Consultation with foreign regulators emerges as key task for successKorean banks have been in competition to win eased regulations from overseas financial regulators as they tap emerging markets.Their main targets include East, Southeast and South Asian countries.“We are developing financial products which will come under deregulation from regulatory authorities in China, Vietnam and Brazil,” a senior executive at Korea Exchange Bank said.He said KEB is mapping out strategies to regain competiti

Hyundai Motor vice chairman Chung Eui-sun will take on a vice chairman post at Hyundai Steel.Chung was appointed as vice chairman in charge of product quality at the non-automotive affiliate of Hyundai Motor on Friday.The heir apparent of Hyundai Motor Group chairman Chung Mong-koo has now four titles including Kia Motors president & CEO and Hyundai Mobis vice chairman.“While Hyundai Steel vice chairman and CEO Park Seung-ha will still take the initiative in overall management of the company, vi

Mitsubishi Motors Corp. resumed its vehicle sales in Korea by unveiling two models.The Japanese carmaker reentered the local market on Friday after a hiatus of about a year by signing an exclusive dealership contract with CXC Motors.CXC Motors was established by Hanjin Group founder’s grandson Henry Cho in 2011.Mitsubishi and CXC unveiled compact crossover RVR and pick-up truck L200 during the unveiling event at the KINTEX in Ilsan, Gyeonggi Province.CXC Motors is poised to open large showrooms

The Chung Mong-koo foundation of Hyundai Motor Group has set up an educational program dubbed “On Dream School.”The program is designed to foster outstanding figures among students from underprivileged households, Hyundai Motor said in a statement.Its main functions will include providing students ― from elementary to college ― with scholarships and opportunities for high-quality education.On Thursday, the social foundation signed a pact with the Ministry of Education, Science and Technology on

CEO says bank also plans to open branches in South AmericaKorea Exchange Bank CEO Yun Yong-ro unveiled his global business strategy to focus on the private banking sector and attract wealthy Koreans residing in the U.S.“We are considering reentering the (retail banking) market in the western and eastern parts of America,” he told a news conference in downtown Seoul on Thursday. In 2004, KEB had to close down its retail banking business in Los Angeles and New York City due to U.S. financial regul

Hyundai Motor saw its U.S. sales of Veloster, a three-door sports car, jump last month on the back of the company’s Super Bowl advertisement.The company’s sales of the Veloster came to 3,240 units in the United States in February, up 91.4 percent from a year earlier.The Hyundai vehicle is vying for the top place in the sport compact segment with BMW’s Mini Cooper and the Fiat 500, which posted sales of 3,686 units and 3,227 units, respectively.The Veloster made a sensation in October last year,

Kookmin Bank has introduced a direct payment service with only smartphone numbers for the first time in the local banking industry.Customers of the commercial bank are allowed to pay for goods with their smartphones immediately through the app “UbPay.”By registering their bank accounts on the UbPay app, customers can enjoy the direct payment service ― not a monthly-based payment ― only with their phone numbers.Over the past few years, Kookmin Bank has led in comprehensive personal banking servic

Hyundai Motor’s Eon is gaining popularity in India, becoming one of the five best-selling cars in the emerging market.The automaker saw sales of the Eon, a hatchback city car, surpass 10,000 units last month for the first time since its launch in India last September.With 10,480 units, the Eon ranked fifth in sales. The top four best-selling models were Maruti Suzuki’s Alto, Swift, Dzire and Wagon R. Hyundai’s Eon features an 800cc engine, and was launched in the local market in October, with sa

Woori Financial Group seems to be in a dilemma over whether to introduce the “matrix” system, which connects units such as banks and brokerages.The nation’s largest financial group, which launched a study on the fresh business concept in the second half of 2011, has already completed working-level reviews.But the group has not fixed the details or timing due to strong opposition from its flagship unit Woori Bank.“There is stern criticism from the union of the bank unit toward the introduction of

KB Financial Group chairman Euh Yoon-dae will participate in a meeting of the Institute of International Finance as a board member to discuss Asian financial issues.This meeting of the IIF, the world’s largest industry group of financial institutions, will be held in Bangkok from March 13-15.As a speaker for the third session, Euh is scheduled to deliver a speech on the “changing environments of the financial industry and risk management of financial companies.”Euh, who has 30 years of experienc

