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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.

Internal business transactions soar at Naver and Kakao

The headquarters of Naver and Kakao / Graphic by NewsisInternal businesses grow, as number of subsidiaries rises at IT conglomeratesBy Anna J. ParkNaver and Kakao, Korea's leading IT platform companies, each recorded internal transactions worth over one trillion won ($700 million) last year. While the volume of the internal transactions doubled at Naver during the past four years, Kakao logged a seven-fold increase in such settlements during the same period. According to documents submitted by the Fair Trade Commission (FTC) to ruling party Rep. Yun Chang-hyun, the volume of Naver's internal transactions stood at 1.15 trillion won last year, up 2.3 times from 2017. Kakao's internal transactions stood at 1.46 trillion won, which is a whopping 7.3-fold jump from 2017. The key reason behind the surge in internal transactions at the IT conglomerates was a rapid increase in the number of their subsidiaries. The number of Naver's subsidiaries increased to 54 in 2021 from 45 in 2018. Kakao saw an even bigger increase in the number of subsidiaries, almost doubling from 72 in 2018 to 136 last

Oct 9, 2022By Anna J. Park
Internal business transactions soar at Naver and Kakao

4 major banks spend $178 mil. on legal fees

gettyimagesbankBy Anna J. Park Major local banks' spending on legal costs has soared in the last couple of years, in their efforts to defend themselves from financial authorities' punishments for some key financial scandals and accidents. According to documents submitted by the Financial Supervisory Service (FSS) to main opposition Democratic Party of Korea (DPK) Rep. Lee Yong-woo, four major banks ― KB Kookmin, Shinhan, Hana and Woori ― have spent nearly 250 billion won ($178 million) in legal fees since 2018.Woori Bank's spending of 98.9 billion won on legal fees was the largest amount among the four, followed by Hana Bank's 83.2 billion won. Shinhan and KB Kookmin spent 48.2 billion won and 18.8 billion won, respectively. The major local lenders' legal costs have particularly soared since 2020, as they were mired in a series of financial accidents, including Woori and Hana's derivative-linked funds (DLF) cases as well as banks' and brokerage firms' mis-selling of problematic funds. For instance, the Financial Services Commission (FSS) imposed multi-layered sanctions in May 2020 on

Oct 6, 2022By Anna J. Park
4 major banks spend $178 mil. on legal fees

Shinhan Financial to deliver dividends, cancel stocks worth 150 bil. won in Q3

The headquarters of Shinhan Financial Group / Courtesy of Shinhan Financial GroupShinhan Financial Group said Thursday it will deliver 400 won ($0.29) dividends per share in the third quarter and cancel 150 billion won worth of its own stocks to increase shareholder value."Shinhan Financial Group seeks to gradually raise the ratio of its shareholders' returns and make regular dividend payouts every quarter," said an official of Shinhan Bank, a banking arm of the financial behemoth. The major financial group's decision came amid high-flying interest rates that turned investors risk-averse in the stock market. Since August last year, Korea's central bank has raised its policy rate seven times by a combined 2 percentage points in order to tame the rising inflation. (Yonhap)

Oct 6, 2022
Shinhan Financial to deliver dividends, cancel stocks worth 150 bil. won in Q3

IGIS Asset Management names new securities chief

By Lee Min-hyungJang Ji-young, head of securities at IGIS Asset ManagementIGIS Asset Management has named Jang Ji-young as its new head of securities, the company said Thursday. Jang is one of Korea's most renowned global bond experts with more than two decades of experience. He started his securities career at BNK Securities in 1998. He then moved to Korea Post, a state-run postal service agency, in 2004 and worked as a specialist in its asset management team.After a three-year career there, Jang started working for the National Pension Service's overseas bond management team in 2007.He then joined Hanwha Asset Management in 2016 as a director of the firm's global bond division before being appointed as the new leader of securities at IGIS Asset Management.IGIS is famous for its asset management expertise, particularly in alternative assets such as real estate and infrastructure. The company won the title of the nation's largest real estate fund management company in 2016, only about six years after its establishment.Nonetheless, the company aims to expand its footing into tradition

Oct 6, 2022By Lee Min-hyung
IGIS Asset Management names new securities chief

Innovative restructuring leads Meritz Fire's prominent growth

Meritz Fire & Marine Insurance Vice Chairman Kim Yong-beom / Courtesy of Meritz Fire & Marine InsuranceBy Anna J. ParkSince taking the helm of Meritz Fire & Marine Insurance in 2015, Vice Chairman Kim Yong-beom has been focusing on revamping the corporate structure and empowering each employee with a greater sense of responsibility over the business. Under Kim's innovative corporate structure, each employee can easily check their contributions to the company's business achievements in real-time. This allowed company staff to receive appropriate compensation for their share of work from the company. This has increased the level of employee motivation and a sense of ownership in the corporate business.The insurance company's sales organization has also been streamlined, which attributed to a reduction of costs, an increase in product competitiveness and a boost in the sales staffs' commissions.Based on these structural innovations, Meritz Fire & Marine Insurance posted an operational profit of 910.8 billion won ($631 million) in 2021, which is a 49.2 percent year-on-yea

