Kim Jung-hwan

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Korea’s ruling bloc eyes overhaul in bodies overseeing financial affairs

3 days ago | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

South Korea’s ruling bloc is pushing forward with legislation to separate the budget function from the Ministry of Economy and Finance and to effectively dismantle the Financial Services Commission. Immediately following the launch of the new administration, the government swiftly introduced a bill to reorganize its structure, accelerating the reform of the Economy Ministry – a key campaign pledge of President Lee Jae-myung.
Government-backed product for younger savers hits 2 mn users

1 week ago | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

The number of depositors to South Korea’s government-backed savings product has topped two million, underscoring strong demand from younger savers, with the product offering an annual interest rate of 9%. The Financial Services Commission and Korea Inclusive Finance Agency said on Sunday that the Youth Leap Account had 2.002 million cumulative depositors as of Thursday, just under two years since its launch in June 2023.
Financial regulators to double deposit protection limit

3 weeks ago | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

South Korean financial regulators announced plans on Thursday to raise the deposit protection limit from 50 million won to 100 million won ($714) from September 2025 onwards, prompting speculation that the change could trigger a large-scale cash flow from commercial banks to non-banking financial institutions, or a money move.
Korea’s top insurers to form council to acquire MG Non-Life Insurance

3 weeks ago | pulse.mk.co.kr | Park Chang-yeong |Kim Jung-hwan |Han Yubin

South Korea’s five leading non-life insurers will form a management council to jointly acquire assets owned by MG Non-Life Insurance Co.The five insurer are Samsung Fire & Marine Insurance Co., DB Insurance Co., Meritz Fire & Marine Insurance Co., Hyundai Marine & Fire Insurance Co., and KB Insurance Co.According to industry sources on Tuesday, the companies plan to establish a management committee by the end of May for the split acquisition.
Korea to boost lending support for mid-sized shipbuilders

1 month ago | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

South Korean financial regulators will finalize guidelines encouraging commercial banks to support orders for mid-sized shipbuilders in a review committee in early May 2025, financial industry sources said on Monday. The guidelines, jointly prepared by the country’s five major commercial banks- KB Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, and NH Nonghyup Bank - stipulate that banks would not be held liable for losses if financial support is provided under specific conditions.
Korean banks’ corporate-related credit risk doubles in 2024

2 months ago | pulse.mk.co.kr | Park Chang-yeong |Kim Jung-hwan |Han Yubin

South Korea’s four major commercial banks saw their corporate credit risk double in 2024 from a year ago as the pace of economic recession accelerates. According to data from the Korea Federation of Banks on Wednesday, the counterparty credit risk (CCR) of KB Kookmin, Shinhan, Hana, and Woori, rose to 26.08 trillion won ($19.8 billion) in 2024, up from 12.28 trillion won in 2023.
NH Nonghyup Bank considers plan to invest in Douzone Bank consortium

Dec 3, 2024 | pulse.mk.co.kr | Kim Jung-hwan |Lee Hee-jo |Yoon Yeon-hae

South Korea’s NH Nonghyup Bank is weighing its participation in the competition for a license for the country’s fourth internet-only bank through investment in the Douzone Bank consortium. According to sources from the financial sector on Monday, NH Nonghyup Bank is considering investing a stake of around 9 percent in Douzone Bank, which has declared its bid for the 4th internet bank license.
KB Life Insurance CEO tapped to lead KB Kookmin Bank

Nov 27, 2024 | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

KB Financial Group appointed its head of KB Life Insurance Co. to lead its bank subsidiary, and the nomination effectively ends expectation among industry observers that KB Kookmin Bank CEO Lee Jae-geun had a strong chance for a third term. KB Life Insurance CEO Lee Hwan-ju was appointed as the new CEO of KB Kookmin Bank as he was recognized for his ability to drive substantial growth and enhance corporate value through structural improvements focused on capital and cost efficiency.
Financial authorities mull limiting banks’ ELS sales to specific branches

Nov 19, 2024 | pulse.mk.co.kr | Kim Jung-hwan |Yoon Yeon-hae

South Korean financial authorities are considering a plan to restrict sales of high-risk products to specific bank branches, such as regional hubs, as part of measures to address the mis-selling crisis surrounding equity-linked securities (ELS) tied to Hong Kong’s Hang Seng China Enterprises Index.
KB Bank draws $1.35 bn worth of investments in global fund

Oct 28, 2024 | pulse.mk.co.kr | Kim Jung-hwan |Han Yubin

KB Bank, a financially strapped Indonesian affiliate of KB Kookmin Bank, has issued a $300 million global bond that drew $1.35 billion worth of investments. In a statement published on Monday, KB Kookmin Bank said KB Bank successfully issued $300 million in dollar-denominated bonds in the first bond issuance by the affiliate, formerly known as Bank Bukopin.