Business - The Korea Times

Hana teams up with Polish bank to expand global investment banking business

Hana Bank CEO Lee Seung-lyul, left, poses with Beata Daszynska Muzyczka, chief of Bank Gospodarstwa Krajowego (BGK), after a meeting at the BGK headquarters in Warsaw, Poland, July 13. Courtesy of Hana BankBy Yoon Ja-youngHana Bank announced that it will expand its global investment banking business in cooperation with Bank Gospodarstwa Krajowego (BGK), the national development bank of Poland.Lee Seung-lyul, CEO of Hana Bank, visited the BGK headquarters in Warsaw, July 13, to strengthen cooperation in global financial businesses as well as discuss further plans for diverse global investment banking sectors. They include development projects in greater Eastern Europe, reconstruction projects in Ukraine and expanding local manufacturing plants. BGK was established in 1924 as the only national development bank of Poland, aiming at supporting the country's economic and industrial development. Lee and BGK chief Beata Daszynska Muzyczka agreed to continue cooperation in global investment banking in sectors like infrastructure, aircraft, real estate and M&As, as well as sharing global

Jul 20, 2023By Yoon Ja-young

Hana teams up with Polish bank to expand global investment banking business

Standard Chartered Bank Korea launches Jaeil EZ Account with max 3.6% annual interest

A promotional image for the Jaeil EZ Account / Courtesy of Standard Chartered Bank Korea5.4% interest rate available for first-time customers depositing $10,000 in USDBy Anna J. ParkStandard Chartered Bank Korea has announced the launch of the Jaeil EZ Account, a flexible deposit product offering a maximum 3.6 percent interest annually on daily balances. This is one of the highest-level interest rates allowed for free deposit accounts among commercial banks in Korea.While the account provides a basic annual interest rate of 2.6 percent on daily balances to any customers, an additional preferential interest rate of 1 percent is applied for first-time customers of the bank during the first six months from the account opening, or a total 3.6 percent interest rate. Also, there's no limit on the deposit amount for first-time customers. Furthermore, the account offers benefits, including waived fees for internet and mobile banking transfers, for withdrawal from ATMs outside of business hours and for transfers to other banks.Commemorating the launch of the Jaeil EZ Account, the bank is also

Jul 20, 2023By Anna J. Park

Standard Chartered Bank Korea launches Jaeil EZ Account with max 3.6% annual interest

KB to pick final chairman candidate by early September

KB Financial Group Chairman Yoon Jong-kyoo / Courtesy of KB Financial Group By Yi Whan-wooKB Financial Group has begun selecting candidates to replace outgoing Chairman Yoon Jong-kyoo, the company announced on Thursday.Yoon's third three-year term will end on Nov. 20. KB Financial Group headquarters in Seoul / Korea Times file The banking group said its CEO recommendation committee convened a meeting, Thursday, and decided to narrow down the pool of 20 candidates that it longlisted in May. It said the final, sole candidate will be confirmed by Sept. 8.The 20 longlisted candidates consist of 10 executives from within the firm's ranks and 10 outside figures.The committee will pick six of them by Aug. 8. It will then conduct thorough interviews and other screening processes to compile a shortlist of three by Aug 29.The final candidate among the three w

Jul 20, 2023By Yi Whan-woo

KB to pick final chairman candidate by early September

Woori to partially compensate investors for failed investment in Hong Kong building

A view of Hong Kong / gettyimagesbankRisks of overseas real estate investment funds raise alarmBy Anna J. ParkWoori Bank has decided to partially compensate the losses incurred by retail investors who invested in a fund for a Hong Kong office building, according to the bank's recent official notification to clients. Woori Bank's board decided at the end of last month to compensate some of the losses borne by retail investors of the mutual fund, named Simone Alternative Investment Private Equity Trust No. 12. The fund was created in 2019 by Multi Asset Global Investments, an affiliate of Mirae Asset, to lend subordinated debt to the Goldin Financial Global Centre (GFGC) building in Hong Kong. However, due to a slump in the Hong Kong real estate market, a decrease in the demand for office space and rising interest rates, the retrieval of the invested capital became impossible, as the Multi Asset fund held the subordinated bond to the Hong Kong office building, which is an unsecured loan ranked lower than other senior loans. The first-lien lender, Singapore's sovereign wealth fund GIC a

Jul 19, 2023By Anna J. Park

Woori to partially compensate investors for failed investment in Hong Kong building

Hana Financial honors multicultural family members

Hana Nanum Foundation Chairman Kim Han-jo, second row third from right, and Minister of Gender Equality and Family Kim Hyun-sook, second row third from left, pose with winners of an annual multicultural family award and other participants during a ceremony at Hana Financial Group headquarters in central Seoul, Wednesday. Courtesy of Hana Financial Group By Yi Whan-wooHana Financial Group hosted an award ceremony to honor outstanding members of multicultural families who have set examples for their communities, the company announced on Wednesday.Marking its 15th year, the award was introduced by the company as a first for the banking industry, in line with nationwide efforts to transition to a multicultural society.The award was organized by Hana Nanum Foundation, the banking group's charity service arm, and sponsored by the Ministry of Gender Equality and Family.The ceremony was held at the group's headquarters in central Seoul. It was attended by Hana Nanum Foundat

