Business - The Korea Times

BNP Paribas appoints Seoul branch chief

By Yoon Ja-youngBNP Paribas appointed Aymar de Liedekerke Beaufort as head of its Seoul branch, the banking group announced Thursday.According to BNP Paribas, Beaufort is succeeding Philippe Noirot who will relocate to Singapore and head the bank's transaction banking for the Asia-Pacific region.BNP Paribas Korea CEO Aymar de Liedekerke Beaufort / Courtesy of BNP ParibasBeaufort is responsible for managing the bank's overall activities in Korea. He reports to Paul Yang, CEO of BNP Paribas in Asia-Pacific.“BNP Paribas is committed to growing its business and footprint in South Korea, supporting our Korean corporate and institutional clients' strategies. Under Philippe's leadership in the past seven and a half years, BNP Paribas accelerated the strategic expansion of its Korean business considerably, supporting our clients growing locally and abroad,” Yang said.“BNP Paribas also made significant strides in ESG financing to support in the transition of the South Korean economy ― an ongoing trend that we will continue to see in the New Year. Armed with a wealth of exper

Jan 19, 2023

KSD advises caution in foreign currency securities investments

Seoul office of Korea Securities Depository (KDS) in financial district of Yeouido / Korea Times fileThe Korea Securities Depository (KSD) has advised people to think carefully before investing in foreign currency securities.Logo of Korea Securities Depository (KSD)“Local investors cannot deal swiftly with any abrupt price falls of foreign currency securities due to such issues as short-selling and asymmetric information,” an official from the KSD said Wednesday. It said the KSD will keep cooperating with foreign organizations and securities firms, so investors can make safe investments in foreign currency securities. “When making foreign currency securities investments, the investment process can be delayed due to time differences from country to country and possible intervention of many financial institutions here and abroad,” the KSD spokesman said. “Investors should be clearly aware of the specifics of foreign currency securities investments, and are advised to check their invested asset in real time.” The message of warning came at a time whe

Jan 18, 2023

KSD advises caution in foreign currency securities investments

Woori Financial chief decides not to seek another term

Woori Financial Group Chairman Son Tae-seung / Courtesy of Woori Financial GroupBy Anna J. Park Woori Financial Group Chairman Son Tae-seung has officially decided to wrap up his four-year term ending in March this year, and not to seek another term as group chief. “Today, I'd like to say that I am also joining a generational shift movement that's been trending in the local financial industry,” Son said in an official statement released Wednesday. “I expect the board's executive recommendation committee to appoint a capable chairman who can lead the group's development based on the values of its complete privatization,” the statement continued. He also thanked the group's customers and conveyed his hope for the group's continued success. Earlier in the day, Son informed the board members of his intent not to run for another chairmanship term. The board has been working on making a long list of candidates for the group's next chairman, which is now expected to include 12 names. Market watchers view that Son's decision not to seek another term was largely influe

Jan 18, 2023By Anna J. Park

Woori Financial chief decides not to seek another term

How will Woori benefit from takeover of Daol Investment?

Woori Financial Group headquarters in central Seoul / Courtesy of Woori Financial GroupBy Anna J. Park Woori Financial Group has been tapped as a preferred bidder for a takeover of Daol Investment, Korea's oldest venture capital firm and one of its best. The deal is expected to present a win-win outcome, as it should bolster Woori's non-banking business portfolio, while Daol Financial Group can dispel market concerns over its cash flow.Daol Investment's public disclosure information uploaded on Tuesday afternoon confirmed the deal, stating that the company signed an MOU with Woori Financial earlier that day. According to the agreed deal, Woori Financial will take over a 52 percent stake as well as the management rights of the venture capital firm from its largest shareholder, Daol Investment & Securities, Daol Financial Group's brokerage arm. The price that both companies agreed upon is known to be around 210 billion won ($169 million). The two companies are slated to begin due diligence soon, aiming to sign a stock purchase agreement (SPA) in the next month and to close the deal

Jan 18, 2023By Anna J. Park

How will Woori benefit from takeover of Daol Investment?

Is Apple Pay's Korea launch imminent?

Image captured from Hyundai Card CEO Chung Tae-young's Instagram post / Courtesy of InstagramFSC still examining Apple Pay's compatibility with local privacy law By Anna J. ParkIt seems Apple Pay's long-awaited official launch in Korea is expected to take place as soon as next month. Some people estimate that the launch date will be Feb. 8, and here's why. Hyundai Card CEO Chung Tae-young posted a photo of eight apples on his Instagram account last Friday, with a caption that reads, “Lovely Apple.” Many of Chung's Instagram followers interpreted the photo as a message that Apple Pay will launch in Korea on Feb. 8, saying the photo hints at the official launch date of the payment service. One of the replies to the post reads: “This means Apple Pay will be launched on Feb. 8, thank you!”In addition, Hyundai Card revised its bylaws on electronic financial transactions recently, to take effect Feb. 20. The most noticeable revision to the bylaw stipulates the card company's duty to secure the safety and credibility of electronic financial transactions. Market watch

