South Korean banks are focusing on Myanmar in that the country is close to both China and India and has huge growth potentials as a manufacturing base and a consumer market.For example, KB Kookmin Bank and Industrial Bank of Korea (IBK) obtained preliminary banking licenses from the central bank of
The board of directors of Korea Development Bank (KDB) approved a subordinated industrial financial bond issuance limit of up to four trillion won on April 10. The purpose of the approval is recapitalization prior to corporate restructuring.For the period of 2015 to 2019, KDB’s subordinated industri
Shinhan Bank has succeeded in raising US$500 million by issuing Formosa bonds, which refer to bonds issued by foreign institutions in Taiwan's capital market in a currency other than Taiwanese dollars.The interest rate of the five-year bonds was set at the three-month LIBOR plus 170bp, which was
Korea Development Bank (KDB) will begin to purchase 1.90 trillion won worth of corporate bonds next week as part of the government’s efforts to stabilize the financial market. The state-run lender will purchase corporate bonds of grade A or higher worth up to 200 billion won per company.The bank wil
HDC Hyundai Development Co. recently requested the Export-Import Bank of Korea and Korea Development Bank (KDB) to provide financial support in relation to its acquisition of Asiana Airlines.HDC wants KDB to convert the 500 billion won worth of Asiana's perpetual bonds the bank has acquired into
Citibank Korea and Korea Development Bank have decided to reject the proposal put forward by the Financial Supervisory Service (FSS) to arbitrate the drawn-out KIKO dispute.Citibank made the decision at a board meeting held on March 4. It is one of the five commercial banks that pondered whether to
Korea Development Bank (KDB) has successfully issued bonds worth $1.5 billion in the global market.The state-run bank raised US$750 million in 3-year variable interest rate bonds and another US750 million in 5-year fixed interest rate bonds.The three-year bond carries 0.35 percentage point spread on
Unionized workers at major banks such as Industrial Bank of Korea (IBK) and Korea Development Bank (KDB) are advocating director recommendation by themselves and this has to do with the Moon Jae-in administration’s labor-friendly policy. Earlier, the government officially announced in July 2017 that
Samsung Electronics of Korea and TSMC of Taiwan are waging a fierce war over a 3-nanometer (nm) foundry process. Both companies are planning to begin volume production of 3-nm products in 2022.TSMC, the world's No. 1 foundry company, is expected to unveil its 3-nm process technology on April 29
Pawan Goenka, managing director of Indian carmaker Mahindra & Mahindra Ltd., met with Lee Dong-geol, chairman of Korea Development Bank (KDB), on Jan. 16 in Seoul to ask for financial support for SsangYong Motor, its Korean affiliate.Goenka, who is also the chairman of SsangYong Motor’s board of dir
A senior executive of U.S. automaker Ford will visit SsangYong Motor this month to discuss ways to sell vehicles produced at Ssangyong’s plant in Pyeongtaek under the Ford brand in overseas markets. A triangular alliance involving Ssangyong, Mahindra and Ford has been forged to support the financial
Korean business groups, including Lotte, CJ and Doosan, are expected to put their affiliates on the M&A market this year as part of their restructuring campaign or efforts to change their business portfolios.The investment banking (IB) industry is paying attention to large business groups undergoing
Korea Development Bank (KDB) is reportedly considering extending the maturity of its 90 billion won loan to SsangYong Motor, which is suffering from severe financial trouble due to sluggish sales.If KDB agrees to extend the maturity of the loan, which matures next year, SsangYong Motor will be able
Samsung Group has set out to invest in fostering Korean system semiconductor startups. The group is expected to ramp up investment in this area as the Korean government recently announced that it will support small and medium-sized system semiconductor materials and parts companies in cooperation wi
Korea Development Bank (KDB) originally planned to complete the sale of KDB Life Insurance within this year. But the plan was put off to early next year as attractive companies such as Prudential Life were put up for sale.KDB has promoted the sale of KDB Life since early this year. It has recently d
Multiple foreign insurance companies are planning to leave the South Korean market with its slow growth and poor profitability predicted to continue.The Financial Supervisory Service announced on Dec. 1 that life insurance companies in South Korea posted a net profit of 3,057.3 billion won for the f
The Silver Town Tunnel Project in the United Kingdom, which is promoted by a consortium formed by SK Engineering & Construction (SK E&C), will kick off with the conclusion of implementation and financial agreements. It is the first public-private partnership (PPP) project promoted by a Korean builde
South Korea does not stack up against the United States and China in terms of the number of unicorn companies, which refer to unlisted startups valued at over US$1 billion. The United States and China have 201 and 101 unicorns, respectively, while Korea has only nine.The United States and China has
The sale of KDB Life Insurance is showing little progress as Korea Development Bank (KDB), which owns the insurer, suggests a price of as high as 800 billion won for it. Although KDB Life Insurance completed subordinated debt refunding to mitigate the burden, the annual interest burden is still high
KDB Future Strategy Research Institute announced on Oct. 15 that six South Korean banks put their names on the world’s top 100 bank list for 2018 of The Banker magazine.On the list, KB Financial Group maintained its 59th place while Shinhan Financial Group rose three notches to 63rd and Hana Financi