Jul 19, 2023By Yi Whan-woo

Hana Financial honors multicultural family members

Kyobo Life adopts chatbot service in office

Kyobo Life Insurance's headquarters in central Seoul / YonhapBy Yi Whan-wooKyobo Life Insurance has adopted an artificial intelligence (AI)-powered chatbot service to improve work efficiency for its executives and rank-and-file employees.A top-ranked life insurer in Korea, Kyobo Life Insurance is the first company in the industry to adopt a chatbot, which a range of businesses seeks to capitalize on after it was introduced late last year.The company picked Microsoft's Azure Bot Service, which can engage in human-like conversation and provide information requested by employees.As chatbots are developed by private tech companies, clients have been concerned over unwanted exposure of sensitive and confidential information via open conversations.To tackle that risk, the chatbot service of Kyobo Life Insurance is customized to observe the firm's security regulations and also is only accessible via its internal cloud service.“We anticipate the chatbot service will help our employees save time and work more effectively,” a Kyobo Life Insurance public relations staffer said.Anoth

Jul 18, 2023By Yi Whan-woo

Kyobo Life adopts chatbot service in office

Mirae Asset achieves $100 billion milestone in global ETF business

Employees of Global X, Mirae Asset's subsidiary managing exchange-traded funds in the United States, pose before the Nasdaq MarketSite promoting Global X in New York's Times Square in this undated photo. Courtesy of Mirae Asset Global InvestmentsBy Yi Whan-wooMirae Asset Global Investments announced on Tuesday that its global exchange-traded fund (ETF) business surpassed $100 billion in net assets.The milestone comes 20 years after Korea's leading investment management firm advanced to the international market and grew into the world's 13th largest ETF provider thereafter.“We are extremely proud of the global team we have built and remain committed to expanding the capabilities of our investment platform,” Mirae Asset Global Strategic Officer Park Hyeon-joo said. He expressed hope that the Seoul-headquartered global ETF franchise will “serve as a strong foothold as we leverage our synergies across markets and offer investors unequaled exposure to disruptive themes, access to international markets and tools that help them achieve their investment objectives.”Mi

Jul 18, 2023By Yi Whan-woo

Mirae Asset achieves $100 billion milestone in global ETF business

Daol Investment & Securities to issue public bonds for first time

The headquarters of Daol Investment & Securities in Seoul / Courtesy of Daol Financial GroupSuccess of Daol's bond issuance to gauge market sentiments of H2 By Anna J. ParkDaol Investment & Securities is planning to issue public corporate bonds for the first time since its establishment in 2008. The move is seen as solidifying the firm's borrowing structure long term. According to the company on Tuesday, it plans to begin a book-building process at the end of this month to figure out demands for its issuance totaling 80 billion won ($63 million). The bonds will be comprised of one-year and 18-month maturities, with the possibility of increasing the issuance amount up to 100 billion won. The target interest rates for the bonds are to be set higher than those of more stable financial institutions, planned at a maximum of 6.9 percent for one-year maturity and 7.3 percent annual interest for the 18-month maturity. Currently, the firm is assigned a credit rating of A, or Stable, by Korea Ratings. Since the foundation of KTB Investment & Securities, the former entity of the bro

Jul 18, 2023By Anna J. Park

Daol Investment & Securities to issue public bonds for first time

Kim Min-jae's transfer poses potential marketing setback for Dunamu

Football players from the Italian football club SSC Napoli, including Korean defender Kim Min-jae, second from right, pose while wearing uniforms with the Upbit logo, Jan 3. Courtesy of DunamuBy Lee Yeon-wooDunamu, the company operating Korea's leading crypto exchange Upbit, may face a potential marketing setback with the expected transfer of Korean football player Kim Min-jae away from SSC Napoli.Earlier this year, Dunamu secured a substantial sponsorship deal with the Italian football club SSC Napoli, aiming for promotional benefits associated with the star Korean defender. It agreed to be the official partner of the club for both the 2022-2023 and 2023-2024 seasons, having its logo displayed prominently on the team uniforms and club billboard. However, with Kim on the verge of completing his transfer to Bayern Munich in Germany, there's an increased possibility that the impact of this large sponsorship contract will be diminished after just half a year. Given the record-breaking performance of Napoli players last season while wearing Dunamu's sponsorship uniforms, the disappointme

Jul 18, 2023By Lee Yeon-woo

Kim Min-jae's transfer poses potential marketing setback for Dunamu

Financial groups support flood damage recovery

Emergency officials clear waste and floating debris from Seoul's Jamsu Bridge to prepare for the resumption of traffic, Monday. YonhapBy Lee Yeon-wooAs heavy monsoon rain wreaks havoc across the country, leaving many reports of casualties and injuries, financial groups here are rolling up their sleeves to support those hit by the flood damage. They have donated billions of won for faster restoration, and are offering emergency loans to customers in need.Shinhan Financial Group announced that they will contribute 1 billion won ($789,265) and begin offering comprehensive financial support worth 150 billion won. These measures include the donation of emergency relief kits to the hardest-hit Chungcheong provinces, and lowering an additional 1.5 percentage points on interest rates for loans provided to flood victims."We hope that Shinhan Financial Group's recent support will provide some comfort to customers who have suffered from the heavy rainfall," Shinhan Financial Group Chairman Jin Ok-dong said.Hana Financial Group will also donate 1 billion won, a contribution gathered voluntarily

Jul 17, 2023By Lee Yeon-woo

Banking & Finance