Journalist
Lee Hugh
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K Bank cuts IPO price range, seeks to reduce reliance on Upbit deposits South Korea’s first internet-only bank, K Bank, is making a third attempt at an initial public offering after delaying twice. The bank said it lowered its proposed offering price and adjusted the amount of shares available on the first day of trading to better match market expectations. It also said it is working to reduce its reliance on deposits tied to crypto exchange Upbit. At a news conference in Seoul on Feb. 5, K Bank CEO Choi Woo-hyung said the bank prepared a “shareholder-friendly” offering structure by cutting the price versus its prior plan and adjusting the tradable float on listing day. K Bank previously pursued listings in 2023 and 2024 but withdrew, citing factors including weak demand during book-building. Under a 2021 capital increase, the bank included a drag-along clause with financial investors that requires an IPO by July this year, making this its last chance to list. K Bank set a proposed price range of 8,300 won to 9,500 won, up to 26% below its previous IPO range of 9,500 won to 12,000 won. It also cut the offering size to 60 million shares from 80 million. Based on that range, its price-to-book ratio would be 1.38 to 1.56, far below KakaoBank’s roughly 7 at the time of its listing. CFO Lee Jun-hyung said KakaoBank shares rose more than 30% over the past three days, lifting K Bank’s implied discount to 30%. He said K Bank’s price range is “heavily discounted” compared with competitors. Choi also addressed concerns about K Bank’s dependence on Upbit-related deposits. He said that of 6 million new customers over the past two years, only 10% joined to use crypto assets. He added that none of Upbit deposits are used to fund loans and are instead invested in highly liquid money market funds or government bonds, meaning an outflow would have “no impact.” After listing, K Bank said it will begin preparing to enter the small- and midsize business lending market and aims to launch a product next year, which it described as the first of its kind in South Korea. It plans to cut household loans, now more than 90% of its portfolio, to 50% and balance the rest with corporate lending. With SME loans viewed as higher risk, Choi said the bank will manage delinquencies by splitting credit, guaranteed and secured loans evenly. K Bank also pledged a post-listing value-up policy. Choi said it will consider shareholder returns such as dividends and share cancellations as it seeks to raise return on equity from about 5% to 15%. 2026-02-05 15:21:00 -
IBK Industrial Bank of Korea posts record 2.7189 trillion won net profit in 2025 IBK Industrial Bank of Korea said it posted its best-ever results last year, helped by growth in lending to small and midsize enterprises and higher noninterest income supported by a more stable exchange rate. The bank said Thursday that its consolidated net profit rose 2.4% from a year earlier to 2.7189 trillion won. It said the figure was a record. On a standalone basis, net profit totaled 2.3858 trillion won. The bank attributed the steady earnings to investments in promising innovative companies and improved noninterest income, while cutting funding costs to help protect interest income even as it expanded SME lending. Outstanding SME loans increased 14.7 trillion won from the end of the previous year to 261.9 trillion won, with a market share of 24.4%. Total loans also rose 15 trillion won, pushing the bank’s standalone total assets above 500 trillion won. Key indicators showed the ratio of substandard or lower loans fell 0.06 percentage points from the end of 2024 to 1.28%. The credit cost ratio slipped 0.01 percentage point to 0.47%, which the bank said reflected the impact of additional provisions it had built up preemptively after the COVID-19 pandemic. Return on equity and return on assets were provisionally tallied at 7.71% and 0.56%, respectively. The Bank for International Settlements capital ratio was provisionally estimated at 14.81%. An IBK official said the bank plans to expand funding for “productive” areas by 추진해 첨단·혁신산업, 창업·벤처기업, 지방 소재 중소기업 등 생산적 분야에 대한 자금 지원을 확대할 계획”이라고 말했다. * This article has been translated by AI. 2026-02-05 15:18:00 -
