my timesThe Korea Times
Business

Banking & Finance

Hana chairman visits Google, Nvidia on firm's digital innovation drive

Hana Financial Group Chairman and CEO Ham Young-joo, center, poses with Google employees during his visit to Google's futuristic green complex in Silicon Valley, the Bay View campus, Jan. 6. Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group said Thursday Chairman and CEO Ham Young-joo visited Google and Nvidia ― the two Silicon Valley companies the Korean banking group wants to emulate on its path to digital innovation. The trip came after the chairman, joined by the Korean banking group's young employees, toured the Consumer Electronics Show (CES) 2023 in Las Vegas to get a better glimpse of the latest digital technology and future of digital finance. The CES 2023 took place from Jan. 5 to 8.“The Silicon Valley trip gave us the chance to learn about the corporate culture of Google as a global tech giant and also to experience the pioneering digital technology of Nvidia as a leader in artificial intelligence-based computing systems,” Hana Financial Group said.Hana Financial Group Chairman and CEO Ham Young-joo, left, experiences a four-dimensional space v

Jan 12, 2023By Yi Whan-woo
Hana chairman visits Google, Nvidia on firm's digital innovation drive

Align Partners opposes Woori Financial's acquisition attempt

Align Partners CEO Lee Chang-hwan / Courtesy of Align PartnersMinority shareholder urges Woori to focus on increasing shareholder value prior to M&AsBy Anna J. Park With regard to Woori Financial Group's plan to acquire Daol Investment, the country's top-notch venture capital firm, Align Partners, which holds about 1 percent of the financial group's shares, has voiced its opposition to the deal. After the venture capital firm was put up on the M&A market late last year, Woori Financial declared its intent to acquire the company to the firm managing the sale. Market watchers expect the venture capital firm would be priced at around 300 billion won ($241 million) at most.However, Align Partners CEO Lee Chang-hwan has been arguing that the acquisition would impair shareholder value, if inked at the expected market price. He urged Woori Financial management to take measures to normalize their own stocks' valuation, such as retiring shares through buying back and canceling them, before implementing any M&A deals. “Considering that local bank shares' average price-to-earn

Jan 11, 2023By Anna J. Park
Align Partners opposes Woori Financial's acquisition attempt

SK hynix raises $1 bil. via sustainability-linked bond

This Oct. 26, 2022 file photo shows the headquarters of SK hynix in Icheon, south of Seoul. YonhapSK hynix, a major Korean chipmaker, said Wednesday it has raised $1 billion by selling a so-called sustainability-linked bond (SLB).An SLB is a type of bond for which the interest rates can vary depending on whether the issuer achieves predefined environmental, social, and governance management objectives. SK hynix said earlier it aims to reduce greenhouse gas emission intensity by 57 percent compared with its 2020 baseline by 2026.Orders from more than 304 global institutions have surpassed its initial issuance target. Given robust demand, SK hynix has jacked up the amount of the SLB issuance to $1 billion from $500 million.Along with SLB issuance, SK hynix also raised $750 million by floating a green bond, a type of bond with a special purpose, limited to be used only to fund environmentally friendly projects. (Yonhap)

Jan 11, 2023
SK hynix raises $1 bil. via sustainability-linked bond

FSC, FSS, banking association aim to restore pre-pandemic bank operation hours

Financial Services Commission (FSC) Chairman Kim Joo-hyun, left, speaks with employees of KB Kookmin Bank at one of the bank's branches in Seoul, Jan. 5. YonhapConsumers increase complaints over shortened bank operation hoursBy Anna J. ParkAiming to minimize customer inconvenience, the heads of financial authorities and the local bank association plan to normalize the country's bank operation hours to pre-pandemic standards.Since July 2021, banks nationwide have been operating from 9:30 a.m. to 3:30 p.m., which is an hour shorter than their previous operating hours of 9 a.m. to 4 p.m. before the pandemic. According to the banking industry this week, the Korean Financial Industry Union (KFIU) and the Korea Federation of Banks (KFB) will launch a taskforce to discuss the normalization of local bank operation hours. Originally, banks and the financial workers' union agreed to start discussing whether to restore the pre-pandemic operating hours once the country's mandatory indoor mask rule is completely ended. Yet, the discussion has to begin before mask rule is lifted, as it is still un

Jan 11, 2023By Anna J. Park
FSC, FSS, banking association aim to restore pre-pandemic bank operation hours

Unicorn startups see valuations drop due to prolonged stock price falls

A pedestrian walks past the logo of Upbit, the nation's largest crypto exchange operated by Dunamu, in front of its headquarters in Seoul. YonhapDunamu, Toss, K bank hit by rate hike-sparked market doldrumsBy Lee Min-hyungThe valuations of Korea's unicorn startups are declining rapidly, as fewer investors are parking their money into stocks amid a prolonged bear market sentiment both here and abroad.According to data from Securities Plus Unlisted, Dunamu's stock price hit an annual high of 475,000 won ($380) in January 2022, but has failed to display robust performance throughout the year. The unlisted stock was valued at 114,000 won as of Tuesday.Dunamu is the operator of Korea's dominant crypto exchange, Upbit. The company rose to fame in 2020 when the global crypto industry started drawing huge amounts of capital fueled by a liquidity expansion sparked by the coronavirus pandemic. The company extended its winning streak in terms of earnings and share price growth until the end of 2021.But the company was hit hard by the abrupt shift in the global monetary environment represented b

Jan 10, 2023By Lee Min-hyung
Unicorn startups see valuations drop due to prolonged stock price falls

