Major financial groups plans to offer voluntary compensations over Hong Kong-tied equity-linked securities (ELS) are expected to impact their performance in the first quarter of this year, according to industry sources.
Shares of top local financial groups and their bank subsidiaries are unlikely to rebound for the time being, hobbled largely by the “mutual growth” drive of President Yoon Suk Yeol backed by both the ruling and opposition parties, as well as financial authorities, market watchers said Wednesday.
KB Financial Group is often referred to as a "big fish in a small pond," given its position as Korea's largest financial holding firm with a weak global presence. The group's new chairman candidate, Yang Jong-hee, aims to change this. According to KB, Yang’s global expansion plan focuses on two key areas: Normalizing KB's money-losing Indonesian subsidiary, Bank KB Bukopin, and further .
South Korea’s KB Financial Group outperformed its local rivals, posting a record net profit for the first three months of the year as the banking industry’s overall performance was bolstered by a surge in interest and fee revenue, regulatory filings showed on April 22.
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