South Korea's top five commercial banks will provide the first tranche of a syndicated loan worth 3.5 trillion won ($2.65 billion) to the Polish government to finance a follow-up weapons purchase deal with Korean arms companies, industry sources said Friday. This decision came after South Korea's Defense Ministry asked the top five commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to provide the lending during a meeting held on Nov. 6, as state-run banks hit their lo

South Korean commercial banks are considering loan syndication for the Polish government to finance a weapons purchase deal worth 30 trillion won ($23.1 billion) with Korean arms companies, as state-run banks hit their loan limit for the contract. South Korea's Ministry of Defense on Monday held a meeting with officials from five top local banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- to discuss providing loans to the Polish government for an arms export deal, according to sou

Shihan Finance, Shinhan Card’s subsidiary in Kazakhstan, has secured a $60 million investment from the International Finance Corporation, the Korean car issuers under Shinhan Financial Group said Wednesday. The latest funding is the first of its kind announced since Shinhan Financial Group and the IFC signed a memorandum of understanding in May this year to cooperate in environmental, social and governance projects. Of the $60 million, some $20 million will be used first to fund the compan

South Korean stocks closed sharply lower for the third consecutive day Monday as investors' risk-off sentiment escalated amid geopolitical uncertainties and high US bond yields. The local currency fell against the US dollar. The benchmark Korea Composite Stock Price Index lost 17.98 points, or 0.76 percent, to close at 2,357.02. Trading volume was slim at 387.7 million shares worth 6.9 trillion won ($5.1 billion), with decliners beating gainers 593 to 283. "With no specific upward mome

South Korean stocks jumped nearly 1 percent Tuesday as concerns over the Israel-Hamas conflict eased. The local currency slightly gained ground against the US dollar. The benchmark Korea Composite Stock Price Index added 23.93 points, or 0.98 percent, to close at 2,460.17, ending a two-session losing streak. Trading volume was moderate at 500.5 million shares worth 7.6 trillion won ($5.6 billion), with winners beating losers 582 to 281. Foreign purchases led the rally, as offshore investors scoo

The conflict between Israel and Hamas militants in the Gaza Strip has raised concerns for the Korean economy as the prospect of a full-blown war in the Middle East could lead to a surge in oil prices and further pave the way for more inflationary pressures. "Though the international financial market has shown a limited response to the incident, considering it is still in the early stages, the uncertainties are very high," Finance Minister Choo Kyung-ho said at a meeting held Tuesday

Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategic investment fund. According to the financial institution, Habit Factory is a Seoul-based "insurtech" company -- a portmanteau of “insurance” and “technology” that aims to innovate the traditional insurance industry through the use of information technologies

South Korean stocks closed slightly higher Friday ahead of the US payrolls data release. The local currency rose against the US dollar. The benchmark Korea Composite Stock Price Index added 5.13 points, or 0.21 percent, to close at 2,408.73. Trading volume was slim at 284.6 million shares worth 6.36 trillion won ($4.71 billion), with gainers outpacing losers 652 to 220. Foreigners sold off a net 325.4 billion won worth of shares, continuing their selling streak for the 11th consecutive trading d

South Korean stocks opened higher Friday as investors await the US payrolls data, which will give clues for the Federal Reserve's future monetary tightening policy. The benchmark Korea Composite Stock Price Index added 10.86 points, or 0.45 percent, to 2,414.46 in the first 15 minutes of trading. Overnight, all three US indexes slipped as investors were on edge ahead of the release of monthly non-farm payrolls data to be released later in the day, which will be a decisive factor in forecast

KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further strengthening KB's Cambodian unit, KB Prasac Bank, which is already doing

Deutsche Bank said Sunday that it will inject 150 million euros ($160 million) into its Seoul branch as part of its investment plan for the Asian market, with Korea as a strategic foothold. The German bank's decision to allocate additional capital to its Korean business underscores its confidence in the stability and growth potential of the market. "This additional capital, along with our recent reentry into the local debt capital market, will enable us to better support our clients�

The Seoul city government will hold a global financial technology conference next month, bringing together fintech experts from around the world to discuss the digitalization trend in the financial industry, officials said Monday. The 2023 Seoul Fintech Week will kick off on Oct. 4 for a three-day run at Dongdaemun Design Plaza in central Seoul under the theme "How Fintech Will Transform Our Lives," city officials said. Fintech experts from around the world, including the United States

In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face

Lotte Group Chairman Shin Dong-bin was the highest-paid business leader in Korea for the first half of this year, regulatory filings posted Monday by major firms in Korea showed. Shin received total compensation of 11.2 billion won ($8.37 million) from the retail giant's six affiliates in the January-June period, up from 10.2 billion won tallied a year earlier. He maintained the highest-paid business leader title for a second consecutive year. The wage reflects Shin's management perf

Business leaders have sent congratulatory messages to celebrate the 70th anniversary of The Korea Herald. – Ed. Chey Tae-won, Korea Chamber of Commerce and Industry chairman My sincere congratulations to The Korea Herald on its 70th anniversary. The Korea Herald, then The Korea Republic, was first published to introduce Korean society following the Korean War and to solidify international cooperation. The Korea Herald has witnessed the moments of reconstruction, growth and the Miracle