Fisher Capital Management Most recent News: Bank deposits rise 3.two pct in H1
SEOUL, July 12 (Yonhap) -- South Korean banks' deposits increased 3.two percent in the initially half as the economic recovery and greater deposit rates lured prospects into reasonably protected assets, sector information showed Tuesday.
Deposits held by nearby six banks including leading lender Kookmin Bank amounted to 810.5 trillion won (US$761 billion) as of end-June, up 24.8 trillion won from the end of final year, according to the information.
Five important banks saw their deposits rise in the initially half, but deposits at Korea Exchange Bank (KEB), controlled by U.S. buyout fund Lone Star Funds, declined in the cited period, spawning marketplace concerns that its capacity to do enterprise may be dented.
Deposits at KEB, South Korea's No. 5 lender, reached 67.5 trillion won as of the end of final month, down 1.8 trillion won from six months earlier. Compared with a year ago, its deposits fell by 1.97 trillion won, information showed.
The information came as the protracted sale of KEB and Lone Star's receipt of a record interim dividend are raising uncertainty surrounding the bank's enterprise.
Hana Monetary Group Inc. agreed on Friday to extend a deal to purchase KEB inside six months at a lower cost of four.41 trillion won amid the regulator's delay in its review of Lone Star's eligibility as the leading shareholder of KEB.
KEB's choice to pay out a quarterly dividend caused Lone Star to rake in dividends worth 496.9 billion won. The choice invited public criticism that the fund is attempting to exit the Korean marketplace right after fattening its pockets.
But an official at KEB mentioned that the decline in deposits mainly resulted from seasonal variables, not from a customer exodus, adding that provided the size of its assets, the volume of deposits and loans remained at an suitable level.
KEB's total assets stood at 106.two trillion won at the end of March, up 6.8 percent from 3 months earlier. KEB's marketplace share in foreign exchange markets accounted for 47.5 percent as of end-Could, up from 43.5 percent the preceding month.
Fisher Capital Management Korea is a top international monetary institution holding extensive relationships with monetary institutions, institutional investors and corporations across the world. As a complete service business Fisher Capital Management Korea provides a complete range of investment banking services including advanced risk management, corporate technique and structure, plus raising capital through debt and equity markets. With this as our backbone we continue to provide a client service second to none.
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