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Lee Kyung-min

Korea Times AI content 2 team Reporter

Value context and insight. lkm@koreatimes.co.kr

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Economy

Idol groups dominate ads market in banking industry

BTS / Courtesy of KB Kookmin Bank By Lee Kyung-min Korean banks are increasingly turning to idol groups, hiring them as company spokespeople amid a growing demand to associate their brand with “young and hip” vitality to maximize their appeal with a broader, younger demographic ― viable future customers. KB Kookmin Bank has led what is now an industry norm by hiring popular boy band BTS as its spokesmen in January 2018.“It was initially met with a strong backlash when a group of bank officials suggested hiring a young pop band to represent the bank,” a KB official said. “It was understandable given a financial services firm needs to develop a brand image associated with trustworthiness and credibility, qualities that are less associated with young entertainment figures.” Months after, hiring the then budding boy band with less global recognition in hindsight was a “spot-on” business move that increased the bank's profile with international audiences, in line with di

Jan 23, 2019By Lee Kyung-min
Idol groups dominate ads market in banking industry
Economy

KSD to support fintech firms' overseas funding

Korea Securities Depository CEO Lee Byung-rhaeBy Lee Kyung-min The Korea Securities Depository (KSD) will help 10 budding firms to secure investors at the 2019 Our Crowd Global Investor Summit in March 2019.Over 10,000 global venture capital and angel investors will attend the annual event scheduled to be held from March 3 to 7 in Jerusalem, Israel. Eligible to apply are 423 firms that secured crowdfunding between January 2016 and January 2019 as well as 12 firms registered as partners with the KSD fintech consultative body. Application letters must be filed with the KSD by Jan. 27. Crowdfunding is the process of raising small amounts of money from a large number of people online for a certain project or venture.Candidates, to be finalized following reviews of application forms and investor relations in English, will be able to receive consultations from KSD-designated experts at the event to help them develop effective presentation strategies including delivery and visual aids preparations to attract global investors at the event. Launched in February 2013, the Jerusalem-based OurCr

Jan 23, 2019By Lee Kyung-min
KSD to support fintech firms' overseas funding
Economy

Financial groups gear up for more M&As

Shinhan Financial Group Chairman Cho Yong-ByoungBy Lee Kyung-min Korea's financial industry is expected to see a wave of mergers and acquisitions (M&As) in 2019 as major financial groups are aggressively seeking business expansion to strengthen the non-banking sector and diversify revenue sources.There are two key factors that are speeding up the move ― the launch of Woori Financial Group and Orange Life being put under the umbrella of Shinhan Financial Group.These two events have combined to unnerve the heads of financial groups all seeking to become leading players in the rapidly changing industry.Following an approval from the Financial Services Commission (FSC) to acquire Orange Life Insurance Jan. 16, Shinhan Financial Group Chairman Cho Yong-Byoung is expected to pursue more deals in the securities industry as its brokerage arm Shinhan Investment is considered a minor player.The acquisition of the sixth-largest life insurance with 31.5 trillion won capital ($27.9 billion) formerly known as ING Life will increase Shinhan's asset to 490 trillion won, making it become the larg

Jan 23, 2019By Lee Kyung-min
Financial groups gear up for more M&As
Others

Branch for Chinese customers

Tellers attend to Chinese customers at the bank's newly opened branch in Daerim-dong, southwestern Seoul, Jan. 21. The branch offers banking services only to Chinese customers. Courtesy of Woori Bank

Jan 22, 2019By Lee Kyung-min
Branch for Chinese customers
Economy

Economy grows at slowest pace in 6 years

By Lee Kyung-min The Korean economy grew at its slowest pace in six years in 2018 due to a sharp fall in construction and facilities investment.The Bank of Korea (BOK) reported Tuesday that the nation's GDP grew 2.7 percent last year, a major setback from the previous year's 3.1 percent expansion.It was the lowest figure since 2012 when the economy grew only 2.3 percent. The key culprit behind the poor performance was mainly companies slashing investment amid worsening business conditions caused by the government's economic policies, such as the rapid hikes in the minimum wage.Construction investment contracted 4 percent, its worst performance in 20 years since the 1997-98 Asian currency crisis, while facilities investment dropped 1.7 percent, the worst figure since 2008.What is of more concern is that the situation is likely to only worsen down the road.Sung Tae-yoon, an economist at Yonsei University, expects that corporate investment will continue to fall, citing government policy on the minimum wage hike.“Economic conditions will continue to take a turn for the worse, prima

Jan 22, 2019By Lee Kyung-min
Economy grows at slowest pace in 6 years
Economy

Ex-finance ministry official becomes KFSB chairman

Park Jae-sikBy Lee Kyung-min Park Jae-sik, who headed both the Korea Financial Intelligence Unit and Korea Securities Finance Corp., has been named the new chairman of the Korea Federation of Savings Banks (KFSB), which represents 79 savings banks nationwide, the organization said Monday. Park's three-year term began immediately.He won 45 votes in a runoff race, routing the runner-up former Korea Investment Savings Bank CEO Nam Young-woo who garnered 28 votes. Park was among three former high-ranking government officials and four candidates from the private sector that had thrown their hats into the ring for the post, making this year's competition the fiercest.He will receive an annual salary of 500 million won ($447,000), amid the fast-improving performance of savings banks.

