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Shinhan Bank marks three decades in Vietnam

Shinhan Bank CEO Jung Sang-hyuk, second from left, poses with State Bank of Vietnam Deputy Governor Pham Tien Dzung, center, and Vietcom Bank CEO Pham Quang Dzung, second from right, at an event in a hotel in Ho Chi Minh City, Friday, to celebrate the bank's 30th year of operations in Vietnam. The event commemorated the bank's first entrance into Vietnam in 1993, and was an expression of gratitude to its Vietnamese customers. Shinhan Bank has consistently expanded its footprint in the Vietnamese financial sector, inaugurating an additional four branches this year, bringing its total to 50 ― the highest among foreign banks in the country. As of 2022, it has secured the top position among foreign banks in Vietnam in terms of key metrics like total assets and annual net profits. Courtesy of Shinhan Bank

Aug 20, 2023By Lee Yeon-woo
Shinhan Bank marks three decades in Vietnam

EcoPro shares fall on founder's imprisonment

Lee Dong-chae, former chairman and founder of secondary battery materials producer EcoPro / Yonhap By Yi Whan-wooShares of EcoPro, Korea's leading producer of secondary battery materials, and its subsidiary EcoPro BM, retreated on the tech-heavy Kosdaq, Friday, after the Supreme Court confirmed a prison term for their former chairman and founder Lee Dong-chae on the same day.Industry sources said the fall in the stock prices of EcoPro and EcoPro BM shows how Korean businesses are keenly affected by risks associated with their leader or other symbolic figures.EcoPro has been at the center of a recent surge in popularity of battery stocks and was regarded as a blue chip on the Kosdaq.EcoPro lost 3.41 percent to close at 1.07 million won ($800), Friday, while EcoPro BM retreated 1.89 percent to close at 312,000 won.The Supreme Court upheld rulings by lower courts and sentenced Lee to two years in jail for reaping 1.1 billion won in illicit gains through insider trading

Aug 19, 2023By Yi Whan-woo
EcoPro shares fall on founder's imprisonment

Moody's raises KEB Hana Bank's long-term ratings to Aa3

The corporate logo of KEB Hana Bank is seen in this undated file photo. YonhapKEB Hana Bank, one of the major commercial banks in Korea, said Friday global credit appraiser Moody's Investors Service upgraded its long-term foreign and local currency deposit ratings to Aa3 from A1 thanks to its improved key credit metrics. Moody's also upgraded KEB Hana Bank's baseline credit assessment to a3 from Baa1 with a "stable" ratings outlook from positive, according to the bank.The bank said Moody's cited improvement in its financing system, quality of assets, stability and solvency margin as reasons for the upgrade. Moody's said KEB Hana Bank showed stronger asset performance through multiyear changes in its loan mix, and its solvency and funding profile improved.The bank's asset quality has also improved in recent years thanks to its loan portfolio rebalancing strategy, Moody's said.According to Moody's, KEB Hana Bank's large corporate loans mix has declined, lowering concentration risks. As of March, large corporate loans accounted for 9 percent of KEB Hana Bank's total loans, while small a

Aug 18, 2023
Moody's raises KEB Hana Bank's long-term ratings to Aa3

Crypto.com's inroads into Korea contrasts with struggling Binance

gettyimagesbankBy Lee Min-hyungCrypto.com, a Singapore-based crypto exchange, is making stable gains in the Korean market but Binance, a global crypto exchange platform, is stuck at a crossroads amid prolonged regulatory challenges.The former is the world's 14th-largest exchange in terms of trading volume. Last year, the company took over OK-BIT, a small exchange in Seoul, in a strategic move to launch its Korean subsidiary. Crypto.com has since faced little difficulty in receiving regulatory approvals from local watchdogs. The company is in the final stage ahead of the official launch of its Korean affiliate ― Crpyto.com Korea ― possibly sometime before the end of the year.But investors raised questions over why Korean authorities are not allowing Binance, the unmatched leader among global crypto exchanges, to operate here. Binance also took a similar step earlier this year through the acquisition of GOPAX, a more locally influential exchange than OK-BIT.The Financial Intelligence Unit, the competent authority granting virtual asset service provider (VASP) licenses, however, appears

Aug 17, 2023By Lee Min-hyung
Crypto.com's inroads into Korea contrasts with struggling Binance

Young bankers choose early retirement amid soaring bank profits

Customers consult clerks at a bank in downtown Seoul, March 27. NewsisBy Lee Yeon-wooThe age of bankers opting for voluntary retirement is consistently decreasing, with even those in their late 30s now taking this route. Market watchers attribute this trend to a surge in banks' profits, leading to favorable early retirement terms, and a growing inclination among individuals to swiftly plan for the next chapter of their lives.According to financial sources, Thursday, Shinhan Bank plans to begin early retirement applications as soon as this weekend and will continue until the early part of next week. Eligibility is given to those born before 1983 who have worked for over 15 years.The youngest eligible age to apply for retirement this time, 39, is the lowest since Shinhan Bank introduced its voluntary retirement program. Compared to the early retirement program in January, which used 1978 as the cut-off birth year, the age criterion has been reduced by five years in just over seven months.Hana Bank also concluded its voluntary retirement process at the end of July, resulting in 60 emplo

Aug 17, 2023By Lee Yeon-woo
Young bankers choose early retirement amid soaring bank profits

