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Finance

Policy finance unit subsidiaries to be consolidated; relocation of financial public institutions remains variable

South Korea plans to consolidate facility and customer management subsidiaries scattered across policy finance institutions into function-based entities, under a broader push to reform public-sector functions. Five facility management firms will be merged into a tentatively named Policy Finance FMC, while two customer management firms will be integrated as Policy Finance CS. The government also plans mergers of certain subsidiaries into parent institutions. Separately, it will review criteria for keeping public bodies in the capital region as it prepares a second relocation plan to be finalised in the fourth quarter.

Finance

Korea Post to offer services for all commercial and regional banks at nationwide post offices

From October, customers of Gwangju Bank and Busan Bank will be able to use deposit and withdrawal services and ATM services without fees at about 2,400 post offices nationwide. Korea Post signed a partnership agreement with the two banks and the Korea Financial Telecommunications and Clearings Institute at Gwanghwamun Post Office on Aug. 28. The deal completes Korea Post’s shared financial counter network agreements with 14 domestic commercial and regional banks.

Finance

Financial groups\' M&A race heats up again as insurers are bought in succession

Mergers and acquisitions of insurers by South Korea’s financial groups are picking up again, with Korea Investment Financial Holdings securing preferred bidder status for KDB Life and OK Financial Group proceeding with steps to buy Yebyeol General Insurance. Kyobo Life is pursuing AXA General Insurance, while Shinhan Financial Group is again being mentioned as a possible buyer for Lotte Insurance, which is preparing for sale. Groups are seeking either new entry into insurance or reinforcement of weaker segments.