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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.

Finance

More financial firms to face margin rules for non-cleared OTC derivatives from September

South Korea\'s Financial Supervisory Service will extend its guidelines on the margin exchange system for non-cleared over-the-counter derivatives transactions. From September, the number of firms subject to initial margin requirements will rise to 143 from 138, while those covered by variation margin requirements will increase to 165 from 163. The guidelines will be extended for one year. The FSS said it will keep checking compliance and gather difficulties financial firms face.

People

Oh Hwa-kyung, head of Korea Federation of Savings Banks, joins \'Life-Saving Finance\' campaign

Oh Hwa-kyung (오화경), head of the Korea Federation of Savings Banks, joined a relay campaign aimed at preventing harm from illegal private lending and spreading inclusive finance. The federation said on Aug. 5 that Oh took part in the \'Life-Saving Finance\' campaign run by the Korea Inclusive Finance Agency. Oh joined after being nominated by the agency’s head, Kim Eun-kyung, and named Jeong Seong-ung and Kim Moon-seok as the next participants.