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Tue, January 31, 2023 | 22:42
Banks mull over private offering of bonds in fresh attempt to raise capital
Banks are considering issuing bonds that will be privately offered to other lenders, in a fresh attempt to raise money, as the financial authorities are pressing them to refrain from issuing bonds that are publicly put up for sale on the market, according to multiple lenders, Monday.The private offering of bonds has never taken place in the banking industry before, while the ...
Wealthy Koreans invest less in financial products, more in real estate
Wealthy Korean nationals are investing less in financial investment products and more in real estate, according to data released Sunday. In a survey of 400 people who have 1 billion won ($768,000) or more in their financial assets, KB Financial Group said stocks, bonds, derivatives and other financial investment products accounted for 36.6 percent of their total wealth in 202...
Prolonged truckers' strike feared to worsen trade deficit
A nationwide strike by unionized cargo truckers is adding to concerns over Korea's worsening trade balance as the protest is hurting the nation's exports, which fell for the second straight month in November, according to industry officials Sunday. The concerns come as the trade balance has remained in the red for the eight consecutive month in November for the first time sin...
Lenders cautious about deposit rate hikes following BOK's rate policy
Commercial banks are cautious about increasing their deposit rates following a 25-basis-point rate hike delivered by the Bank of Korea (BOK), Thursday, as the high deposit rates that they have offered are being blamed for the liquidity shortage in the bond and short-term money markets.
Hana Bank starts selling World Cup commemorative coins
Hana Bank, the official sponsor of the Korean men's national football team, began selling commemorative coins for the 2022 World Cup in Qatar, Friday. The lender said the sale will run through Dec. 2 on its mobile app, Hana 1Q.
Bank of Korea lowers 2023 growth outlook to 1.7%
The Bank of Korea (BOK) slashed its 2023 growth outlook for Korea to 1.7 percent, Thursday, from its previous projection of 2.1 percent, citing anticipated slowdowns in exports and the pace of recovery in private spending. The 2023 forecast is alarming for Asia's fourth-largest economy as its growth potential had been estimated to be in the 2 percent range for the past few ye...
Woori chairman urges group-wide efforts to bolster digital services
Woori Financial Group Chairman and CEO Son Tae-seung has urged the chiefs of the group's affiliates to “bring together all capabilities available” to materialize the group-wide vision of becoming a global leader in digital banking service, the company announced on Thursday. The banking group said Son urged them to do so during a committee of the group's digital innovation rec...
Household debt reaches new heights on surge in loans from non-banking financial firms
People are borrowing more money from private lenders and non-banking financial firms, which in turn has led the total amount of household debt in Korea to surge to a record 1,870.6 trillion won ($1.38 trillion) in the third quarter, according to the Bank of Korea (BOK). According to the BOK's preliminary data, Tuesday, outstanding household debt, including the amount of credi...
OECD slashes Korea's growth forecast to 1.8% for 2023
The Organization for Economic Cooperation and Development (OECD) lowered its growth forecast for Korea next year to 1.8 percent, Wednesday, down from its previous outlooks of 2.2 percent in September and 2.5 percent in June. The 2023 outlook for Asia's fourth-largest economy contrasts with a global economic growth forecast of 2.2 percent. The Paris-headquartered OECD assessed...
Financial authorities pressure banks over deposit interest rates amid liquidity shortage
Commercial banks are under pressure to lower deposit interest rates to prevent excess cash inflow due to steep rate hikes delivered by the Bank of Korea (BOK), which in turn, squeeze non-banking financial firms with liquidity shortages. The situation faced by the lenders is in stark contrast to what they have faced in past months when they were pressed to raise deposit rates ...
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