The stock price of Samsung BioLogic plunged on Nov. 12, two days ahead of a verdict from the Securities and Futures Commission (SFC) on the accounting fraud allegations against the company.Samsung BioLogics closed at 285,500 won (US$250.99) on the benchmark KOSPI market on Nov. 12, down 22.42 percen

KB Securities Co. has recently discovered during an inspection of its internal control system that a company employee embezzled money deposited into customers’ dormant accounts.The employee was found to have embezzled as much as 300 million won from 25 dormant accounts since April this year. KB volu

Woori Bank president Sohn Tae-seung has been appointed to lead Woori Financial Group, which will be revived in January 2019, five years after its dissolution in 2014.Woori Bank held an interim board meeting on Nov. 8 and announced that the board has decided to allow Sohn, who was appointed as the ba

A global consulting firm warned that the domestic insurance market is reaching saturation. Moreover, small and mid-size insurance companies, which suffer from performance deterioration, are expected to stand on a delicate precipice as the introduction of new International Financial Reporting Standar

Will the Financial Supervisory Service (FSS) audit Samsung C&T, the parent company of Samsung BioLogics, in connection with the accounting fraud allegations that the regulator raised against the biosimilar production company?This question is raised by analysts as Choi Jong-koo, chairman of the Finan

The size of shadow banking has swelled to close to 2,000 trillion won (US$1.78 trillion) in Korea, according to a report released by the Bank of Korea on Nov. 6.The central bank estimated the amount of nonbank financial intermediations at 1,957.1 trillion won (US$1.74 billion) as of the end of last

The truth committee under the Ministry of Justice has recommended the prosecution to investigate 10 former and incumbent executives of Shinhan Financial Group, including former chairman Ra Eung-chan, who are suspected of having given false testimony in trials on a corruption case that took place in

NH Investment and Securities will invest in Central and South America in partnership with an organization of the Inter-American Development Bank (IDB).The company announced on Nov. 5 that it has signed a memorandum of cooperation (MoC) with IDB Invest, an investment and management arm of the IDB, in

Korean commercial banks and insurance companies have been pushing into global markets to diversify their income sources but they are having difficulty penetrating overseas markets.According to investment banking (IB) industry sources on Nov. 5, Korean commercial banks that have advanced into Southea

As institutional investors at home and abroad have recently adopted a stewardship code, the exercise of stockholder’s rights for financial holding companies is expected to be strengthened further next year. In other words, not only financial factors but also non-financial factors, such as governance

The Financial Services Commission (FSC) announced on Nov. 1 a set of measures to reform the capital market to support innovative growth of the Korean economy and job creation.The measures include easing regulations to facilitate financing for innovative companies, foster professional investors and s

As the South Korean stock market showed a steep decline, companies are faltering from the root. Small and mid-sized companies, which have difficulty in taking out a loan from banks and getting capital compared to large businesses, have been raising funds from the stock market. However, they will no

Korean cryptocurrency exchange Bithumb will make a foray into the United States where Bitcoin originated.Bithumb announced on Nov. 1 that it has signed a contract with U.S.-based fintech company seriesOne to establish a securities-type token exchange, a kind of cryptocurrency exchange, next year.Sec

Mirae Asset Daewoo said on Nov. 1 that it successfully issued US$300 million worth of U.S. dollar-denominated bonds on Oct. 31.This is the first time a local brokerage has issued foreign currency-denominated corporate bonds, Mirae Asset Daewoo said.The three-year bonds carry a spread of 135 basis po

The Bank of Korea appears to be planning to raise the key interest rate next month. However, the recent stock market crash and poor economic indices are putting pressure on it not to.At a parliamentary audit on Oct. 22, Bank of Korea Governor Lee Ju-yeol said he is positive about key rate adjustment

The recent drop of Seoul shares is excessive in light of Korea’s economic fundamentals, said Choi Jong-koo, chairman of the Financial Services Commission, on Oct. 30.Choi told reporters that the government is closely watching the trends of the stock market. “When and how the government executes its

Nexon's holding company, NXC, has acquired Bitstamp, a virtual currency exchange based in Luxembourg. This is NXC’s second acquisition of a cryptocurrency exchange following Korbit, a South Korean virtual currency exchange, last year.According to foreign media and domestic industry sources on Oc

The exposure of South Korea’s four major banks to the auto industry is approaching 40 trillion won (US$35.03 billion). If Hyundai Motor and Kia Motors continue to show a poor performance, their partner companies will be driven into financial trouble. Then banks are highly likely to have an increasin

The benchmark Korea Composite Stock Price Index (KOSPI) fell below the psychologically important 2,000 mark on Oct. 29. It was less than a week since the 2,100 point collapsed last week.The main stock index dropped 31.10 points, or 1.53 percent, to close at 1,996.05. Foreign and retail investors dum

Korea’s financial authorities said on Oct. 29 that the government will raise funds worth more than 500 billion won (US$439 million) from securities related organizations to stabilize the capital market.The Financial Services Commission (FSC) held a financial market inspection meeting presided over b