Chiefs of financial groups head for overseas IRs

By Kim Bo-eun

Chiefs of the nation's major financial groups are heading for overseas investor roadshows in August and September to attract foreign investment and find new business opportunities.

Their travel came as banking stocks here are suffering a prolonged slump due to rising foreign capital flight amid growing uncertainties caused by Korea's trade feud with Japan and deepening trade conflict between the U.S. and China.

They are also looking for business opportunities abroad as business environments in Korea have been deteriorating due to narrowed net interest margin and government regulations.

Woori Financial Group Chairman Sohn Tae-seung will visit the U.S. and Canada later this month, the bank said, Wednesday.

Shinhan Financial Group Chairman Cho Young-byoung will leave Aug. 25 for a trip to Europe, according to the group. Cho will hold meetings in Amsterdam, London, Zurich and Paris.

KB Financial Group Chairman Yoon Jong-kyoo is scheduled to visit countries in Europe including the U.K. in September or October.

Hana Financial Group has yet to disclose Chairman Kim Jung-tai's plans for the latter half of the year to travel overseas for meetings with investors.

One of their trips' primary goals will be to restore foreign investors' confidence in the groups' future performances and boost their stock prices by calming jitters about the Korean financial market and economy.

“Foreign investors are selling shares of all of the major groups,” an official of a financial group said. “This is not based on an individual group's circumstances, but on recent developments including the issue with Japan.”

The trips are part of regular meetings with overseas investors, with most group chairmen having visited other regions in the first half of the year to meet with investors there.