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Balanced revenue structure drives Meritz's meteoric rise in securities industry

Meritz Financial Group's headquarters in Seoul / YonhapBy Lee Min-hyungMeritz Securities is set to emerge as one of the nation's largest brokerage houses in terms of market capitalization thanks to its balanced revenue structure in investment banking and retail finance.This poses a threat to rival Mirae Asset Securities, which maintained its long-held position as the most valuable securities firm here. According to data from the Korea Exchange, the market capitalization of Mirae Asset Securities reached 4.38 trillion won ($3.4 billion) as of Monday. In contrast, Meritz Securities' market cap stood at 4.07 trillion won.Particularly noteworthy is the rapid increase in the valuation of the Meritz affiliate, whose stock price fell to an annual low of 3,345 won on Oct. 11. Its valuation almost doubled in four months, topping the 6,600-won mark on Monday. This pace of stock growth is unmatched in the local securities industry. The stock price of Mirae Asset Securities increased by 16 percent.Meritz's robust rally is attributable to the firm's solid earnings growth driven by its relatively

Feb 13, 2023By Lee Min-hyung
Balanced revenue structure drives Meritz's meteoric rise in securities industry

Hana donates to Korean school in Jakarta

Hana Bank Indonesia President Director Park Jong-jin, right, poses with Jakarta Indonesia Korean School headmaster Park Jong-jin during a ceremony to mark the bank's donation of 500 million Indonesian rupiah ($33,000) at the school in Jakarta, Friday. Courtesy of Hana BankBy Yi Whan-wooHana Bank said on Sunday that it donated 500 million Indonesian rupiahs ($33,000) to a Korean school in Jakarta as a part of efforts for a joint-prosperity campaign carried out by its parent company, Hana Financial Group. The lender said the donation will be used to support 20 students enrolled at Jakarta Indonesia Korean School for the next four semesters.“I hope our donation helps the Korean students in Indonesia to dream bigger regardless of the obstacles they may face and grow as global talents,” said Park Jong-jin, president director of Hana Bank Indonesia, during a ceremony to mark the donation at the Korean school.The school's headmaster, Kim Yoon-ki, thanked Hana Bank for “all the attention and interest” toward the students and their future, saying, “I indeed hope

Feb 12, 2023By Yi Whan-woo
Hana donates to Korean school in Jakarta

Banks criticized for windfall profits as Koreans endure tough economic conditions

The inside of Hana Bank's branch office in central Seoul in this 2021 file photo. Korea Times fileBy Yi Whan-wooJin Soo-jin, a self-employed person in her 30s, says she felt extremely disadvantaged last week when she learned of the profits that the major banking groups announced for their 2022 earnings, driven by soaring interest incomes that rose to an all-time high as opposed to her business, which continues to struggle with its loan repayments.“It seems unfair considering the steep rate hikes delivered by the central bank are benefitting the commercial banks on the one hand, and on the other hand, are exacerbating financial distress for everyday citizens like me, who have to work harder yet are only left with debt,” Jin told The Korea Times, Sunday.She represents many borrowers who complain over the diverging fortunes between them and commercial banks, arguing that lenders' massive fortunes were not earned by themselves but rather were given as windfall profits in the wake of a rate hike.The Bank of Korea (BOK) increased its base rate by a combined 3 percentage point h

Feb 12, 2023By Yi Whan-woo
Banks criticized for windfall profits as Koreans endure tough economic conditions

Mirae Asset Global Investments shines in US ETF market

This 2019 April file photo shows a message on Nasdaq MarketSite congratulating the listing of Global X Cloud ETF, in New York's Times Square. Courtesy of Mirae Asset Global InvestmentsBy Yoon Ja-youngIt has been five years since Mirae Asset Global Investments acquired Global X, its subsidiary managing ETFs in the U.S. Global X, which is a rising star in the U.S. market, has grown into a leader in the thematic growth ETF market, operating assets around six times bigger compared to when it was acquired by Mirae Asset.In February 2018, Mirae Asset Global Investments acquired Global X for $488 million (520 billion won). The aim was to expand Mirae Asset's global ETF network by challenging the U.S. market, which takes up more than 70 percent of the global ETF market. Mirae Asset Global Investments focused especially on the growth potential of Global X at the time of the acquisition. It determined that Global X, equipped with an innovative and differentiated product lineup under the catchphrase “Beyond Ordinary ETFs,” had enough momentum for growth.“We decided to invest i

Feb 12, 2023
Mirae Asset Global Investments shines in US ETF market

Kyobo's bid to establish financial holding firm faces uncertainty due to Affinity

Kyobo Life Insurance Chairman Shin Chang-jae speaks during a management strategy meeting at its headquarters in Seoul, Jan. 9, 2022. YonhapBy Lee Min-hyungKyobo Life Insurance's highly-publicized aim of establishing a financial holding company continues to face uncertainties, as a prolonged legal battle against the insurer's second-largest shareholder ― Affinity Equity Partners ― shows no signs of abating anytime soon.The life insurer recently revealed its plan to launch a financial holding firm by the end of 2024, in a bid to preemptively respond to worsening industry conditions in the face of a global economic slowdown and demographic changes. The insurer has a controlling stake in its financial subsidiaries, such as Kyobo Securities and Kyobo AXA Investment Managers.However, the legal dispute returned to square one recently after a Seoul court ruled in favor of Affinity. Five officials from Affinity and Deloitte Anjin ― an affiliated accounting firm of the private equity firm ― were acquitted of accounting fraud charges involving the alleged manipulation of Kyobo's pre-initial pub

