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Finance

Brokerages roll out RIA accounts to lure overseas stock investors back to Korea

Korean securities firms launched Return to the Domestic Market Accounts (RIA) on Monday to steer retail money concentrated in overseas stocks back to local markets. The scheme offers capital gains tax deductions when investors sell overseas shares moved into a dedicated account and invest the proceeds in Korean stocks or domestic equity funds for at least 1 year. Tax benefits vary by sale date and are capped at 50 million won in total.

Finance

Woori Financial Chairman Lim Jong-ryong starts second term with visit to advanced strategic firm

Woori Financial Group Chairman Lim Jong-ryong (임종룡) began his second term on March 23 after being reappointed as CEO at a regular shareholders meeting. He skipped a separate inauguration ceremony and made his first official stop a visit to an advanced strategic company site, signalling an intent to expand productive finance. Lim visited space AI solution startup TelePIX, reviewed its technology development and strategy, and said the group would pursue tailored financial support as it prepares for an IPO.

People & Appointments

KB Financial Welfare Foundation signs scholarship support deal with justice ministry for children of fallen or injured civil servants

KB Financial Welfare Foundation said on Sunday it signed an agreement with South Korea's Ministry of Justice to support scholarships and tailored financial education for children of ministry officials who died or were injured in the line of duty. The foundation plans continuous support from the first year of middle school through high school graduation. The deal also includes financial education for ministry members and people protected in detention facilities.