Latest news with #KBKookminBank
Korea Herald
30-05-2025
- Business
- Korea Herald
20 Korean financial institutions adopt ID verification for foreign customers
A total of 20 Korean financial institutions, including banks, savings banks, securities brokerage firms and a credit card company, have adopted the government's identity verification service for foreign residents, according to the Justice Ministry on Friday. The system enables foreign nationals in South Korea to have their identification verified using their residence cards to access personal financial services -- such as opening a bank account, taking personal loans and wiring money overseas -- both via mobile and bank branches at 10 institutions. These are three commercial banks, namely KB Kookmin Bank, Shinhan Bank and Woori Bank; state-owned Industrial Bank of Korea; credit card firm KB Kookmin Card; and five provincial banks, which are Kwangju Bank, Kyongnam Bank, iM Bank, Busan Bank and Jeonbuk Bank. At Hana Bank, a commercial institution, and mobile-only Toss Bank, as well as savings banks JB Woori Capital and Welcome Savings Bank, foreign customers can use the system to verify their identity for mobile banking services only. At these 14 institutions, foreign nationals can access a range of personal banking services and other financial services remotely, while the institutions can avoid the risk of identity fraud, according to the government. The Justice Ministry introduced the "residence card verification service" in 2023 following a revision of the Immigration Act in December 2022. It has enabled financial institutions to immediately verify a foreign customer's identity based on immigration agency data, allowing access to financial services without the need for in-person visits. At six other institutions -- Nonghyup Bank, Suhyup Bank, National Federation of Fisheries Cooperatives, Korea Federation of Community Credit Cooperatives, Mirae Asset Securities and Hana Securities -- the identity verification service is available for foreign customers at branches only. The government said it was moving to add more financial institutions starting in June.
Korea Herald
12-05-2025
- Business
- Korea Herald
KB Bank signals strategic shift in Indonesia with profit rebound
With profits up, bank weighs naming first local chief KB Kookmin Bank is expected to push for a breakthrough at its long-struggling Indonesian subsidiary, KB Bank, with a change in leadership this year. Accelerating the shift, the unit returned to profitability in the first quarter. KB Bank President Director Lee Woo-yeol is set to step down at the holding company's shareholder meeting scheduled for May 28 at its Seoul headquarters. The bank is reportedly considering appointing an Indonesian national as Lee's successor. If confirmed, it would mark the first time a local figure has led the unit since KB Kookmin Bank fully acquired the Indonesian lender in 2020. Lee, who previously served as Chief Information Officer at KB Kookmin Bank, was appointed to the role to oversee the digital transformation of the unit through the Next Generation Banking System project. On April 21, KB Bank announced the successful launch of NGBS and completion of its system migration. 'The successful migration to NGBS reflects our commitment to delivering banking services that are relevant to today's and future banking needs. Customers can now enjoy a faster and more secure transaction experience, seamlessly across all KB Bank service channels, both online and at branch offices,' Lee said in a press statement. Adding momentum to the restructuring efforts, KB Bank reported a consolidated net profit of 352 billion rupiahs ($21 million) in the first quarter, a sharp turnaround from a net loss of 827 billion rupiahs during the same period last year. With an 11.19 percent increase in net interest income, the unit returned to profit after recording a net loss in the previous quarter. 'These figures are preliminary, based on local standards. They will be finalized once included in the group's consolidated financial statement. But overall, KB Bank has returned to profitability in the first quarter,' a KB Financial Group official said. 'The goal is to post a full-year profit,' the official added. The unit also reported 'notable improvement' in asset quality, with its loan-at-risk ratio falling to 23.41 percent from 34.33 percent. The nonperforming loan ratio improved to 9.1 percent from 9.92 percent. Liquidity also strengthened, with third-party funds growing 10.86 percent on-year, driven by an increase in low-cost deposits. 'This performance underscores the tangible progress of our strategic transformation under the stewardship of KB Financial Group, South Korea's largest financial institution,' the unit said in a social media post. The Indonesian unit had long been a drag on KB Kookmin Bank's global expansion strategy. With the recent turnaround, the lender is expected to report a profit in its overseas operations. While KB Kookmin Bank posted a 96.2 billion won net profit from global operations in the first quarter of 2023, it fell into a net loss of 2.56 billion won during the same period last year, primarily due to losses from the Indonesian unit.