Feb 11, 2023By Lee Min-hyung
Kyobo's bid to establish financial holding firm faces uncertainty due to Affinity

KOMSCO presentation at International Mint Directors Network

KOMSCO CEO Bahn Jahng-shick, center, presides over the International Mint Directors Network (IMDN) meeting held in Berlin, Germany, Feb. 4. Held in person for the first time in three years due to COVID-19, the meeting was attended by 41 minting organizations from 38 countries. The KOMSCO CEO shared its business successes with other member countries, including medals commemorating BTS and Son Heung-min. He stressed that the future of the minting industry lies in planning attractive items. He also had a meeting with Japan Mint President Yamana Norio, where the two countries agreed to bolster relations. Courtesy of KOMSCO

Feb 10, 2023
KOMSCO presentation at International Mint Directors Network

BNK Financial's incoming chief expected to bring in stabilization

BNK Financial Group Chairman nominee Bin Dae-in / Courtesy of BNK Financial GroupBy Anna J. ParkAfter BNK Financial Group nominated Bin Dae-in last month as its next chairman to lead the group for the next three years, market watchers have been fixated on whether the new incoming leader will be able to complete his term honorably, while also succeeding at stabilizing the financial group's structure. His three predecessors each had to step down from their posts prematurely, amid market rumors related to various irregularities surrounding them.BNK Financial Group, the largest regional financial group headquartered in Busan, designated Bin as its next chairman in January. The 62-year-old nominee was CEO of Busan Bank, a key affiliate of the financial group, from 2017 to 2021. He has been seen to distance himself from some of the factional conflicts within the financial group. As he has built a favorable reputation within the group for his stable leadership, there are expectations that he could end the disgraceful tradition of the previous group chiefs' failures to complete their officia

Feb 9, 2023By Anna J. Park
BNK Financial's incoming chief expected to bring in stabilization

Banking federation chief meets Luxembourg finance minister

Korea Federation of Banks (KFB) Chairman Kim Kwang-soo, front row center, poses with Luxembourg Finance Minister Yuriko Backes, front row second from right, and officials from their respective sides during Backes' visit to KFB headquarters in central Seoul, Tuesday. Courtesy of KFBBy Yi Whan-wooKorea Federation of Banks (KFB) Chairman Kim Kwang-soo met Luxembourg Finance Minister Yuriko Backes and discussed ways of cooperation in the banking sectors of the two countries, the federation announced on Wednesday.The areas of topics discussed ranged from conventional offline banking to digital banking, wealth management, and environmental, social and corporate governance (ESG) practices.While no Korean banks are currently operating in Luxembourg, Kim noted that the small, land-locked country in Western Europe is a leading global financial hub and that it was considered a “bridge” by multiple banks for crossing into the European market before the 1997-98 Asian financial crisis.“The chairman accordingly expressed hope to share Luxembourg's knowhow on nurturing digital bank

Feb 8, 2023By Yi Whan-woo
Banking federation chief meets Luxembourg finance minister

Shinhan Bank nominates second-in-command to fill leadership vacuum

By Yi Whan-woo Shinhan Bank President and CEO nominee Jung Sang-hyuk Shinhan Bank said Wednesday that Deputy President Jung Sang-hyuk has been nominated as its new president and CEO, replacing Han Yong-gu, who abruptly resigned on Monday a little more than a month after taking office.“The nomination of Jung is aimed at minimizing the leadership vacuum at the bank, given the importance of the flagship affiliate in Shinhan Financial Group and the overall financial market,” the lender said.Jung will be officially appointed for the job if he receives the endorsement of the banking group's executive recommendation committee and shareholders. The confirmation process is expected to take about a week.Jung, 58, climbed his way from the bottom of the ladder after joining Shinhan Bank in 1990.He served in key positions at Shinhan Bank, building expertise in sales, customer satisfaction and strategic planning before being promoted as the firm's deputy president in January 2021.A

Feb 8, 2023By Yi Whan-woo
Shinhan Bank nominates second-in-command to fill leadership vacuum

Record earnings boost Shinhan back to No. 1 rank after 3 years

By Yi Whan-woo Shinhan Financial Group headquarters in central Seoul / Korea Times file Shinhan Financial Group posted record earnings for 2022 to outperform its rival KB Financial and claim the industry's top position by market capitalization for the first time in three years. In a regulatory filing, Wednesday, Shinhan Financial Group said its net profit last year came to an all-time high of 4.64 trillion won, up from its previous record of 4.19 trillion won set in 2021.The firm's 2022 net profit was higher than the 4.41 trillion won posted by KB Financial Group for the same year. Announced in its respective regulatory filing, Tuesday, KB Financial Group's net profit also marked an all-time high for the company.By categories, the interest income of Shinhan Financial Group jumped 17.9 percent year-on-year to 10.6 trillion won and that of KB Financial Group went up 18.9 percent year-on-year to

Feb 8, 2023By Yi Whan-woo
Record earnings boost Shinhan back to No. 1 rank after 3 years
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