Samsung targets Asian markets; KB seeks growth at homeSamsung Life and KB Financial Group may seek to form a strategic alliance if ING Group’s Asia-Pacific unit goes up for sale, market observers said.Analysts have said the two financial companies are not competitors as Samsung and KB target different units ― overseas and local, respectively.ING Group’s project to sell its Asia-Pacific operations coincides with Samsung Life Insurance’s strategies for global expansion.Under the reported instructi

The small cars premiering at the Geneva Motor Show last week were not the boxy fuel-savers of yesteryear.European automakers have downsized SUVs and put all the luxury they can into premium subcompacts as they seek to dazzle consumers back into confidence after years of crisis.European manufacturers are facing one of their toughest seasons yet. Unemployment and austerity measures have made consumers in Europe skittish, factories are idle, and yet there is little automakers can do to close plants

Mercedes-Benz unveiled a radical redesign of its A-Class vehicles on Tuesday, the first in a series of facelifts for the German luxury automaker’s fleet. The sleek, sporty look of the new A-Class contrasts sharply with its dowdy predecessor, favored by the over-50s since it was launched more than a decade ago. “We’re looking for younger and more female customers,” said Dr Dieter Zetsche, the chief executive officer of Mercedes’ parent company Daimler. The customer reaction so far had been positi

GM, Ford, Chrysler seek to attract consumers by lowering price tagsChrysler was the biggest-selling U.S. auto brand in Korea last month excluding Chevrolet of GM Korea. But Chrysler’s sales ranking among all import brands, including the likes of BMW and Mercedes-Benz, was just eighth.Further, its February sales of 301 units included Jeep and Dodge vehicles as well as Chrysler sedans. Ford, including the Lincoln brand, ranked 10th with 230 units while Cadillac of General Motors was 18th with 59 u

The chief financial regulator pledged to improve Korea’s supervisory systems to promote a level playing field for local and foreign players.At a forum for foreign financial firms in Seoul, Friday, Financial Supervisory Service Gov. Kwon Hyouk-se stressed the necessity of bolstering regulatory transparency in “the era of free trade pacts.”His promise came during his speech at the 4th annual event, dubbed “FSS Speaks,” on the nation’s regulatory policy directions.“One (policy) is steps we are taki

FSS chief says it is time for households to cut spendingThe nation’s top financial regulator has vowed stern punitive action against banks engaged in irregular lending practices.Since he took office as chief of the Financial Supervisory Service on March 27, 2011, Gov. Kwon Hyouk-se has taken the initiative in conducting intensive inquiries into major banks for alleged business irregularities.The regulator’s full-fledged probe has been focused on the allegation that banks urged many individual an

The nation’s chief financial regulator said the foreign investment community needed to have a deeper engagement with charities and causes for their own business interests.“Corporate social responsibility has been a global response exiting the crisis,” Financial Supervisory Service Gov. Kwon Hyouk-se said in a recent interview with The Korea Herald.The FSS expects foreign financial institutions to contribute to the community as much as it expects from local companies, he said.He plans to comment

Chairman Chung wins award for ‘2011 Top Manager in the World’Hyundai Motor chairman Chung Mong-koo reiterated that the company should make a breakthrough in Europe with unique strategies.Chung, who is visiting the 82nd Geneva International Motor Show in Switzerland, called for Hyundai’s European corporations to cope with the European crisis with a creative mindset.Chung was quoted by Hyundai executives as saying, “Though the European market is the origin of the global economic slowdown, Hyundai

Prof. Yoon Chang-hyun of University of Seoul has been named chief of the Korea Institute of Finance.The Korea Federation of Banks, the majority shareholder of the state-run KIF, is poised to appoint Yoon to the post in the coming weeks as the incumbent chief Kim Tae-joon will see his term expire this month.The 52-year-old nominee is a professor of Business Administration at University of Seoul and has worked as the secretary of Citizens United for Better Society.He is also known as a conservativ

The Financial Supervisory Service is set to take disciplinary action against Samsung Card for leaking customer information.The credit card firm’s CEO Choi Chi-hun also faces a regulatory sanction for allegedly negligent internal control.According to the FSS and police, the personal information of about 1.92 million customers of Samsung Card was leaked by a former employee between January 2010 and August 2011.FSS officials say punitive measures against the company and its CEO are inevitable.The r