The Financial Services Commission, the country’s highest financial decision maker, gave permission Wednesday for the acquisition of ING Life Korea by MBK Partners, the country’s largest private equity fund company.The FSC approved the deal in a general meeting, presided over by chairman Shin Je-yoon.Life Investment Corp. Ltd., run by MBK, sought to acquire 100 percent of the 8.2 million shares of ING Life Korea, a subsidiary wholly owned by ING Insurance International II B.V., the FSC said in a

The Financial Supervisory Service decided to hand over Tong Yang Group chairman Hyun Jae-hyun and its former brokerage unit chief Jeong Jin-seok to the prosecution on charges of financial fraud, officials said Tuesday. The financial watchdog said that it has transferred its investigative data on chairman Hyun and ex-CEO Jeong to the Seoul District Prosecutors’ Office. The data is said to concern Jeong’s alleged pressure on Tong Yang Securities employees to promote aggressive sales of commercial

The nation’s financial regulator has detected hundreds of instances of illicit insurance underwriting by card companies and is weighing penalty options, sources said Monday.The Financial Supervisory Service recently investigated allegations against card companies that customers were insufficiently informed about the insurance plans before applying over the phone. The problematic underwriting of insurance plans sold via card firms centers upon the telemarketers involved calling up the card users

The Korea Development Bank has launched joint trade financing projects with the International Finance Corp., a World Bank member organization, in a move to make inroads to trade funding markets in developing economies. The state-run KDB said Sunday that it had signed a KDB-IFC master guarantee and cooperation agreement on Dec. 5 to cooperate on IFC’s trade financing projects by sharing market information and business opportunities in developing countries.The agreement was signed a day after the

Regulators are set to punish the Korean operation of Goldman Sachs for breaching the law on sales of overseas financial products including government bonds issued in Malaysia.The Financial Supervisory Service said Thursday that it has completed an investigation into Goldman Sachs on allegations that the Wall Street giant sold the products directly to domestic consumers “without going through its Korean unit.”The nation’s laws and regulations require the sales of international bonds to the local

Financial Supervisory Service Governor Choi Soo-hyun said Wednesday that Korea will meet global standards in regulating domestic and foreign financial firms’ local operations.He delivered the pledge at a luncheon meeting with members of the American Chamber of Commerce in Korea in downtown Seoul to mark the 60th anniversary of the institution’s establishment.While Choi reiterated that the authorities would foster a level playing field between domestic and foreign capital on the basis of global s

Under Korean immigration regulations, companies are allowed to employ a workforce with up to 20 percent of their employees being foreign semi-professionals or skilled laborers on an E-7 visa.This regulation is one of the complaints from foreign companies doing business in Korea, and some foreign CEOs called for easing the rule when they attended a government-organized forum in Seoul last week. “We sit at the same size because of the immigration law,” said a representative from a Canadian company

Japan Tobacco International has tapped Anastasios Sitsas as general manager of its Korean operation, the multinational tobacco manufacturer said Monday. Sitsas, 48, began his career as a consumer and trade marketing expert in 1990 at British tobacco maker Gallaher, accumulating experience across Greece, Italy, Russia, Kazakhstan, Switzerland and some African nations.After Gallaher was acquired by JTI in 2007, the Greek general manager headed JTI’s regional operation in Central Asia, including Ka

With cosmetic surgery common nationwide, so-called “modified faces” have become a regular sight in bustling areas such as Gangnam, Cheongdam-dong and Sinsa-dong.But despite their vast popularity, cosmetic procedures can go awry just like any other medical procedure. “I had a calf reduction done to become more attractive, but I got the worst out of it,” a woman wrote on Anti-Plastic Surgery Cafe, one of the largest online anti-plastic surgery communities.The patient had her calf muscles involuted

Allianz Life Insurance Korea has begun its first restructuring in a decade in a desperate effort to break out of a long slump, industrial sources said on Friday. A 32 billion won ($30 million) net loss in 2012 is prompting the 1,650-staff company to launch a retirement program to cut jobs, the sources said. It is the first time for the foreign insurer to implement a voluntary retirement program since 2003.Early this week, company CEO Lee Myung-jae informed all employees that the company could no

