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KB Financial picks incumbent group president as new chairman

SEOUL, June 5 (Yonhap) -- KB Financial Group Inc. on Wednesday nominated Lim Young-rok, the incumbent president of the group, as the new chairman at South Korea's No. 2 banking group, officials said. KB Financial said that its head-selection committee picked the 58-year-old Lim, the group's second-highest official as its new chief to replace Chairman Euh Yoon-dae, who is set to step down in July.

KB Financial picks incumbent group president as new chairman

SEOUL, June 5 (Yonhap) -- KB Financial Group Inc. on Wednesday nominated Lim Young-rok, the incumbent president of the group, as the new chairman at South Korea's No. 2 banking group, officials said. KB Financial said that its head-selection committee picked the 58-year-old Lim, the group's second-highest official as its new chief to replace Chairman Euh Yoon-dae, who is set to step down in July. Lim's nomination needs to receive approval from the board and shareholders' meetings slated for July 12.

Irish deposits rose in March despite Cyprus fears

DUBLIN (Reuters) - Deposits held by Ireland's domestically-owned banks rose by 0.6 percent in March, data from the country's finance department showed on Wednesday, indicating no knock-on effects from the tax on savers imposed under Cyprus' bailout last month. Deposits at Bank of Ireland <BKIR.I>, permanent tsb <IPM.I> and Allied Irish Banks Group <ALBK.I> rose by 0.9 billion euros (773.31 million pounds) to 155.6 billion euros due to strong retail inflows, the department said.

Few financial workers fail "fit and proper" test

By Laura Noonan and Sinead Cruise LONDON (Reuters) - British financial regulators have blocked just 30 out of a possible 227,000 applications to the sector's most risk-sensitive jobs since the banking crisis erupted, figures seen by Reuters show.

Irish financial regulator Elderfield to step down

DUBLIN (Reuters) - Ireland's financial regulator and deputy central bank governor Matthew Elderfield will step down later this year to return home to the United Kingdom, the central bank said on Monday. Elderfield, the first non-Irishman to head Ireland's regulator, was hired in 2010 as part of a shake-up of regulation after a wave of reckless lending to property developers led to the collapse of the Irish banking sector.

regulator-stock manipulation

SEOUL, March 28 (Yonhap) -- South Korea's financial regulator said Thursday it is pushing for raising the reward for reports on stock price rigging as part of an effort to stem market manipulation that can result in massive damages for retail investors. The Financial Supervisory Service (FSS), the country's financial watchdog, is in the process of raising the upper limit for rewards handed out for reporting stock price rigging to the financial authorities, according to FSS officials.

banking firms-governance overhaul

SEOUL, March 25 (Yonhap) -- South Korea's financial regulator said Monday that it will push for an overhaul in local banking firms' governance structure, focusing on reducing excessive power wielded by their chief executives. The Financial Services Commission (FSC) plans to draw up measures that will prevent heads of Korea's major banking holding companies from abusing their power, according to officials.

Irish economy grows by 0.9% in 2012: official data

Ireland's bailed-out economy grew by 0.9 percent in 2012 but stagnated in the final quarter of the year, official data for the troubled eurozone nation showed on Thursday. "Preliminary estimates indicate that GDP (gross domestic product) in volume terms increased by 0.9 percent for the year 2012," said a statement from the Central Statistics Office (CSO). "This is the second year in succession in which GDP showed an increase over the previous year following three years of declines... during 2008 to 2010."

Irish economy grows by 0.9% in 2012

Ireland's bailed-out economy grew by 0.9 percent in 2012 but stagnated in the final quarter of last year, official data showed on Thursday. "Preliminary estimates indicate that GDP (gross domestic product) in volume terms increased by 0.9 percent for the year 2012," said a statement from the Central Statistics Office (CSO). "This is the second year in succession in which GDP showed an increase over the previous year following three years of declines... during 2008 to 2010." The annual figure was in-line with the eurozone country's own government forecast.

Irish banks told to cuts costs by up to 10 percent

DUBLIN (Reuters) - Ireland wants its main banks to cut their wage bills by as much as 10 percent after a new report on Tuesday showed that pay rates at Irish banks increased between 2008 and 2012, as the country waded through the depths of its economic crisis. The government said its state-supported banks AIB <ALBK.I>, Bank of Ireland (BOI) <BKIR.I> and Permanent TSB <IPM.I> must cut salary and pensions costs and also wants them to implement new working arrangements to deliver savings.
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