Jan 17, 2023By Anna J. Park

KOFIA's new chief vows to cooperate with authorities to support market liquidity

Korea Financial Investment Association (KOFIA) President Seo Yoo-seok speaks during a press conference held at KOFIA's headquarters located on Yeouido, Seoul, Tuesday. Courtesy of KOFIABy Anna J. Park Seo Yoo-seok, who was sworn in as the 6th president of the Korea Financial Investment Association (KOFIA) in late December, vowed to cooperate closely with financial authorities to support necessary market liquidity in times of increased economic uncertainty.In his new year's message announced during a press conference held at the KOFIA headquarters in Yeouido, Seoul, Tuesday, Seo said the top priority of the association lies in overcoming the market crisis.“The financial investment industry is faced with a variety of tasks ranging from a reduced private equity fund market, fallen investor trust and stagnated public equity fund, to real estate market's project financing (PF) crisis borne by local brokerage companies. Amid such difficulties, the association will support the stabilization of the country's short-term capital fund market as it closely cooperates with the government an

Jan 17, 2023By Anna J. Park

KOFIA's new chief vows to cooperate with authorities to support market liquidity

Woori to select chairman candidates Thursday

By Yi Whan-wooWoori Financial Group will convene a meeting, Thursday, to select a pool of candidates for its new chairman, the banking group said Tuesday. The meeting comes as incumbent Chairman and CEO Son Tae-seung's term ends in March.Woori Financial Group Chairman and CEO Son Tae-seung / Courtesy of Woori Financial GroupAbout 10 prospective candidates are anticipated to be recommended by the firm's CEO nomination committee. Of the 10, eight are likely to be from the group's headquarters as well as its affiliates, and the remaining two from outside the lender.“The committee will then try to shortlist the candidates to three to four in a follow-up meeting, possibly on Jan. 27, and finalize a single, successful nominee shortly afterward,” a banking group source said on condition of anonymity.He said no further details concerning the Thursday gathering will be disclosed, including the list of the potential candidates.The sources familiar with the matter speculated Son, who is serving his second, three-year term, may seek a third term. He is expected to be joined by other

Jan 17, 2023By Yi Whan-woo

Woori to select chairman candidates Thursday

Average salary at major banks exceeds $80,000

ATMs set up by major Korean banks in Seoul / NewsisBy Anna J. ParkThe average annual salary of employees at five major local banks ― KB Kookmin, Shinhan, Hana, NongHyup and Woori ― has exceeded the 100-million-won ($80,500) mark, according to data submitted to ruling People Power Party lawmaker Rep. Yun Chang-hyun on Sunday. KB Kookmin Bank's average annual salary topped the list with 110.7 million won, as of 2021, followed by Shinhan and Hana's 105 million won, Woori's 101.7 million won and NongHyup's 101.6 million won. More specifically, the average annual salary of the five major banks' upper-10-percent income bracket stood at nearly 200 million won, as KB Kookmin Bank's average was at 197 million won, followed by Hana's 195 million won, Shinhan's 192 million won, Woori's 185 million won and NongHyup's 178 million won. The median annual salary of each of the five banks also exceeded the 100-million-won mark for KB Kookmin, Shinhan and Hana Banks, while both NongHyup and Woori Banks' median salaries fell slightly short of 100 million won.Both KB Kookmin and Shinhan's median salarie

Jan 15, 2023By Anna J. Park

Average salary at major banks exceeds $80,000

Banks stress solidarity through morale-boosting activities

Shinhan Bank CEO Han Yong-gu delivers a speech during an event to honor the firm's high achievers at Olympic Gymnastics Arena in Seoul last week. Courtesy of Shinhan BankBy Yi Whan-wooSeveral major banks are underlining solidarity among employees by honoring high achievers, offering special lectures for rookies and leadership training sessions for newly-promoted team leaders. Shinhan Bank said it wants to encourage those who were distinguished on the sales frontline in 2022, during a company-wide event at Olympic Gymnastics Arena in Seoul last week.Led by Shinhan Bank CEO Han Yong-gu, the event invited 9,000 employees and also their family members.Chairman and CEO Cho Yong-byoung of Shinhan Financial Group, the bank's parent company, was also present.“Co-prosperity is at the center of our group's corporate culture and our salespeople have indeed displayed such values in their respective workplaces at a time when the country's economy is undergoing difficulty,” Cho said.Han thanked the distinguished sales people “for being courteous to every customer and especially s

Jan 15, 2023By Yi Whan-woo

Banks stress solidarity through morale-boosting activities

Yellen warns of US default risk by early June, urges debt limit hike

Treasury Secretary Janet Yellen speaks with reporters during a visit to the Virginia Innovation Partnership Corporation incubator at the Center for Innovative Technology campus in Herndon, Va., Oct. 21, 2022. AP-Yonhap U.S. Treasury Secretary Janet Yellen said Friday that the United States will likely hit the $31.4 trillion statutory debt limit on Jan. 19, forcing the Treasury to launch extraordinary cash management measures that will likely prevent a default until early June."Once the limit is reached, Treasury will need to start taking certain extraordinary measures to prevent the United States from defaulting on its obligations," Yellen said in a letter to new Republican House of Representatives Speaker Kevin McCarthy and other congressional leaders.She urged the lawmakers to act quickly to raise the debt ceiling to "protect the full faith and credit" of the United States."While Treasury is not currently able to provide an estimate of how long extraordinary measu

Jan 14, 2023

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