Wrap accounts tailored for major global economies have become a viable investment strategy amid the prolonged trend of low interest rates, Hana Daetoo Securities said on Thursday.“We are positively surprised at the growing popularity of our wrap accounts for overseas stocks and the exchange traded funds,” said a spokesperson of Hana Daetoo, pointing to the United States, China and other countries that are expected to see steady growth in the medium and long term. Amid rising demand for overseas

Goldman Sachs said on Tuesday that the benchmark Korea Composite Stock Price Index is expected to rise to 2,350 points and the key interest rate to 3 percent by the end of 2014, amid the economic recovery of its largest trading partners. “Korea is expected to surpass the world average in growth rate (in 2014),” said Kwon Goo-hoon, managing director and chief Korea strategist at the Korean operation of Goldman Sachs, in a press briefing in Seoul.Kwon pointed out that the accelerating economic gro

Financial authorities said Sunday that they issued a caution against three insurance-related associations for 8 million cases of customer information transfer due to lax supervision.The authorities said that between April 2009 and May 2012, the Korea Insurance Development Institute was found to have provided insurance companies with information in 4.2 million cases without customer approval.According to the local insurance act, a private entity can send personal data to insurance firms only afte

Lotte Department Store, Lotte Mart and Homeplus were slapped with fines for illegally exploiting confidential business data of their subcontractors, the Fair Trade Commission said Thursday. Lotte Department Store was ordered to pay 4.6 billion won ($4.3 million) in fines for forcibly requesting sales data from 60 small vendors that also have shops in its rival department stores.The department store demanded extra sales or promotions from small vendors whose stores performed worse than counterpar

Hana Financial Group is spuring its social contribution activities at home and abroad, vowing to widen its profit sharing with local communities in need. Since 2011, the financial group has observed Nov. 11 as “Modu Hana Day,” or the day of unity, setting out for its annual two-month community service campaign, “Modu Hana Campaign.”“The campaign aims at making social contribution a casual habit for us all, eventually leading to a healthy company and community,” said Kim Jung-tai, the group chair

Korea Exchange Bank has kicked off emergency relief initiatives to help the Philippines recover from the devastation of typhoon Haiyan.“We share special ties with the Philippines in terms of economic cooperation and a variety of nongovernmental partnerships. We hope for swift recovery of the afflicted country,” the commercial bank said in a statement on Wednesday.The death toll from Haiyan has reached about 4,000, according to the national disaster relief agency. About 1,600 nationals are missin

Gore Korea, the Korean operation of W. L. Gore & Associates Inc., was selected among the “100 Best Companies to Work for in Korea” for the third consecutive year, the company said Thursday. W. L. Gore & Associates is a five-decade-old, U.S.-based manufacturer of fluoropolymer products, and best known as the developer of Gore-Tex fabrics. Great Place to Work Institute, a global research and consulting firm, gave Gore Korea the annual award in recognition of its innovative spirit and liberal corpo

Global search firm DHR International on Thursday predicted 20 percent revenue growth in its Asian operations next year, doubling its original target of 10 percent.The search firm opened its 12th Asia-Pacific and first Korean office in Seoul in August to strengthen its foothold in the region. The company plans to set up three to five more offices globally by next year, most likely in China, India, South Africa and Turkey, DHR president Christine Greybe said at a press conference in Seoul.She adde

Hyundai Capital Services Inc., the country’s largest auto financing and leasing company, said it aimed to lead the global auto financing industry, providing drivers with ideal payment plans for automobiles. Auto financing is Hyundai Capital’s core business, while the lender also offers different plans for credit, housing, car and corporate loans.“Many Korean companies seek to expand their businesses to foreign countries. The real challenge is how to excel in the global competition,” Hyundai Capi

KT&G said Wednesday that it released a new limited edition of its Tonino Lamborghini Crispy for sales. The new Lamborghini has a distinctive and clean finishing taste, and comes with a tight threefold tube-shaped filter that helps the flavor and scent last longer, said the country’s largest tobacco manufacturer.The product was recently displayed at the Inter-tabac 2013 in Dortmund, Germany, in September and the Tax-Free World Association Exhibition in Cannes, France, in October. “The product sei