Authorities blame internet-only banks' mortgage loans for high household debt

A woman enters KakaoBank's office in Seongnam, Gyeonggi Province, in this March 2022 photo. NewsisBy Lee Yeon-wooFinancial authorities are closely watching internet-only banks, identifying their non-face-to-face mortgage loans as a contributing factor to the rapid surge in household debt. Authorities are investigating whether the loan screening procedures and management of default rates of such banks are appropriate.“Given the explosive growth in mortgage loans by internet-only banks, it's essential to review their operations,” said an official from a financial agency. “We are determining which areas should be regulated more strictly, based on relevant data.”Mortgage loans from internet-only banks have gained popularity, capitalizing on their non-face-to-face services and competitive interest rates. The combined loan balance of these banks for the second quarter of this year stood at 21.2 trillion won ($15.8 billion), which marks a 35 percent or 5.43 trillion won increase from last year.KakaoBank reported record profits for the first half of this year while K

Aug 17, 2023By Lee Yeon-woo
Authorities blame internet-only banks' mortgage loans for high household debt

Woori chief encourages affiliates after disappointing performance in H1

Woori Financial Group Chairman Yim Jong-yong speaks during an opening ceremony of Woori Bank's branch for senior citizens, downtown Seoul, in this March 2023 photo. YonhapBy Lee Yeon-wooWoori Financial Group Chairman Yim Jong-yong is visiting the group's major affiliates to encourage employees in the wake of the group's disappointing performance during the first half of this year.Starting on July 31, Yim kicked off his tour with Woori Investment Bank and then spent weeks visiting other four subsidiaries such as Woori Asset Management Corp., Woori Card, Woori Financial Capital and Woori Savings Bank. He reviewed each affiliate's first-half performance with the staff and discussed plans for the second half of this year.The move was spurred because the group ranked near the bottom in terms of net profit among the top five financial groups. The group was even surpassed by NongHyup Financial Group, which recorded 1.7085 trillion won ($1.2 billion) in the first half of 2023. Woori, however, recorded a net profit of 1.5386 trillion won, marking a 12 percent decrease compared to the previous

Aug 17, 2023By Lee Yeon-woo
Woori chief encourages affiliates after disappointing performance in H1

Mirae Asset takes over Australia's leading robo-advisor company

A promotional image for Stockspot's customer service / Courtesy of Mirae Asset Global Investments By Lee Min-hyungMirae Asset Global Investments has acquired a 53-percent stake in Australia's leading robo-adviser Stockspot for around 24 billion won ($180 million), to accelerate its expansion into the artificial intelligence (AI)-converged financial market, the company said Wednesday.The Korean asset management company aims to focus more on developing hyper-accurate and customized financial products by utilizing Stockspot's technological prowess in AI and automated financial advisory systems.Stockspot offers AI-driven asset management services based on each individual's investment patterns via its big data analytic tools. The company has around 13,000 customers and offers diverse financial services, such as investment consultation and financial portfolio management to them.“Mirae Asset will aggressively expand its footing into the next-generation financial market fea

Aug 16, 2023By Lee Min-hyung
Mirae Asset takes over Australia's leading robo-advisor company

Citibank Korea CEO becomes highest-paid bank CEO

Citibank Korea CEO Yoo Myung-soon / Korea Times fileBy Yi Whan-wooCitibank Korea CEO Yoo Myung-soon was the highest-paid leader in the Korean banking industry in the first half of the year, data showed, Tuesday.The data submitted by individual companies to the Financial Supervisory Service (FSS) showed that Yoo earned 1.86 billion won ($1.39 million) in the January-June period, which breaks down to 280 million won in salary and 1.57 billion won in bonuses.The amount was highest among all CEOs, both active and retired, of banks and larger financial holding companies here.Ham Young-joo of Hana Financial Group ranked second, earning 1.82 billion won ― 450 million won in salary and 1.35 billion won in bonuses.Son Tae-seung, who retired in March after leading Woori Financial Group for more than four years, received 1.3 billion won in total.Park Jong-bok of SC Bank Korea was the last of the four leaders in the industry to receive more than 1 billion won, earning 320 million won in salary and 873 million won in bonuses for a combined 1.19 billion won.Yun Ho-young of KakaoBank was the highes

Aug 15, 2023By Yi Whan-woo
Citibank Korea CEO becomes highest-paid bank CEO

Toss Bank's AI system spots fake IDs, prevents fraud

Toss Bank logo / NewsisBy Anna J. ParkToss Bank announced that its real-time artificial intelligence (AI) system has contributed to preventing financial fraud. Since launching earlier this year, the digital bank said its AI-based detection system has spotted over 600 fake IDs during the past six months, undermining attempts to open up fraudulent accounts. The bank explained that its ID detection system can determine in real time whether an ID photo submitted by a new customer opening an account is an authentic image or not. If the system detects that the information in a submitted ID photo does not match the customer's information or if it is a re-photographed image from a smartphone screen or a printed ID, all financial transactions, including the opening of the account, are restricted until re-verification is completed. The system's accuracy rate is reported to exceed 94 percent, the internet-only bank said. Toss Bank began developing the AI detection system in May last year and underwent field tests in October the same year. The system was officially launched in February this year

Aug 15, 2023By Anna J. Park
Toss Bank's AI system spots fake IDs, prevents fraud
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