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Finance

Lee Jae-myung, Democratic Party to accelerate third Commercial Code revision

South Korea’s Democratic Party KOSPI 5000 Special Committee said it reached agreement with President Lee Jae-myung over lunch at Cheong Wa Dae to move quickly on a third revision of the Commercial Code. The revision includes mandatory cancellation of treasury shares. The committee said the party and Cheong Wa Dae shared the view that institutional reforms should continue to strengthen the capital market. It also discussed a so-called stock-price suppression prevention law and duplicate listings.

Finance

Woori Bank joins Hanwha Group to lead productive finance

Woori Bank said on Jan. 22 it signed a financial support agreement with Hanwha Group at the conglomerate's headquarters to help build an ecosystem for advanced strategic industries. Executives including Woori Bank CEO Jung Jin-wan (정진완) and Hanwha CFO Shin Yong-in (신용인) attended. The two sides plan financial cooperation for facility investment, import-export finance and overseas projects. The deal sets lending limits in advance to match Hanwha's investment schedule.

Finance

Jang Min-young nominated as next Industrial Bank of Korea chief executive

Financial Services Commission Chairman Lee Eok-won on Jan. 22 nominated Jang Min-young, chief executive of IBK Asset Management, for appointment as head of the Industrial Bank of Korea. The nominee has held key posts at the bank, including risk management group head and regional chief, and led the IBK Economic Research Institute. The commission said it expects stable leadership and stronger financial support for small firms and the self-employed.