Comedian Kim Gu-ra’s Son Gree Says No Family Came to His Military Discharge Broadcaster Kim Gu-ra’s son Gree, whose real name is Kim Dong Hyun, said he felt disappointed with his father over his military discharge. Gree appeared on MBC’s “Radio Star” on Feb. 4 with Kim Won Jun, Jo Hye Ryun and Hanhae. Gree said “all the parents came” to the discharge site. He said he did not invite his father when he first enlisted in the Marine Corps because he worried his sincerity could be seen as “marketing.” But he said most parents ask where to go for discharge, while his father asked, “Who’s going?” He added that the thinking may differ between someone who served in the auxiliary police and someone who served on active duty, drawing laughs. “I didn’t join the Marine Corps to look down on others,” he said, adding that he wanted to point out his father did not understand active-duty culture. He also said he was supposed to make a deep bow in front of the base. Panelists tried to comfort him, saying it was better that he came on his father’s program and that the video would last forever. Host Kim Gook Jin asked whether no one really came. Gree replied, “Only a few cameras came.” Kim Gu-ra added, “Not a single blood relative came.” Gree enlisted in July 2024 and served on active duty with the Marine Corps’ 2nd Division Artillery Brigade. He was discharged on Jan. 28.* This article has been translated by AI. 2026-02-05 15:03:00 -
Yes24: Lee Hae-chan Memoir Surges to No. 1 Bestseller in Early February The late former Prime Minister Lee Hae-chan’s ranked No. 1 overall on the bestseller list. According to Yes24’s overall bestseller rankings for the first week of February released on Wednesday, the memoir jumped to the top spot as reader interest surged from the previous week. Sales over the past week were 457 times the book’s total sales for all of 2025. Readers in their 50s accounted for 43.8% of purchases, followed by those in their 40s at 20.4%. Professor Lee Gwang-su’s , which held the No. 1 spot for four straight weeks in January, slipped one place to No. 2. The 2025 Akutagawa Prize winner stayed at No. 3. by economic creator and investment instructor Baek Eok-nam rose to No. 4, followed by Morgan Housel’s new book at No. 5. Investment and personal finance titles remained strong. Three business and economics books placed in the top five: (No. 2), (No. 4) and (No. 5). (No. 6), popular since its release last June, and (No. 15) also ranked in the top 20. Sales in the “stocks/ETF” category rose 71.4% from the same period a year earlier. Fiction also held steady, with five novels in the top 20. , ranked No. 22, saw sales jump 289 times from the previous week and drew strong interest from women in their 30s and 40s, who made up 56.7% of buyers. Fortune-teller Park Seong-jun, known through broadcast and YouTube appearances, ranked No. 9 overall and No. 1 in the humanities category with . The book’s sales rose 203% from the previous week. Books in the saju and myeongni category increased 31.7% week over week. 2026-02-05 14:51:00 -
South Korea's Booyoung Group pays 3.6 billion won in birth incentives in 2025 SEOUL, February 05 (AJP) - South Korea's Booyoung Group paid 3.6 billion won ($2.46 million) in birth incentives last year to employees who had children, as part of a program offering 100 million won for each newborn. The company said payments were made for 36 children born to employees last year. Total payouts rose about 29 percent from 2.8 billion won a year earlier. Booyoung said that cases involving multiple births have increased since the program began in 2024. Eleven employees received a combined 200 million won last year after having twins or multiple children. Total payments since the program’s launch have reached 13.4 billion won. Chairman Lee Joong-keun introduced the initiative, saying companies should help address South Korea’s low birthrate. In its first year, the company paid 7 billion won, including incentives covering births between 2021 and 2023 before the program was formally introduced. “In a low-birth crisis that threatens the nation’s future, our program, launched with the belief that companies should act as catalysts, is producing visible results,” Lee said at a company event on Thursday. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 14:27:43 -
Police seek arrest warrant for ex-DP lawmaker SEOUL, February 5 (AJP) - Police on Thursday filed arrest warrants for Kang Sun-woo, a former lawmaker of the ruling Democratic Party (DP), and Kim Kyung, a former Seoul city official, over alleged bribery and breach of trust. The move comes about a month after the Seoul Metropolitan Police Agency launched their investigation into the case. Kang is accused of receiving 100 million Korean won (US$68,500) from Kim in return for the DP's candidate nominations for the 2022 local elections. The money was allegedly delivered to Kang's former aide, identified only by his surname Nam. During a series of prior questionings, Kang reportedly denied all allegations, although she admitted receiving a shopping bag, claiming that she did not know it contained money. Given the differing statements from the three, police believe that arrest warrants are necessary, as they could destroy evidence. 2026-02-05 14:12:06 -
