Prosecutors on Thursday raided KEB Hana Bank‘s headquarters in Seoul in an apparent move to add fresh fuel to the investigation of Optimus Asset Management’s private equity fund misselling. KEB Hana Bank was one of trustee banks of the disputed funds. According to the Seoul Central District Prosecutors’ Office, investigators searched the lender’s consignment sales unit to seize computer drives and documents related to the case. The main purpose of the search is to fi

London-based Standard Chartered Group CEO Bill Winters said South Korea has the potential to rise as Asia’s key financial hub in a meeting with the head of the financial regulator here, the lender’s Korean subsidiary said Thursday. “(Financial Services Commission Chairman Eun Sung-soo and Winters) agreed on the potential of Seoul as Asia’s financial hub given the size of the Korean economy and Korea’s presence in global trade,” Standard Chartered Bank Korea

Major South Korean lenders’ decision to invest some $100 million in a hotel and retail project at 20 Times Square in New York in 2018 has come back to bite them two years later, with the property’s foreclosure last year continuing to wreak havoc amid the coronavirus pandemic, sources said Thursday. In 2018, French Bank Natixis syndicated to local banks KB Kookmin, Hana and NH Nonghyup -- three of the five major lenders here -- and other Korean institutional investors. Some combined

South Korea’s vice finance minister on Thursday warned that the local foreign exchange market may face higher volatility amid external factors such as the COVID-19 resurgence in Europe and the reignited US-China conflict. “There are currently various factors which may increase volatility in the global financial market, including the resurgence of COVID-19 in Europe and the escalating tension between the US and China ahead of the US presidential election,” said Kim Yong-beom

Shin & Kim LLC, South Korea’s fifth-largest law firm by number of lawyers, said Thursday that it has enhanced its international tax practice by hiring four leading experts. Sunny Kim, a senior foreign attorney and expert in international tax and cross-border mergers and acquisitions, was named head of the international tax practice, the company said in a release. Kim frequently serves as a consulting expert for the Korean government on issues such as consolidated tax regime, partn

Kasa Korea, a property technology startup, said Thursday it has raised some 9.2 billion won ($7.8 million) in a series B funding round. The latest funding was led by the state-run Korea Development Bank. Silicon Valley venture capitals and domestic investment firms, including Northern Light Venture Capital, and Kona I Partners, participated in the fundraising round as financial investors and interior firm Kukbo Design was involved as a strategic partner. The proptech startup has so far attra

South Korean shares plunged to a more than one-month low on Thursday, as investors turned risk-averse following overnight Wall Street decline over withering hopes of a quick economic recovery. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index (KOSPI) fell 60.54 points, or 2.59 percent, to close at 2,272.7. Trading volume was moderate at about 706 million shares worth some 12.3 trillion won ($10.5 billion), with losers outnumbering gainers 831 to 68. Fo

Renault Samsung Motors Corp. said Thursday it will suspend its sole plant in South Korea until mid-October to control inventories amid the COVID-19 pandemic. Renault Samsung will halt the operation of the Busan plant, 450 kilometers southeast of Seoul, from Friday through Oct. 18, a company spokesman said over the phone. "The plant will be suspended for 11 working days as the Chuseok holiday falls on Sept. 30 and lasts through Oct. 5 for carmakers," he said. The company and its l

The Korea Trade Insurance Corporation said Thursday that it had signed a memorandum of understanding with the Korea Land and Housing Corporation to help South Korean companies secure more overseas construction projects. Under the deal, the state-run trade insurance firm will provide overseas business financing insurance and various trade insurance products to LH and partner companies bidding for overseas construction orders, which will help the builders minimize losses from offshore investments

South Korean business lobby groups said Thursday a series of bills that they claim would hurt corporate activities should be further discussed as they will have a far-reaching impact on their business operations and the economy as well. The government is pushing to pass a package of bills to prevent power abuse by large conglomerates, help improve corporate governance structures and strengthen the financial health of financial companies. Also, the government is seeking to expand class-action

South Korea’s leading internet-only bank, Kakao Bank, made its market debut plans official as it decided to apply for auditor designation and select an underwriter by the end of this year, the company said Thursday. But the company has not yet decided when or where to list its shares -- on the main bourse, Kospi, or the tech-heavy Kosdaq -- or on the size of the offering. The company is expected to become the first online-only bank to be listed in the local stock market, and the second

South Korea's economy is expected to deteriorate further in the second half of the year due to the prolonged coronavirus pandemic, a leading private think tank said Thursday. Asia's fourth-largest economy is likely to contract 3.8 percent on-year in the July-December period, worse than a 2.9 percent contraction projected in the second quarter, according to the Korea Economic Research Institute (KERI). After posting a negative growth rate of 0.7 percent in the first half, the economy is project