Han Sang-heon

2 weeks ago | pulse.mk.co.kr | Park Chang-yeong |Han Sang-heon |Han Yubin

South Korean households are increasingly turning to overdraft accounts ahead of the implementation of the third-stage debt service ratio (DSR) rule in July. According to the country’s five major lenders on Monday, the combined balance of overdraft accounts stood at 39.3 trillion won ($29 billion) as of June 5, up 397.6 billion won from the end of May.

1 month ago | pulse.mk.co.kr | Han Sang-heon |Lee So-yeon |Han Yubin

South Korea’s NH Nonghyup Bank Co. plans to raise 400 billion won ($289 million) in capital through a rights offering, the first of its kind in three years. According to multiple sources from the financial circle on Thursday, the board of NH Nonghyup Bank has approved the capital increase plan. After obtaining a resolution at the shareholders’ meeting on Monday, the bank plans to proceed with the payment procedures for the capital increase in June.

2 months ago | pulse.mk.co.kr | Han Sang-heon |Han Yubin

사진 확대 (Hanwha Life Insurance) South Korea’s Hanwha Life Insurance said on Thursday that it acquired 25.86 million shares in its non-life affiliate Carrot General Insurance Co. for 205.6 billion won ($143 million) to raise its ownership stake to 98.3 percent. The move signals the first step toward an absorption-type merger between Hanwha Life Insurance and the digital insurer. The parent insurer held a 59.6 percent stake before the merger.

2 months ago | pulse.mk.co.kr | Han Sang-heon |Lee So-yeon |Han Yubin

South Korea’s Kyobo Life Insurance Co. is expected to hold a board meeting next week and approve the acquisition of SBI Savings Bank Inc. from Japan’s SBI Group, according to sources on Thursday. The move comes as it seeks to expand its business scope in preparation for a transition into a financial company. The acquisition will proceed following a major shareholder eligibility review by the Financial Services Commission, which typically takes around two months to complete.

2 months ago | pulse.mk.co.kr | Han Sang-heon |Han Yubin

South Korea’s internet-only banks are rushing to attract senior customers, an asset-rich demographic, as part of their effort to find a new growth engine as the population ages rapidly. Toss Bank said on Wednesday that it will dedicate a special unit to developing products and services for middle-aged and elderly customers. The initiative includes life care offerings tied to healthcare and asset management.