Actor Lee Deok-hwa Recalls Being Dragged 50-60 Meters Under a Bus in Crash Actor Lee Deok-hwa has recounted a serious traffic accident he suffered in his 20s. On the Feb. 4 broadcast of tvN’s “You Quiz on the Block,” Lee said people can become less cautious as their careers improve, adding, “The moment you start showing off, an accident happens and something terrible follows.” He said a bus, which he estimated can weigh about 10 tons when full, was on top of a motorcycle — and he was beneath it. Lee said he was pinned by the weight and dragged a long distance. “I was wearing jeans, and only the belt was left,” he said, adding that only the neck portion of his leather jacket remained. He said he was dragged 50 to 60 meters. Lee said he underwent more than 50 surgeries, had more than 1 meter of intestine removed and needed 1,500 stitches. He said doctors told him daily that “today is the critical point,” and that he regained consciousness only after 14 days. Without painkillers, he said, he could not endure even an hour. Lee said he still has lasting effects and was assessed as having a Level 3 disability. He said colleagues who visited thought he would not survive, and later told him they had even collected condolence money and held a moment of silence. Lee also said his father, actor Lee Ye-chun, was already in poor health, and that the shock of the accident led to his father’s early death. Lee said he was too weak to bow even at the funeral."* This article has been translated by AI. 2026-02-05 14:12:00 -
Korean president hints at conscription overhaul in line with demographic changes SEOUL, February 05 (AJP)-South Korean President Lee Jae Myung on Thursday hinted at enabling non-conscription options for science talent as part of an overhaul of South Korea's military service system, citing demographic decline and brain drain caused by two to three years of interruption in studies and research. Speaking at a dialogue with young scientists at the presidential office, Lee acknowledged that mandatory service creates unavoidable career gaps for young men and has become a source of social friction. "Male youths inevitably experience a significant interruption in their lives while fulfilling their national duty," Lee said, adding that the government is considering broader alternative service programs and structural reform of the armed forces. He suggested expanding research-oriented service tracks and establishing research units within the military, as warfare increasingly shifts toward advanced weapons systems and artificial intelligence. "Armed force should be focused on expertise rather than sheer numbers," he said. "Instead of being thought as youth wasted, the conscription period should be utilized for an opportunity to learn advanced defense systems and high tech," he said, adding "here's a thought, why not create R&D units within the military?" Under South Korea's Military Service Act, all able-bodied male citizens are required to serve between the ages of 18 and 28, with active-duty service typically lasting about 18 months. Limited exemptions are granted to Olympic medalists and Asian Games gold medalists, while some classical musicians and traditional artists who win top international competitions are also eligible for alternative service. The selective nature of these exemptions has fueled long-running controversy, particularly in the cultural sector. The debate intensified around BTS, whose members enlisted despite topping global charts and generating significant economic value. Supporters had called for exemptions, while critics warned against preferential treatment for K-pop stars. A 2018 legal revision, often dubbed the "BTS Law," allowed top artists to defer enlistment until age 30 but did not grant full exemption. Public sensitivity over military service has also been shaped by the case of Yoo Seung-jun, who was banned from entering Korea after obtaining U.S. citizenship in 2002 to avoid enlistment. Alternative service, introduced following a 2018 ruling by the Constitutional Court of Korea, allows conscientious objectors to serve in public institutions instead of military units. Before the ruling, most objectors were imprisoned. However, the system remains controversial because alternative service personnel must serve for 36 months — twice as long as active duty — to deter abuse. Critics argue the lengthy term is excessive and discourages legitimate applicants. Lee's remarks come as South Korea faces declining birth rates and rising demand for high-tech military capabilities, prompting renewed debate over whether the manpower-centered conscription system remains sustainable. The government has said any reform will seek to balance national security needs with fairness and constitutional rights. 2026-02-05 14:07:51 -
