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Woori Bank suspected of misselling investment product

SEOUL, April 23 (Yonhap) -- The financial watchdog said Wednesday it plans to discipline Woori Bank Co. for selling an investment product with omitted information that may have misled investors about potential risks. The product, which Woori Bank sold in 2007, was linked to a 2.4 trillion won (US$2.3 billion) development project to build a large trade center called Pi City in southern Seoul. The lender collected 190 billion won from 1,400 investors, promising a dividend of 8 percent.

Savings banks to lower bad loan ratio over three years

SEOUL, April 21 (Yonhap) -- South Korea's savings banks aim to nearly halve the ratio of their bad loans to their total lending by 2016 as a reactionary measure to massive bankruptcies just a few years ago, the financial watchdog said Monday. The Financial Supervisory Service (FSS) had ordered 88 local savings banks in February to submit plans on how they would lower the bad loan ratios over the three years starting this year in order to improve financial health of the secondary lenders.

Hana Bank chief to finish his term despite disciplinary action

SEOUL, April 20 (Yonhap) -- Hana Bank, South Korea's fourth-largest lender, said Sunday its president will complete his remaining term in office despite being disciplined by state regulators for illegally providing loans to an ailing savings bank in 2011. The bank gave as reasons for the decision a pressing need to cope effectively with deteriorating business conditions and preventing managerial vacuum that can occur if Kim Jong-jun stepped down.

Hana Bank chief to finish his term despite disciplinary action

SEOUL, April 20 (Yonhap) -- Hana Bank, South Korea's fourth-largest lender, said Sunday its president will complete his remaining term in office despite being disciplined by state regulators for illegally providing loans to an ailing savings bank in 2011. The bank gave as reasons for the decision a pressing need to cope effectively with deteriorating business conditions and preventing managerial vacuum that can occur if Kim Jong-jun stepped down.

Financial watchdog calls for tightened discipline

By Kim Boram SEOUL, April 15 (Yonhap) -- South Korea's chief financial watchdog on Tuesday warned local banks that further misconduct would result in harsh punishment, demanding that they reinforce discipline and tighten security in light of a series of recent mistakes from data leaks to business irregularities. "We all have to take responsibility for the recent incidents as we did not comply with laws and principles, which are the foundation of the financial system," Financial Supervisory Service (FSS) Gov. Choi Soo-hyun said in a meeting with heads of local banks.

Financial watchdog resumes inspection on Woori Bank's Tokyo branch

SEOUL, April 14 (Yonhap) -- The South Korean financial watchdog has resumed its investigation into a local bank's Tokyo branch on allegations of illegal lending and transactions, industry sources said Monday, with suspicions growing that senior officials of the bank and its holding company may also have been involved. The probe on the Woori Bank branch was temporarily suspended last week when one of it former chiefs was found dead in an apparent suicide in the midst of the investigation.

Major banks come under inspection for suspected misconducts

SEOUL, April 9 (Yonhap) -- South Korea's financial watchdog is in talks with its Japanese counterpart over inspections into Tokyo branches of local banks on suspicions of various illegal activities. The Financial Supervisory Service (FSS) recently held discussions with Japan's Financial Services Agency on cooperative steps in looking into allegations that Tokyo branches of Woori Bank and state-run Industrial Bank of Korea (IBK) were involved in illegal lending and creating slush funds.

Major banks come under inspection for suspected misconducts

SEOUL, April 9 (Yonhap) -- South Korea's financial watchdog is in talks with its Japanese counterpart over inspections into Tokyo branches of local banks on suspicions of various illegal activities. The Financial Supervisory Service (FSS) recently held discussions with Japan's Financial Services Agency on cooperative steps in looking into allegations that Tokyo branches of Woori Bank and state-run Industrial Bank of Korea (IBK) were involved in illegal lending and creating slush funds.

Foreigners sell Korean stocks for 5th straight month

SEOUL, April 6 (Yonhap) -- Foreign investors of South Korean stocks extended their selling spree for the fifth consecutive month in March as concerns over the slowing Chinese economy and protracted Ukraine conflict kept them from betting on risky assets, the financial watchdog said Sunday. Overseas investors offloaded a net 1.25 trillion won (US$1.19 billion) worth of local stocks in March, compared with a net selling of 1.23 trillion won a month earlier, according to the Financial Supervisory Service (FSS).

Head of Hana Bank disciplined for engaging in illegal lending

SEOUL, April 1 (Yonhap) -- The president of Hana Bank, the fourth-largest lender in South Korea, has been disciplined for illegally providing loans to fund an ailing savings bank several years ago, financial industry sources said Tuesday. According to the sources, Hana Bank President Kim Jong-jun, then head of Hana Capital Co., allegedly invested 14.5 billion won (US$13.7 million) in a savings bank in 2011 using fabricated documents and skipping an approval process by the board of directors. Hana Capital failed to recollect 6 billion won.
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