Kakao Pay set to join MSCI Index in February

Officials from the Korea Exchange, brokerage houses and Kakao Pay celebrate the mobile payment firm's listing on the benchmark KOSPI, at a Seoul office of the exchange, Nov. 3, 2021. Joint Press Corps-YonhapBy Lee Min-hyungKakao Pay is forecast to join the MSCI Index in February, as the company has met the key criteria for its long-awaited inclusion in the global equity index, market analysts said Monday. The MSCI Quarterly Index Review will be announced on Feb. 9. The requirements for the inclusion are stocks with a total market capitalization of more than 2.6 trillion won and a float market capitalization of over 1.3 trillion won.The mobile payment service operator will be able to join the index, as it meets both of the standards due to a recent stock recovery. Kakao Pay's total market capitalization reached 8.9 trillion won as of Monday, and its float market capitalization also came in at around 1.6 trillion won.“Kakao Pay has met both standards on its recent stock rebound,” Huh Yul, an analyst at NH Investment & Securities, said. “The company will be include

Jan 9, 2023By Lee Min-hyung
Kakao Pay set to join MSCI Index in February

KakaoBank's stock price fall may affect K bank's IPO

K bank headquarters in Seoul / YonhapBy Lee Min-hyungKakaoBank's stock price fall comes as a serious burden for K bank's planned initial public offering (IPO), as the latter will not be able to attract as much capital as it expected unless the market leader's valuation recovers quickly.K bank, a first-generation internet-only bank along with the Kakao affiliate, recently reiterated its unwavering plan to go public in 2023. In a New Year's address, K bank CEO Suh Ho-sung pledged to push for the IPO this year, in a bid to expand its market influence even during this period of financial uncertainty.Nonetheless, it remains unclear whether the KT affiliate will proceed with its planned IPO procedures as scheduled, as the firm's estimated post-IPO valuation has been on a sharp decline for the past few months. Earlier in the first half of 2022, K bank was valued at as high as around 8 trillion won ($6.4 billion), but the valuation tumbled to around 4 to 5 trillion won, in line with the chilly market sentiment and KakaoBank's steep stock decline.KakaoBank's corporate value once soared to mor

Jan 9, 2023By Lee Min-hyung
KakaoBank's stock price fall may affect K bank's IPO

Woori set to expand non-banking portfolio through Daol acquisition

Woori Financial Group headquarters in Seoul / YonhapBy Lee Min-hyungWoori Financial Group is set to expand its non-banking portfolio through the possible acquisition of Daol Investment.The deal is valued at more than 200 billion won ($158.7 million) though nothing specific has been confirmed yet. Woori and Daol have yet to sign any legally binding documents but both sides are expected to discuss further details soon ― such as its sales price.Under the deal, Daol Investment will sell a 52 percent stake for roughly over 200 billion won. Daol Investment is a first-generation venture capital firm established in 1981, having invested in mega-hit startups including Viva Republica ― the operator of Toss ― and Woowa Brothers, a food delivery app owner.If Woori succeeds in taking over the investment firm, it will be able to tighten its non-banking portfolio. The financial holding firm is one of Korea's four major banking groups, but its lack of full-fledged non-banking businesses has long been cited as its biggest weakness compared with its competitors.Woori operates diverse financial busines

Jan 8, 2023By Lee Min-hyung
Woori set to expand non-banking portfolio through Daol acquisition

Hana Financial chief attends CES amid rise of digital finance

Hana Financial Group Chairman Ham Young-joo, second from right, watches OLED screens set up at LG Electronics' booth on the sidelines of this year's Consumer Electronics Show in Las Vegas, Jan. 5. Courtesy of Hana Financial GroupBy Lee Min-hyungHana Financial Group Chairman Ham Young-joo attended the 2023 Consumer Electronics Show (CES) to discuss the future of digital finance amid the big blur era between conventional industries and finance, the group said Sunday. The Hana chief visited the event venue in Las Vegas with a group of 20 young officials from its key affiliates, to catch up on the latest digital trends and seek new business opportunities in digital finance with overseas partners there.“It is very meaningful for me and our young staff to attend the world's largest tech and innovation fair,” Ham said. “We expect our staff to join hands together to achieve our group-wide vision of 'finance connected as one for all,'” he said.Ham visited the booth of Asleep, an AI-powered sleep-tracking software startup, in which Hana invested in. The company focused

Jan 8, 2023By Lee Min-hyung
Hana Financial chief attends CES amid rise of digital finance

Tesla's unexpected fall frustrates young Korean investors

The Tesla logo is seen at the company's store in Cherry Creek Mall, Denver on Feb. 9, 2019. Shares of Tesla tumbled Tuesday, Jan. 3, on the first full day of trading since the company announced 2022 delivery numbers that fell short of targets. AP-YonhapInvestors depressed by bleak market outlook, soaring interestBy Lee Min-hyungThe year 2023 got off to a rocky start for many young Korean investors, whose assets are largely stuck in their stock accounts. Of particular concern is the fact that most of their portfolios focus on once-red hot U.S. stocks, such as Tesla and Apple. Investing in such large-cap growth stocks in the world's largest economy was all the rage earlier on in the pandemic.But what appeared to be the unstoppable rally of the renowned tech giants has ended up in a sharp decline over the past year. Investors here said they feel increasingly stressed amid the ever-pessimistic outlook on the global economy. They remained poles apart over whether to dump the invested stocks at this period of financial uncertainty.“I took out non-collateral loans worth around 100 mil

Jan 8, 2023By Lee Min-hyung
Tesla's unexpected fall frustrates young Korean investors
previous page
239240241242243
next page

Most Read in Business