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Finance

Banks

Sun, May 9, 2021 | 08:06

Banks rushing to tap into new business of safekeeping digital assets

Korean banks are moving to make rapid inroads into the “digital custody” business or the safekeeping of cryptocurrency by enhancing partnerships with blockchain-powered security players. Given the unprecedented global craze for cryptocurrency transactions, the market for the service is widely expected to grow at an alarming pace.

2021-05-07 16:18

US rate hike worries boosting Korean bank stocks

Korean bank stocks went on an unusual bullish run Thursday on expectations their profit bottom lines will see a boost following recent warnings by the U.S. treasury secretary over possible rate hikes.

2021-05-06 16:37

Korea's foreign reserves hit record high in April on weaker dollar

South Korea's foreign reserves rose to a fresh record high in April as the U.S. dollar's weakness boosted the value of non-dollar assets, central bank data showed Thursday. The nation's foreign reserves came to $452.3 billion as of end-April, up $6.18 billion from the previous month, according to the Bank of Korea (BOK).

2021-05-06 09:21

Banks stepping up blockchain investments amid crypto boom

Korea's commercial banks are expanding their use of blockchain technologies that underpin cryptocurrencies amid surging demand for digital asset transactions.

2021-05-04 16:20

Citi's retail unit less attractive than securities firms to BNK, JB, DGB

BNK, JB and DGB financial groups have said they will reduce their reliance on the banking sector and focus more on the securities business to boost their profits, raising concerns that Citigroup may face difficulties in finding a buyer for its retail banking operations here. The U.S. financial giant announced earlier this month that it would halt consumer banking services in ...

2021-04-30 16:26

MBK Partners considering joining K bank's fund raising campaign

K bank, the country's first internet-only bank launched back in 2016, is currently proceeding with a new round of capital increase to raise 600 billion won ($542 million), and private equity firm (PEF) MBK Partners is reviewing the possibility of joining the deal.

Anna J. Park | 2021-04-29 16:03

JB Financial Group achieves record-high Q1 net profit

JB Financial Group saw its first-quarter net profit surge 37.1 percent year-on-year to 132.3 billion won ($119 million). It was the highest-ever net profit achieved by the financial group in the first three months of any year.

Anna J. Park | 2021-04-28 16:35

Market cap of Kakao's fintech subsidiaries set to surpass conventional banks

Two financial subsidiaries of Kakao, the nation's dominant mobile platform operator, are set to surpass the largest financial holding company here, in terms of their combined market capitalization, after going public this year.

2021-04-28 15:33

Korean banks in quandary over crypto partnerships

Commercial banks here are in a quandary over whether to renew or sign partnerships with cryptocurrency exchanges in the face of ever-toughening pressure from financial regulators. For now, three Korean banks - Shinhan, NongHyup and K bank - issue real-name accounts for digital currency exchanges they have partnered with. But they also have to renew these partnerships before S...

2021-04-27 17:17

Citibank Korea's board starts talks on exit plan

Citibank Korea held its first board meeting on Tuesday, after its U.S. headquarters clarified its intention to exit from consumer banking operations here and in 12 other markets.

2021-04-27 15:44

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