Korea’s top finance firms -- KB, Shinhan, Hana, Woori and NongHhyup -- have set aside a total of nearly 1.7 trillion won ($1.2 billion) in reserve for the compensation of losses related to the misselling of equity-linked securities products tracking the Hang Seng China Enterprises Index in Hong Kong. While KB Financial Group, the top seller of the ELS products, set aside 862 billion won to cover the compensation, NongHyup and Shinhan each allocated 341.6 billion won and 274 billion won.

Hana Financial Group Chairman Ham Young-joo poses with award recipients, their families and Hana staff members at the award ceremony for the 2024 Hana Artverse, a contest for artists with developmental disabilities, at the firm's headquarters in central Seoul on Friday. The event, in its third year, aims to provide opportunities for artists with disabilities. The works of the 30 artists who were recognized at the event will be on display at the group’s open storage space, H.art1. (Han

Incheon International Airport Corp. CEO Lee Hag-jae (third from left), Hana Financial Group Chairman Ham Young-joo (fourth from left) and Hana Bank CEO Lee Seung-lyul (third from right) pose for a picture at the opening ceremony of Hana Bank's relocated branch at Incheon Airport on Monday. Hana Bank stands as the only bank to have operated continuously for 23 years at the airport since its inauguration in 2001. (Hana Bank)

South Korean stocks started lower Friday despite overnight US gains as investors await the Bank of Korea's rate decision later in the day. The benchmark Korea Composite Stock Price Index dropped 16.61 points, or 0.61 percent, to 2,690.35 in the first 15 minutes of trading. Overnight, the Nasdaq Composite jumped 1.7 percent and the S&P 500 rose 0.7 percent on a tech rally, while the Dow Jones Industrial Average was almost flat. Apple soared 4.3 percent, Nvidia surged 4.1 percent, and Amazon c

South Korean stocks started sharply lower Thursday as higher-than-expected US inflation data poured cold water on investors' hopes for early rate cuts. The benchmark Korea Composite Stock Price Index plunged 39.34 points, or 1.45 percent, to 2,665.82 in the first 15 minutes of trading. Overnight, major US indexes lost ground as the release of a key measure of inflation dashed investors' hopes that the Federal Reserve may start cutting its rates soon. The US' consumer price index f

South Korean stocks ended slightly higher Monday on the back of autos and batteries following stronger-than-expected US jobs data. The Korean won fell against the US dollar. The benchmark Korea Composite Stock Price Index gained 3.44 points, or 0.13 percent, to 2,717.65. Trade volume was moderate at 611.2 million shares worth 10.36 trillion won ($7.6 billion), with decliners outpacing gainers 590 to 277. Foreigners bought 207.6 billion won worth of local shares, while retail investors and instit

Hana Bank, South Korea's major commercial bank, opened a new dealing room -- the latest of its kind here -- in Seoul on Wednesday. Named "Hana Infinity Seoul" to signify the bank's ambition to expand its global reach, the new dealing room occupies the fourth and fifth floors of the lender's headquarters in Jung-gu, central Seoul. Spanning 2,096 square meters and with seating for 126, it is the country's largest such space, the bank states. The opening ceremony was a

South Korean financial groups have undergone a transition in their board composition, indicating governance changes centering on gender diversity and internal control. Given that a financial holding company’s board is the ultimate decision-making body engaging in establishing management strategies and budget planning for itself and its affiliated banking and securities units, the changes give a glimpse of the future direction that the groups are pursuing. Here are the key takeaways from

Hana Financial Group, one of South Korea's top four finance conglomerates, has joined hands with Credit Agricole Corporate and Investment Bank to strengthen cooperation in expanding its business in Europe, the firm said Friday. The two entities have signed an agreement to expand cooperation in corporate and investment banking, treasury and trade finance, and financing for environment, social and governance-related initiatives. Hana Financial Group Vice Chair Lee Eun-Hyung, Xavier Musca, the

- GLN has expanded its QR payment network to the Philippines through a strategic partnership with Asia United Bank (AUB). - Under the agreement, tourists to the Philippines will be able to pay seamlessly at QRPh merchants, a national QR payment network operated in the country, using the digital wallets in GLN's network. - GLN's payment network now includes seven countries and regions in Southeast Asia: Thailand, Taiwan, Singapore, Vietnam, Laos, and Cambodia, and the Philippines. SEOUL, So

Hana Financial Group announced Wednesday the introduction of its 365 Day Hana Child Care initiative, aiming to tackle South Korea’s declining birth rate by offering reliable back-up child care options. An inauguration ceremony took place at a child care center in Nowon-gu, northern Seoul, on Tuesday, with Chairman Ham Young-joo in attendance. The program is designed to assist parents facing disruptions in their regular child care arrangements throughout the year, catering to their needs on

A new Hana Bank branch in Daejeon features a cultural space tailored to senior customers. The Hana 50+ Culture Bank, the 10th of its kind, aims to offer diverse cultural and educational programs to better meet the growing needs of the older generations. (Hana Financial Group)

KG Mobility, a stalwart in the South Korean sport utility vehicle scene previously known as Ssangyong Motors, has set an ambitious total sales goal of 147,000 units for this year, a 26.6 percent increase from last year, as it aims to penetrate overseas markets in Europe and Southeast Asia, away from its home turf dominated by Hyundai-Kia. By doubling down on its legacy of tough-looking, rugged SUVs, the company is incorporating cost-effective production strategies, including electrification, and

The Korean stock market rallied early Wednesday, with the benchmark Kospi breaking above 2,700 points during trading hours for the first time in nearly two years as the market tracked overnight Wall Street gains. The local benchmark Kospi touched 2,701.45 points during intraday trading. The peak came shortly after it opened at 2,694.71, marking a 12.9 points rise from the previous close at 2,681.81. After hitting a record high not seen since May 2022, the main index wiped out the gains as invest

Major Korean financial groups are intensifying efforts to broaden and diversify their boards in response to a governmental drive for inclusivity within the sector. Woori Financial Group is appointing two new female members to its outside board of directors for the first time in its history. Lee Eun-ju, a media expert from Seoul National University, and Park Sun-young, an economics professor from Dongguk University, will replace the company's first and only female outside director, Song Soo-