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Deutsche Bank announces expansion in Korea, reentry into Korean debt market

Deutsche Bank's logo is seen in this photo illustration made in March. Reuters-YonhapBy Lee Yeon-wooAdele Moon, head of Deutsche Bank's Debt Capital Market in Korea / Courtesy of Deutsche BankDeutsche Bank will expand its investment banking capabilities in Korea and reenter the local debt capital market (DCM), the global bank announced Monday. As part of such efforts, the bank has also made strategic appointments to its Korean business.Adele Moon, the previous head of Korea Debt Capital Market (DCM) for Mizuho Securities Asia, has been appointed as the head of DCM for Deutsche Bank Korea. Based in Seoul, she will focus on expanding the bank's client footprint, complementing its strong advisory business.The bank is reentering the country's debt capital market for the first time in five years. Since 2018, the bank effectively kept its hands off the market.“We are pleased to reenter the Korean debt capital market. This is an important step that will extend our regional DCM presence to eight geographic locations and enable us to support a wide range of Korean clients in accessing g

Jul 31, 2023By Lee Yeon-woo
Deutsche Bank announces expansion in Korea, reentry into Korean debt market

Banks woo younger generation with pop-up stores and digital wallet

Visitors are lined up at Hana Bank's pop-up store in Seongsu-dong, eastern Seoul, July 19. Courtesy of Hana BankBy Lee Yeon-wooBanks are striving to appeal to younger customers by reshaping their image to appear more youthful and dynamic, launching pop-up stores and user-friendly mobile payment systems. The efforts come as they have to compete with fast-growing internet-only banks. For this purpose, a special airplane-themed installation operated by Hana Bank has popped up in Seongsu-dong, eastern Seoul. A speaker rings out, “We extend a welcome to all our customers who have visited Seongsu International Airport.” Following the announcement, excited visitors begin ascending the stairs to board the airplane-shaped structure. Inside, they can choose their destination from among 18 countries, and get baggage stickers issued. Intended to showcase the bank's Travlog foreign currency exchange service available in the 18 countries, the pop-up has garnered positive responses from visitors who appreciate the feeling of international travel. In just two weeks, it has drawn in more

Jul 31, 2023By Lee Yeon-woo
Banks woo younger generation with pop-up stores and digital wallet

Worker-management row escalates as KDB relocation plan materializes

The logo of Korea Development Bank (KDB) is seen on a stone block outside the bank's headquarters in Yeouido, Seoul in this 2021 file photo. Korea Times fileBy Yi Whan-wooTensions between labor and management at Korea Development Bank (KDB) are escalating as the state-run lender is finalizing its plan to move its headquarters from Seoul to Busan.The plan has been long opposed by the unionized workers after it was brought up by President Yoon Suk Yeol last year as part of his balanced regional development policy.On Monday, the labor union plans to hold a press conference, which sources familiar with the matter say is aimed at protesting the management's decision to move the bank's whole operations to the port city of Busan.The decision came after management, through a feasibility study, deliberated over whether it would be optimal to relocate the entire operation or just partially to the country's southeastern city.The decision was mentioned in a report submitted to the Financial Services Commission (FSC).Under the plan, the minimum workforce, estimated to be 100, out of more than 3,0

Jul 30, 2023By Yi Whan-woo
Worker-management row escalates as KDB relocation plan materializes

Credit card firms report dismal earnings amid prolonged rate hikes

Multiple credit cards are seen in this undated file photo. Yonhap By Lee Min-hyungMost Korean credit card companies reported dismal earnings performances in the first half of this year, as they have had to expand purchasing costs and set aside more allowances for bad debts amid prolonged rate hikes.According to earnings reports from major credit card companies here, most of the companies suffered double-digit falls in their first-half net profits from a year earlier.Shinhan Card, the nation's leading credit card firm, reported a net profit of 316.9 billion won ($247.57 million) between January and June, down 23.2 percent from a year ago, hit by the rising operating costs triggered by high-interest rates.Woori Card suffered the biggest earnings decline during the same period. The company generated a net profit of 81.9 billion won, down 38.7 percent, after increasing spending to bolster its risk management capability.Other credit card firms such as KB Kookmin Card and

Jul 28, 2023By Lee Min-hyung
Credit card firms report dismal earnings amid prolonged rate hikes

Prosecutors investigate former Kiwoom chief over alleged stock manipulation

The headquarters of Kiwoom Securities is raided by prosecutors after the brokerage's former chief's was accused of involvement in a stock manipulation scandal, downtown Seoul, Friday. Yonhap By Lee Yeon-woo Former Daou Kiwoom Group Chairman Kim Ik-rae expresses his intention to resign during a press conference, at its headquarters in Seoul, May 4. Yonhap Prosecutors have launched an investigation into allegations that former Daou Kiwoom Group Chairman Kim Ik-rae was involved in a stock manipulation scheme that caused the share prices of eight companies plummeting for no apparent reason in May.The prosecution on Friday raided the headquarters of Kiwoom Securities and Kim's residence to secure documents related to the suspicious transactions.Kim is charged with violating the Capital Markets Act.The investigations were initiated in response to criticism

Jul 28, 2023By Lee Yeon-woo
Prosecutors investigate former Kiwoom chief over alleged stock manipulation

