Korea’s financial watchdog on Monday fined KEB Hana Bank, one of four major commercial banks here, nearly 3.2 billion won ($2.7 million) for selling exchange-traded notes without providing sufficient information to customers. According to the Financial Supervisory Service, KEB Hana violated the Financial Investment Services and Capital Markets Act by allowing its 140 local branches to reco...