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CEO & Publisher: Oh Young-jinDigital News Email: webmaster@koreatimes.co.krTel: 02-724-2114Online newspaper registration No: 서울,아52844Date of registration: 2020.02.05Masthead: The Korea TimesCopyright © koreatimes.co.kr. All rights reserved.

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
  • Woori Financial 2022 net hits new high on more interest income

Hana Financial Group donates $300,000 to quake-devastated Turkey, Syria

Hana Financial Group headquarters in central Seoul / Courtesy of Hana Financial GroupBy Anna J. ParkHana Financial Group has donated $300,000 as urgent aid for the recovery and support of those affected by the earthquake in Turkey and Syria. The group announced Wednesday that it delivered the relief money earlier this week through the Community Chest of Korea as well as other global relief agencies. The decision was made as part of the group's efforts to participate in global relief activities. KEB Hana Bank ― part of Hana Financial Group ― currently operates an office in Istanbul, which is part of the group's 206 global operations in 25 countries. Hana Bank is the only Korean commercial bank that maintains a regional office in Istanbul.“The group expresses its deepest condolences to the Turkish and Syrian people who are suffering due to the sudden earthquakes,” Hana Financial Group Chairman Ham Young-joo said. “Hana Financial Group will provide support for earthquake survivors and for quick recovery from the earthquake damage.”In 2020, Hana Financial Group do

Feb 8, 2023By Anna J. Park
Hana Financial Group donates $300,000 to quake-devastated Turkey, Syria

Woori Financial 2022 net hits new high on more interest income

The headquarters of Woori Financial Group in central Seoul / YonhapMajor Korean financial holding firm Woori Financial Group said Wednesday its earnings spiked nearly 23 percent on-year to an all-time high in 2022 thanks largely to higher interest income.Net income came to 3.17 trillion won ($2.52 billion) last year, up 22.5 percent from a year earlier, the financial group said in a regulatory filing. Woori Financial Group attributed the robust 2022 profit to a sharp rise in interest income amid Korea's monetary tightening to curb inflation.The group's interest income stod at 8.69 trillion won in 2022, up 24.5 percent from the previous year.Its net interest margin, or the difference between interest paid and interest received, stood at 1.84 percent in 2022, up from 1.62 percent a year earlier.In January, the Bank of Korea raised the benchmark seven-day repo rate from 3.25 percent to 3.5 percent, the seventh straight rate increase since April last year and the highest level since 2008.Woori Financial said its non-interest income shrank 15.4 percent on-year to 1.15 trillion won last ye

Feb 8, 2023
Woori Financial 2022 net hits new high on more interest income
  • Record earnings boost Shinhan back to No. 1 rank after 3 years

SM's management dispute to benefit Kakao

Corporate logos of SM Entertainment and Kakao Entertainment / Yonhap By Lee Min-hyungKakao's rise to become SM Entertainment's second-largest shareholder will come as a boon for the nation's largest mobile platform operator, as its entertainment subsidiary is expected to generate synergy by using SM's intellectual property, analysts said Wednesday.The analysis came shortly after an overnight decision by top management of SM, which sold its 9.05 percent stake to Kakao. Under the deal, Kakao secured 1.14 million common shares of the entertainment firm.SM Entertainment founder Lee Soo-man expressed fierce opposition to the sale, saying that the move will “escalate a management dispute” against him. Lee holds a 19 percent stake in SM and is the largest shareholder of the company. He said he would hold SM's board of directors responsible for what he called an “illegal” decision by the firm's top management.

Feb 8, 2023By Lee Min-hyung
SM's management dispute to benefit Kakao

Key real estate owned by McDonald's Korea excluded from sale

A McDonald's branch in Seoul / NewsisBy Anna J. ParkMcDonald's Korea is up for sale, but some key pieces of real estate owned by the global fast-food chain in the country have been excluded from the deal.According to investment banking industry sources, Wednesday, three key real estate properties held by McDonald's Korea are not included in the deal currently under negotiation with Dongwon Industries. The holding company of Dongwon Group turned out to be the sole candidate that joined the bidding process last month.Given that McDonald's business model is based on acquiring land in populous commercial areas and leasing it out to franchise partners, real estate owned by McDonald's Korea has been featured as a key attraction of the sale. McDonald's Korea has maintained a vast amount of real estate across the country worth over 206 billion won ($163.5 million), comprised of buildings worth of 69.3 billion won and land worth 136.8 billion won, as of 2021.Market watchers view the decision to exclude some properties from the sale could reflect the intention of McDonald's Corporation to enjo

