JB Financial Group is expanding into Central Asia through the planned purchase of two Kyrgyz financial firms, broadening an overseas business portfolio built largely around Southeast Asia, the company said Thursday. JB Woori Capital, its consumer finance subsidiary, has agreed to buy Korky Credit and Korky Leasing from their parent, Epoche. The deal covers all shares in both companies and is expected to close before year-end, subject to regulatory approval and registration in Kyrgyzstan. The acquisitions would give JB Financial a presence in a fifth overseas market. Its existing businesses include commercial banking in Cambodia, microfinance in Myanmar and securities services in Vietnam. The group also secured Indonesian regulatory clearance in September to purchase an 85 percent stake in KB Bukopin Finance, a local financing company. JB Financial’s interest in Kyrgyzstan is driven primarily by the country’s young population and rapid economic growth. About 70 percent of its population is reportedly under 40. Its economy expanded 11.1 percent last year, according to the Internationa
JB Financial Group is expanding into Central Asia through the planned purchase of two Kyrgyz financial firms, broadening an overseas business portfolio built largely around Southeast Asia, the company said Thursday. JB Woori Capital, its consumer finance subsidiary, has agreed to buy Korky Credit and Korky Leasing from their parent, Epoche. The deal covers all shares in both companies and is expected to close before year-end, subject to regulatory approval and registration in Kyrgyzstan. The acquisitions would give JB Financial a presence in a fifth overseas market. Its existing businesses include commercial banking in Cambodia, microfinance in Myanmar and securities services in Vietnam. The group also secured Indonesian regulatory clearance in September to purchase an 85 percent stake in KB Bukopin Finance, a local financing company. JB Financial’s interest in Kyrgyzstan is driven primarily by the country’s young population and rapid economic growth. About 70 percent of its population is reportedly under 40. Its economy expanded 11.1 percent last year, according to the Internationa
A long-running turf war between Korea’s top financial regulator and financial watchdog is flaring up again over responsibility for the introduction of single-stock leveraged exchange-traded funds (ETFs), amid steep retail investor losses and heightened market volatility, according to market watchers Thursday. The Financial Supervisory Service (FSS) labor union attributed the controversy to the agency’s lack of independence from the Financial Services Commission (FSC), bringing their recurring struggle over policymaking authority and supervisory autonomy back into focus. Leveraged and inverse ETFs tied to Samsung Electronics and SK hynix began trading on the Korean stock market on May 27. The products have since come under fire over heavy investor losses and concerns about their impact on market volatility. Figures submitted by the FSS to the National Assembly showed that retail investors at 10 major domestic brokerages incurred combined losses of 6.31 trillion won ($4.8 billion) between the launch and Aug. 14. Of that amount, 2.32 trillion won represented realized losses, while the
A long-running turf war between Korea’s top financial regulator and financial watchdog is flaring up again over responsibility for the introduction of single-stock leveraged exchange-traded funds (ETFs), amid steep retail investor losses and heightened market volatility, according to market watchers Thursday. The Financial Supervisory Service (FSS) labor union attributed the controversy to the agency’s lack of independence from the Financial Services Commission (FSC), bringing their recurring struggle over policymaking authority and supervisory autonomy back into focus. Leveraged and inverse ETFs tied to Samsung Electronics and SK hynix began trading on the Korean stock market on May 27. The products have since come under fire over heavy investor losses and concerns about their impact on market volatility. Figures submitted by the FSS to the National Assembly showed that retail investors at 10 major domestic brokerages incurred combined losses of 6.31 trillion won ($4.8 billion) between the launch and Aug. 14. Of that amount, 2.32 trillion won represented realized losses, while the
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