Korean Re, headed by CEO Park Jong-won, has been named the 10th largest reinsurer in the world by S&P, up 2 ranks in 2011, and has been the largest in Asia in terms of insurance funds since 2002, the reinsurance firm said recently.The company said the upgraded position means that its Vision 2020…

President Choi Ki-ui of KB Kookmin Card Co. is known for his tremendous business acumen. His dogged refusal to cut fees on the company’s credit cards for country clubs from 2 percent to 1.5 percent, while other credit card firms agreed to the cut, is an outstanding example of his way of doing busin…

Larry Summers, professor at Harvard University in Boston, the United States, and a former U.S. Treasury Secretary, urged the state wealth funds including the National Pension Service (NPS) to do their utmost to help end the economic crisis.At the Global Conference hosted on Sept. 17 by the NPS to co…

South Korea and the World Bank signed an MOU to cooperate in many international financial sectors and to open a World Bank office in either Seoul or Incheon next year. In the MOU signed by Minister Bahk Jae-wan of the Ministry of Strategy and Finance and President Jim Yong Kim of the World Bank…

Woori Financial Co. warned that household debts have grown so big that many borrowers are facing default on some of their loans as concerned banks have made their borrowing conditions more difficult for home loan borrowers.Many young people are turning to capital loan companies for loans on credit a…

Hanwha Securities and Hanwha Investment Securities merged to be reborn as Hanwha Investment and Securities in order to act as an investment banking affiliate for the Hanwha Group and as a top-tier securities firm to more powerfully climb the ladder of greater challenges ahead. The newly-merged …

The life insurance industry has kicked off its social service activities with the Life Insurance Social Service Committee presenting 12 cars to social welfare institutions at a ceremony held at Han River Park in Yeouido, Seoul, on July 17, the Korea Life Insurance Association (KLIA) said recently.Ch…

Chairman Shin Dong-kyu of NH Financial Holding Co. has decided to increase the capital of its affiliates including NH Bank and NH Life Insurance by around 1.7 trillion won to boost their competitive strength. The increased funds will be invested largely in non-financial business sectors, the holding…

Hana Bank China Ltd has been considered the most successful overseas subsidiary not only at Hana Financial Group, but also inside the Korean financial industry due mostly to its outstanding localization characteristics, financial industry sources said recently under the brilliant leadership of Chair…