Feb 8, 2023By Anna J. Park
Key real estate owned by McDonald's Korea excluded from sale

KakaoBank gears up to expand loan business portfolio

KakaoBank's logo is seen in this file photo. YonhapLeading internet-only lender posts record annual revenue for 2022By Lee Min-hyungKakaoBank, the nation's leading internet-only lender, has pledged to expand its loan sales portfolio and attain double-digit growth in its lending business, as part of its key business strategy for 2023, the company said Wednesday, after reporting brisk earnings.According to its regulatory filing, the company posted a record operating profit of 353.2 billion won ($280.58 million) in 2022, up 37.5 percent from the previous year. The robust earnings growth was driven by soaring interest revenue amid global monetary tightening. The firm's interest revenue reached 1.29 trillion won last year, up 64.6 percent from a year earlier.The company expressed a rosy outlook for this year, saying that it expects a more favorable sales environment throughout this year, as was shown by the rapid stabilization of stock markets here and abroad.“KakaoBank is expected to seek more opportunities for growth in loan businesses ― such as loan repayment and lending comparis

Feb 8, 2023By Lee Min-hyung
KakaoBank gears up to expand loan business portfolio

Shinhan Financial 2022 net hits all-time high

The headquarters of Shinhan Financial Group in central Seoul. Korea Times file Shinhan Financial Group said Wednesday that its net profit hit an all-time high last year on the back of increased interest income.Net profit came to 4.64 trillion won ($3.69 billion) in 2022, up 15.5 percent from the previous year, the group said in a regulatory filing.Its revenue grew 35.33 percent on-year to 61.89 trillion won, and operational profit shrank 1.08 percent to 5.89 trillion won.Shinhan attributed the stellar performance to increased interest margins amid the central bank's hawkish rate hikes. Last month, the Bank of Korea raised the benchmark policy interest rate from 3.25 percent to 3.5 percent, the highest level since late 2008, to rein in inflation.In 2022, Shinhan Financial's net interest income jumped 4.1 percent on-year to 10.68 trillion won, with net interest margin (NIM) up 15 basis points to 1.96 percent. But its non-interest income dropped 30.4 percent to 2.53 tri

Feb 8, 2023
Shinhan Financial 2022 net hits all-time high

Shinhan Bank taps new CEO candidate

The photo, provided by Shinhan Bank, shows Shinhan Bank Vice President Jung Sang-hyuk, candidate for the bank's helm. YonhapKorean major lender Shinhan Bank said Wednesday its vice chief was recommended to lead the bank as its incumbent chief executive offered to resign due to health issues. Jung Sang-hyuk will replace CEO Han Yong-gu, who offered to step down last week for medical treatment.Born in 1964, Jung joined Shinhan Bank in 1990 and served at various departments, including management strategy, customer protection and capital markets. His final appointment may be decided in a week, the bank said, after obtaining approval from the bank's CEO recommendation committee and shareholders. (Yonhap)

Feb 8, 2023
Shinhan Bank taps new CEO candidate

KB Financial Group net profit hits new all-time high in 2022

The logo of KB Kookmin bank / YonhapKB Financial Group said Tuesday that its net profit hit an all-time high last year thanks to increased interest income.Net profit of the major Korean banking group came to 4.41 trillion won ($3.51 billion) in 2022, up 0.1 percent from the previous year, the group said in a regulatory filing.The group's net profit has hit an all-time high every year since 2020. KB Financial attributed the yearly gains to increased interest margins amid the central banks' hawkish rate hikes. Last month, the Bank of Korea raised the benchmark seven-day repo rate from 3.25 percent to 3.5 percent, the highest level since late 2008, to tame inflation.KB Financial said its net interest income in 2022 jumped 18.9 percent on-year to 11.38 trillion won, while net commission income decreased 8.4 percent to 3.32 trillion won. In the fourth quarter alone, KB Financial's net profit came to 385.4 billion won, down 39.51 percent from a year ago, according to the regulatory filing.The decline is largely blamed on a one-off cost of 229 billion won in compensating voluntary retirees.

Feb 7, 2023
KB Financial Group net profit hits new all-time high in 2022
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