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Finance

Banks

Wed, April 21, 2021 | 04:01

Citibank Korea to escalate feud with union in exit strategy

The union and top management of Citibank Korea are set to escalate their feud amid the lender's decision to shut down its consumer banking business here, with the former threatening to stage an “all-out” strike against any possibly ensuing personnel restructuring.

Lee Min-hyung | 2021-04-19 16:30

Banks to extend loans worth $3.1 billion to vulnerable people this year

South Korean banks plan to extend loans worth 3.5 trillion won ($3.1 billion) this year to low-income people with lower creditworthiness to help them cope with the fallout of the pandemic, the financial watchdog said Monday. The 2021 plan represents a rise of 100 billion won compared with 3.4 trillion won initially planned for last year, according to the Financial Supervisory...

2021-04-19 13:43

Kakao's much-anticipated IPO to benefit KB

KB Financial Group and its major affiliates will benefit from Kakao Bank's much-anticipated initial public offering (IPO), as the nation's largest banking group may be able to achieve gains of up to 1 trillion won ($895.2 million) by selling its stake in the internet-only bank after it goes public.

Lee Min-hyung | 2021-04-18 15:47

Eximbank, ADB trust fund to guarantee Hanwha green bonds

The Export-Import Bank of Korea (Eximbank) and the Credit Guarantee and Investment Facility (CGIF) will provide credit guarantees for green bonds to be issued by renewable energy company Hanwha Solutions, the bank announced Friday.

Yi Whan-woo | 2021-04-16 17:06

OK, DGB, KB in spotlight as Citi declares exit from Korean retail banking

Citigroup officially announced its exit from consumer banking operations here, Thursday, casting attention on OK, DGB and KB financial groups that have been mentioned as potential buyers of Citibank Korea's retail banking outlets.

Park Jae-hyuk | 2021-04-16 15:50

Citibank to exit retail banking in 13 markets including Korea

Citigroup said Thursday it will exit consumer banking operations in 13 markets including South Korea as part of its global business reorganization. The U.S. banking giant opened its first branch in South Korea in 1967 and launched Citibank Korea Inc. in 2004 after acquiring KorAm Bank.

2021-04-16 08:10

Banking groups divided over internet banking services

Korea's major financial groups are divided internally over the possible launch of their own internet-only banking services amid fears that this may weaken their corporate identities just for the sake of jumping on the global bandwagon. It has been only recently that discussions started picking up steam in financial circles after the Korean Federation of Banks (KFB) conducted ...

Lee Min-hyung | 2021-04-14 16:05

K bank cuts interest rates amid crypto-backed capital inflow

K bank, one of the major digital-only lenders here, is moving to cut deposit interest rates amid a surging deposit balance, as cryptocurrency investors place a massive amount of capital in the lender's accounts.

Lee Min-hyung | 2021-04-13 16:36

Woori faces growing pressure to buy brokerage firm

Woori Financial Group is facing growing pressure to re-acquire a brokerage license to bolster its ...

Park Jae-hyuk | 2021-04-11 15:51

Union-backed outside directors become less likely in financial circles

Financial institutions in Korea will face a tougher time appointing labor-recommended outside directors after the Financial Services Commission (FSC) blocked a much-anticipated move by the Industrial Bank of Korea (IBK).

Lee Min-hyung | 2021-04-09 16:37

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