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Tue, September 26, 2023 | 04:14

W100 bil. in losses incurred due to gross misconduct at financial firms: FSS data

W100 bil. in losses incurred due to gross misconduct at financial firms: FSS data

Financial firms suffered more than 100 billion won ($75 million) in losses due to breach of trust by employees over the past seven years, Financial Supervisory Service (FSS) data showed on Monday.

2023-09-25 16:58

KB chief bids farewell after 9-year period at helm

KB chief bids farewell after 9-year period at helm

KB Financial Group Chairman Yoon Jong-kyoo reflected on his nine-year tenure during a press conference at KB headquarters in Seoul, Monday.

2023-09-25 16:55

FSS warns fisheries cooperatives over sloppy response to failed overseas investment

FSS warns fisheries cooperatives over sloppy response to failed overseas investment

The Financial Supervisory Service (FSS) has issued a management caution against the National Federation of Fisheries Cooperatives (NFFC) for its sloppy response to a failed overseas alternative investment worth 50 billion won ($37 million).

2023-09-24 16:55

AI reliance could undermine financial market stability: report

AI reliance could undermine financial market stability: report

Artificial intelligence (AI) could undermine financial market stability as the investment tools developed by AI share core technology, which in turn, could lead investors exposed to wider risk, a report showed on Sunday.

2023-09-24 16:52

Low growth becomes new normal for Korean economy

Low growth becomes new normal for Korean economy

A slow pace of growth of around 2 percent or lower is feared to have become the new normal for the Korean economy, as the spillover effects of China’s economic downturn, high energy prices and soaring interest rates deal a heavier blow to exports and private spending here, according to analysts, Sunday.

2023-09-24 16:42

Mirae Asset Global Investments' AUM reaches $219 bil.

Mirae Asset Global Investments' AUM reaches $219 bil.

Mirae Asset’s global business moves are attracting market attention as the Korean government has recently been actively promoting the global competitiveness of "K-Finance" through hosting overseas investor relations events in Europe and Southeast Asia.

2023-09-24 14:44

Korean banks say Iran's compensation claim is gov't issue

Korean banks say Iran's compensation claim is gov't issue

Iran is seeking compensation for losses incurred on the $6 billion in funds that were held in Korea, following the lifting of the U.S.-led sanctions that saw the funds frozen. The Middle Eastern country is reportedly undergoing a legal review with a view to recovering interest and the foreign exchange losses.

2023-09-22 17:18

Hana Bank receives best sub-custodian bank award

Hana Bank receives best sub-custodian bank award

Hana Bank was selected by Global Finance Magazine as the recipient of the Best Sub-Custodian Bank Award 2023 within Korea, Tuesday, according to the lender.

2023-09-22 16:52

Big insurers up for sale, but financial conglomerates appear disinterested

Big insurers up for sale, but financial conglomerates appear disinterested

While major insurance firms are queued up for sale, financial holding companies are exercising caution in proceeding with acquisition deals. This contrasts with earlier market expectations that they would actively pursue acquisitions to expand their non-banking business portfolios.

2023-09-22 16:40

Largest embezzlement case in Korean history exposed at BNK Kyongnam Bank

Largest embezzlement case in Korean history exposed at BNK Kyongnam Bank

The Financial Supervisory Service (FSS) has confirmed that the extent of embezzlement in the recent real estate project financing (PF) scandal at BNK Kyongnam Bank is significantly larger than initially thought, with the total amounting to 298.8 billion won ($224 million). This stands as the largest embezzlement case ever recorded in the Korean financial market.

Lee Yeon-woo | 2023-09-20 16:12

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