Jan 21, 2019By Lee Kyung-min
Ex-finance ministry official becomes KFSB chairman
Economy

KB union withdraws plans for 2nd strike

A customer visits a Kookmin Bank branch in Seoul, Jan. 8, when the lender's union workers staged a general strike. Korea Times photo by Seo Jae-hoonBy Lee Kyung-min Union workers at KB Kookmin Bank said Monday they have canceled a plan to hold a second strike for three days, after reaching an agreement with the bank's management on some thorny labor issues.The previous strike, the bank's first in 19 years, was held for one day, Jan. 8.The decision to cancel the strike, which was slated for Jan. 30 to Feb.1, followed an order from a high-ranking official from the Korean Financial Industry Union who recommended against further collective action saying the two sides were likely to reach an agreement in the near future. The two already drew up a joint tentative agreement Jan. 18, a day after they exchanged demands in writing. However, it remains undecided whether two more planned strikes will also be scrapped. The two sides failed to reach a complete agreement as they didn't iron out differences over the pay-band system that caps the wages of employees who fail to attain a promotion with

Jan 21, 2019By Lee Kyung-min
KB union withdraws plans for 2nd strike
Economy

Shinhan Card aims to raise assets by W40 tril. by 2023

Shinhan Card CEO Lim Young-jinBy Lee Kyung-min Shinhan Card aims to solidify its position as a leading card firm by increasing the number of its customers to 30 million and its asset to 40 trillion won (35.6 billion) by 2023, the firm said Sunday.The goal was unveiled by CEO Lim Young-jin at the firm's internal event to review its performance held at AW Convention in Jongno-gu, Seoul, Jan.18, attended by hundreds of company executives and workers. Under the vision “Connect more, create the most,” the firm will also seek to increase the portion of its fee income to 20 percent of the total profit. The plan is part of efforts to maximize corporate success by outlining clear goals followed by specific action plans. “The new business plan must recognize the core function of a card company as an effective integrator among customers, business partners,” Lim said during the event.“Our new vision is also in line with our holding company's strategy to take the initiative in key market sectors, cement ourselves as the industry leader through challenges while remain

Jan 20, 2019By Lee Kyung-min
Shinhan Card aims to raise assets by W40 tril. by 2023
Economy

KEB Hana Bank reborn as 'one bank'

KEB Hana Bank CEO Ham Young-joo, center, hold hands with the bank's two union leaders after announcing that management and the union will forge a forward-looking relationship at the bank's headquarters in Seoul, Jan. 18. Courtesy of KEB Hana BankBy Lee Kyung-min The union and management at KEB Hana Bank agreed Friday to completely integrate its dual structure in personnel management, salary and welfare in order to forge a forward-looking relationship and to be reborn as “one bank,” the bank said Sunday.Despite the merger in September 2015, the two ― Korea Exchange Bank and Hana Bank ― had applied two different sets of rules involving personnel reshuffle, union activities, salary and employee benefits.This was a major factor that has long hampered the development of unity among workers, as the confrontational relationship undermined corporate productivity. “We have successfully removed the barrier between the two previous entities. We are proud to say we have truly become one bank,” a KEB Hana official said in a statement. “We will continue to create a wo

Jan 20, 2019By Lee Kyung-min
KEB Hana Bank reborn as 'one bank'
Economy

Samsung Securities CEO put to test

Samsung Securities CEO Chang Seok-hoon By Lee Kyung-min The year 2019 is a critical year for Samsung Securities CEO Chang Seok-hoon as his leadership and management capabilities will be put to the test once suspended sales of the scandal-ridden company resume Jan. 27.He took office in December, 2018, to replace then leader Koo Sung-hoon who resigned to take responsibility for the so-called fat finger scandal that took place in April, 2018.In the scandal, widely dubbed a “moral hazard,” 16 of the firm's employees sold off 5.01 million shares the firm mistakenly issued. Despite warnings against doing so, they sold off 182 billion won ($162 million) in stocks for windfall gains.The incident tarnished the credibility and image of the securities arm of Samsung Group dealing a blow to its business performance and shareholders' values.In the months following the scandal last year, the firm was fined 144 million won and its stock brokerage business was barred from taking new

Jan 20, 2019By Lee Kyung-min
Samsung Securities CEO put to test
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