Overseas outlets of Korean dining brands jump 25 percent in 5 years SEOUL, February 05 (AJP) - South Korean dining brands have increased their overseas store count by nearly 25 percent over the past five years, a government survey showed on Thursday. According to the survey, released by the Ministry of Agriculture, Food and Rural Affairs and the Korea Agro-Fisheries & Food Trade Corp. (aT), Korean dining companies operated 4,644 stores across 56 countries last year, up from 3,722 outlets in 48 countries in 2020. Over the same period, the number of companies operating overseas fell to 122 from 134, while the number of brands slipped to 139 from 147. The survey suggests companies are concentrating resources in key markets rather than expanding broadly, with many respondents reporting higher overseas sales over the past year. The United States was the largest market, accounting for 1,106 stores, or 23.8 percent of the total, more than double the 528 outlets recorded in 2020. China ranked second with 830 stores, down sharply from 1,368 five years earlier. Vietnam remained the largest base in Southeast Asia with 634 outlets, followed by the Philippines with 294, Thailand with 231 and Taiwan with 196 stores. By sector, chicken chains remained dominant, accounting for 39 percent of overseas outlets, followed by bakery brands at 25.5 percent. Together they made up nearly two-thirds of all stores abroad. The ministry said it plans to strengthen tailored support at each stage of overseas expansion, link restaurant operators with Korean food ingredient exporters and provide more detailed market information by country and region. "Overseas expansion has become an important pillar in boosting the global competitiveness of Korean cuisine and the broader food industry," said ministry official Jeong Gyeong-seok. * This article, published by Aju Business Daily, was translated by AI and edited by AJP. 2026-02-05 13:58:34 -
Polaris Shipping Installs Starlink on 25 Bulk Carriers, Plans Autonomous Navigation Trials Polaris Shipping, a carrier specializing in very large ore carriers and bulk ships, is accelerating its shift to smart shipping. The company said Wednesday it has completed installation of a Starlink-based satellite communications system on 25 of its bulk carriers and is moving ahead with plans to introduce a next-generation autonomous navigation system called HiNAS Control. Polaris Shipping said the rollout gives its bulk fleet stable, ultra-high-speed communications, enabling low-latency, high-speed data links on global routes. The company said the satellite network is intended not only to improve onboard internet access but also to support smart-ship operations, including real-time transmission of navigation data, remote support and integration with safety management systems. To advance autonomous navigation, Polaris Shipping said it will first deploy Avikus’ HiNAS Control system on two vessels for a pilot operation. Avikus is a subsidiary of HD Hyundai Group. The company described HiNAS Control as an autonomous navigation system that goes beyond perception and decision-making to perform actual ship-control functions. Polaris Shipping said the system can set optimal routes without crew intervention to help prevent maritime accidents and can reduce fuel costs by maintaining optimal speed and routing. After verifying performance in real operating conditions, Polaris Shipping said it will review, step by step, whether to expand the system to more ships. The company said it aims to build a data-driven smart-ship operating model by combining Starlink-based connectivity with HiNAS Control autonomous navigation technology. “Building ultra-high-speed satellite communications and introducing autonomous navigation systems are key factors that will determine future competitiveness in shipping,” a Polaris Shipping official said. “Through this project, we will strengthen a safe and efficient operating environment while simultaneously improving crew-centered working conditions and achieving digital-based operational innovation, leading global smart shipping.” 2026-02-05 13:54:17