S. KOREA’S 5 MAJOR BANKS REPORTS RISE IN MORTGAGE LOANS IN MARCH

Highlights –

• S. Korea’s 5 major banks reports rise in mortgage loans in March.
• The combined mortgage loans from the 5 banks were more than 3 trillion won range.
• The banks’ outstanding unsecured loans came to 135.4 trillion...

SSANGYONG MOTOR CO. FILED FOR COURT RECEIVERSHIP; UNDER OVERDUE DEBTS

Highlights –

• SsangYong Motor Co. filed for court receivership; under overdue debts.
• SsangYong Motor Co. has overdue debts of 100 billion won from financial institutions.
• KDB and other creditors of SsangYong Motor did not approve the r...

BIDEN’S TRIUMPH IN PRESIDENTIAL ELECTIONS MAY SPELL TROUBLE FOR KOREAN BANKS IN US

• The triumph of Democratic candidate Joe Biden in the U.S. presidential election has brought a ray of hope for both the U.S. and the global community, but his attitude towards stricter financial regulations is apparently weighing on Korean banks doing business in the world's largest ma...

MAJOR FOREIGN IB’S RECALIBRATE GROWTH PROSPECTS IN KOREAN ECONOMY TURNAROUND

• Major foreign investment banks (IBs) have recalibrated their forecasts for South Korea's economic growth for 2020 on rising expectations for an economic turnaround, a report showed Friday.
• Until late October, nine principal global IBs, including Barclays and Goldman Sachs, ...

LENDERS KB KOOKMIN AND HANA WITNESS BOOMING PROFITS DESPITE PANDEMIC

• Though there were plenty of border restrictions placed during the COVID-19 pandemic, South Korea’s major lenders KB Kookmin and Hana registered buoyant sales figures overseas in the first-half of the year, attracted by their performance in Southeast Asia.
• Overall, the com...

WOORI BANK AND HANA BANK FINED $30.8 MILLION

Highlights –

• South Korea’s financial regulator fined Woori Bank and Hana Bank
• Six-month ban on selling private equity fund products
• Banks responsible for failure to protect retail investors from risks

Hana Bank...

WOORI BANK’S NEW CEO PLEDGES TO RESTORE CONFIDENCE AFTER DERIVATIVES SCANDAL

Highlights –

• Woori Bank yet to recover from derivatives scandal
• A new CEO being nominated and appointed simultaneously
• Pledges to keep customers as top priority

With the ongoing scandal of Woori Bank and a new CEO being appointed, Kw...