KB beats Shinhan in 1st half earnings to retain top position

Headquarters of Korea's four major financial holding firms ― KB, Shinhan, Hana and Woori. Courtesy of each firmBy Lee Min-hyungKB Financial Group outperformed Shinhan Financial Group in first-half net profits on the back of increased interest revenues and the solid growth of non-banking affiliates, regulatory filings from the two companies showed Thursday.According to data from the nation's top two financial holding firms, KB raked in a net profit of 2.99 trillion won ($2.34 billion) in the first half, up 12.2 percent from the previous year. Shinhan reached 2.62 trillion won, down 2.1 percent during the same period.Both companies expanded their allowance for bad debts amid rising delinquency rates, but KB defended against the earnings fall, with KB Kookmin Bank achieving better-than-expected interest profits than its archrival.Shinhan attributed the earnings fall to the rise in its bad debt allowance and selling, and general and administrative expenses (SG&A) amid inflationary pressure.“KB has proven its robust group-wide fundamentals despite a difficult sales environment s

Jul 27, 2023By Lee Min-hyung
KB beats Shinhan in 1st half earnings to retain top position

Lotte heir Shin Yoo-yeol leads Japan-based Lotte Financial Corp.

Lotte Chemical Vice President Shin Yoo-yeol / Courtesy of Lotte GroupBy Anna J. ParkShin Yoo-yeol, vice president at Lotte Chemical and the eldest son of Lotte Group Chairman Shin Dong-bin, is extending his status as a third-generation successor of the conglomerate, as he was recently tapped to concurrently lead Japan-based Lotte Financial Corp., in addition to his current role at Lotte Chemical. According to the group earlier this month, the junior Shin was appointed to lead Lotte Financial Corp. during this year's second quarter, just a year after he became the firm's executive member. Lotte officials explained that Shin was promoted to the top position, as former CEO Kobayashi Masamoto retired from management due to advanced age. It is also the second CEO position that he has been appointed to. Last August, Shin took the helm of Lotte Strategic Investment (LSI) as co-CEO of the firm along with his father and Lotte Group Chairman Shin Dong-bin.Industry watchers see the younger Shin's rise to the top of the group's key affiliates as his gaining confidence from his father while solid

Jul 27, 2023By Anna J. Park
Lotte heir Shin Yoo-yeol leads Japan-based Lotte Financial Corp.

Hana Financial Group Q2 net profit up 10% on noninterest income gain

Hana Financial Group's headquarters in Seoul/ Courtesy of Hana Financial Group Hana Financial Group Inc. on Thursday reported its second-quarter net profit jumped more than 10 percent from a year earlier largely thanks to a steep increase in noninterest income.Net profit for the three months ended in June was 935.8 billion won ($732.9 million), up 10.9 percent from a year ago, the company said in a regulatory filing.The operating profit for the April-June period rose 18.5 percent on-year to 1.33 trillion won, while sales decreased 28.6 percent to 15.18 trillion won.The net profit for the first half was 2.05 trillion won, up 15.7 percent on-year.Hana Financial attributed the increased net profit to an advancement in noninterest income.The group raised a record high 1.37 trillion won of noninterest income and also a record high 750.8 billion won of trading profit in the first half.The flagship Hana Bank posted a net profit of 870 billion won in the second quarter, up

Jul 27, 2023
Hana Financial Group Q2 net profit up 10% on noninterest income gain

Finda attracts $37 mil. investment from JB Financial, 500 Global

Finda's co-CEOs Lee Hye-min, left, and Park Hong-min, right, pose with JB Financial Group Chairman Kim Ki-hong, after winning investment from the financial holding firm, at the latter's headquarters on Yeouido in Seoul, Wednesday. Courtesy of FindaBy Lee Min-hyungFinda, a loan comparison platform operator, has attracted investment worth 47 billion won ($36.94 million) from JB Financial Group and 500 Global, the fintech startup said Thursday.The company is considered one of the top three mobile lending platform providers along with Toss and Kakao Pay. Teaming up with 68 financial companies, Finda helped customers receive loans worth 4 trillion won last year alone.JB Financial Group partnered with Finda for the latest Series C funding. The companies joined hands in 2020. JB aims to diversify its mobile sales channels by developing more competitive business models with Finda.The financial holding firm is set to acquire a 5-percent stake in Finda, and Jeonbuk Bank, a banking subsidiary of JB, will also take over another 10-percent stake in the fintech company. Finda also won investment f

Jul 27, 2023By Lee Min-hyung
Finda attracts $37 mil. investment from JB Financial, 500 Global

Shinhan Financial Group Q2 net profit down over 3% on bad debt expenses

Shinhan Financial Group headquarters in Seoul / YonhapShinhan Financial Group on Thursday reported its second-quarter net income fell more than 3 percent from a year earlier on increased allowance for bad debt.Net profit for the three months ended in June was 1.26 trillion won ($997.3 million), down 3.7 percent from a year ago, the company said in a regulatory filing.Operating profit inched up 1.1 percent to 1.73 trillion won, while sales fell 25.9 percent to 13.56 trillion won.The earnings beat market expectations. The average estimate of net profit by analysts stood at 1.24 trillion won, according to a survey by Yonhap Infomax, the financial data firm of Yonhap News Agency.Shinhan Financial Group said its net profit retracted in the second quarter as it set aside more loan-loss reserves by 19 percent from the previous quarter amid global financial uncertainty.In the first half, Shinhan Financial's loan-loss provisions soared 67.8 percent on-year to over 1 trillion won.The group said, however, its operating profit went up thanks to higher interest and noninterest income.The flagship

Jul 27, 2023
Shinhan Financial Group Q2 net profit down over 3% on bad debt expenses
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