Irish Independent
08-05-2025
- Business
- Irish Independent
Value of offices continued to soften during first quarter of the year
These are among the findings of the authoritative MSCI/ SCSI index which monitors the performance of Irish property. As signalled by a few recent office sales, the value of properties in this sector fell by 0.5pc in the quarter and by 4.8pc over the 12 months to the end of March, according to the Index for the first quarter of 2025. Reflecting the impact of working from home on office demand, this sector has suffered each quarter since Q1 2022 bringing their overall decline in capital values to 28pc over the three years. However, some of those offices built before 2010 have seen even sharper falls. For instance, the 2007-built Beckett Building on Dublin's north docklands is reported to have gone sale agreed recently for €25m which would equate to a 75pc loss on the €101m paid by KB Kookmin Bank, a South Korean financial group, when it purchased the building in 2018. On the other hand, a much lower discount of only 18pc was seen when Central Quay offices in Dublin's south docks was bought by a French investor in the first quarter of this year for about €42m. That vendor was Hibernia Property, an Irish subsidiary of Brookfield, a leading global alternative asset manager. But recent office lettings are helping to restore hopes in the sector and returns for investors grew by 0.5pc in the first quarter of the year helping to pare back the decline in 12-month returns to 0.3pc. Retail property values were practically unchanged in Q1, albeit as they slipped 0.1pc in the quarter and 2.7pc in the 12 months. This sector has seen declines every quarter since the fourth quarter of 2018 bringing their six-year decline to 40pc. But at least retail investors have seen better returns than office investors in recent months with 1.6pc growth in the last quarter and 3.9pc growth during the last 12 months, due to recovering confidence in consumer demand.
Korea Herald
04-05-2025
- Business
- Korea Herald
Won's volatility over dollar deepens over Washington's tariff uncertainties
The Korean currency's volatility over the dollar deepened last month due to uncertainty surrounding Washington's sweeping tariffs on American imports, according to central bank data on Sunday. The average daily fluctuation in the won-dollar rate for April was 9.7 won, or 0.9 percent, according to the data by the Bank of Korea. This marked the largest volatility since November 2022, when fluctuations reached 12.3 won and 0.9 percent amid optimism over a potential shift in the U.S. Federal Reserve's monetary policy. The April figures were also far higher than those of March, which were 4.3 won and 0.29 percent. The Korean won weakened to 1,487.6 won against the dollar in intraday trading on April 9, when the country-specific reciprocal US tariffs took effect. However, it rebounded to 1,420 won just two days later, following an announcement by U.S. President Donald Trump granting a 90-day pause on the reciprocal tariffs. Experts forecast that the won-dollar exchange rate will remain volatile, likely hovering around 1,400 won, with future movements closely tied to developments in US-China trade talks. "As the Korean won is highly correlated with other Asian currencies, including the Chinese yuan, the outcome of US-China trade negotiations is critical," said Moon Jeong-hee, an economist at KB Kookmin Bank. (Yonhap)
Korea Herald
30-04-2025
- Business
- Korea Herald
Buying apartment in Seoul now takes 24 years of full-salary saving
Buying an apartment in Seoul has become increasingly out of reach for average workers, with average home prices soaring past 1.3 billion won for the first time, according to latest data. KB Kookmin Bank's monthly real estate report, released Monday, showed that the average price of apartments in Seoul reached 1.3 billion won ($913,500) in April, marking a 0.98 percent increase from the previous month. That figure is 2.5 times the national average of 522 million won. Experts suggest that rising construction costs and inflation could have pushed up presale prices while continued demand for homes in popular residential districts, such as Gangnam-gu, Yonsan-gu and areas along the Han River, have also contributed to the city's rising average housing prices. The rise translates into a cut in affordability for would-be homebuyers. Based on the average monthly salary of 4.599 million won in Seoul, as reported by the Labor Ministry, a worker would theoretically have to save every penny of their entire salary for 289 months — or 24 years — to afford an average-priced apartment in Seoul. In reality, with taxes, living expenses and inflation, it would take much longer. Separate data released Tuesday by local real estate platform Dabang showed that an 84-square-meter, three-room apartment, the most common and in-demand housing type among Korean households, averaged 1.46 billion won in the first quarter, up 25.5 percent from a year earlier. Of Seoul's 25 districts, Seocho-gu had the highest home prices with a three-room unit selling at an average price of 2.8 billion won.