Oct 6, 2022By Anna J. Park
Innovative restructuring leads Meritz Fire's prominent growth
  • Meritz Fire marks 100th anniversary in October

Meritz flourishes on Chairman Cho's meritocracy-based management

Meritz Financial Group Chairman Cho Jung-ho / Courtesy of Meritz Financial Group Meritz Financial Group posts 30-fold growth during past two decades By Anna J. ParkMeritz Fire & Marine Insurance has achieved exponential growth since the company broke off from Hanjin Group's affiliates back in 2005. During the past 17 years, the company's market cap has increased to 4.5 trillion won ($3.1 billion), which is more than a 23-fold growth rate, while the insurer's assets also recorded a 10-times increase to reach 28 trillion won.When the comparison is extended to the entirety of Meritz Financial Group, which includes both the non-life insurer and a brokerage company, the growth is even more salient; the financial group's total asset size stood at nearly 90 trillion won as of June this year, which is a 30-fold increase from that of the group back in 2005. Behind the impressive exponential growth is Meritz Financial Group Chairman Cho Jung-ho, who is the youngest son of Cho

Oct 6, 2022By Anna J. Park
Meritz flourishes on Chairman Cho's meritocracy-based management
  • Meritz Fire marks 100th anniversary in October

Meritz Fire marks 100th anniversary in October

Meritz Fire & Marine Insurance headquarters in southern Seoul / Courtesy of Meritz Fire & Marine InsuranceBy Anna J. ParkMeritz Fire & Marine Insurance celebrated its 100th anniversary on Oct. 1. Often dubbed the icon of innovation in the local insurance market, the company has undergone continual transformation and renovation to thrive as a successful company throughout the past century. Established in 1922 as Chosun Fire & Marine Insurance, the company's growth trajectory represents the local insurance industry's history itself. It was Korea's very first indemnity insurance company based on Korean people's capital, operating among various other Japanese insurers in Korea back then. After Japan's 35-year colonial rule over the peninsula ended in 1945, the company became state-owned, and it was renamed Dongyang Fire & Marine Insurance in 1950. Chosun Fire & Marine Insurance headquarters in Seoul in 1922 / Courtesy of Meritz Fire & Marine InsuranceIt was also the country's first insurance company to go public on the local stock market in 1956 and the 60th c

Oct 6, 2022By Anna J. Park
Meritz Fire marks 100th anniversary in October
  • Innovative restructuring leads Meritz Fire's prominent growth
  • Meritz flourishes on Chairman Cho's meritocracy-based management

KIC to join UN-backed campaign to strengthen sustainable investment

Principles for Responsible Investment (PRI) logoBy Anna J. ParkKorea Investment Corporation (KIC), the country's sovereign fund, plans to join the UN-backed Principles for Responsible Investment (PRI), aiming to strengthen its ESG-focused investment activities. Launched in 2006 by UN-led initiatives, the PRI is the world's largest network for the cause of sustainable investment, with over 5,100 institutions from across the world being its signatories. According to the KIC, the sovereign fund's CEO, Jin Seoung-ho, met with David Atkin, PRI CEO, at the headquarters of the KIC in central Seoul on Wednesday afternoon. The two chiefs pledged to cooperate, as the KIC is slated to submit its application to join the PRI in the near future. KIC CEO Jin Seoung-ho, left, holds hand with David Atkin, PRI CEO, at the headquarters of the KIC in Seoul, Wednesday. Courtesy of KICIt is expected that the KIC's joining of the PRI will be completed by the end of this year. If completed, the KIC will be the second public institutional investor in Korea to become a signatory of the PRI, following the Nati

Oct 5, 2022By Anna J. Park
KIC to join UN-backed campaign to strengthen sustainable investment

Big 4 accounting firms reap record-high revenues

gettyimagesbankManagement advisory and consulting services led major accounting firms' record-high revenues in 2021By Anna J. ParkThe big four accounting firms in Korea posted all-time-high annual revenues last year, due mainly to double-digit year-on-year growth rates recorded in M&As and consulting services. According to data available from the electronic disclosure system operated by the Financial Supervisory Service (FSS), the aggregated annual revenues of the four largest accounting firms ― Samil PwC, Samjong KPMG, EY Korea and Deloitte Korea ― stood at 3.18 trillion won ($2.24 billion) in 2021, a 21.8 percent increase from the previous year's 2.61 trillion won. It is the first time that the total amount of the firms' annual revenues exceeded the 3 trillion won mark. Graphic by NewsisSamil PwC logged the highest annual revenue among the big four firms. It posted an annual revenue of 1.2 trillion won in 2021, a 21.68 percent jump from the previous year. The annual revenue combined the 888.5 billion won earned from its accounting entity and 343.8 billion won from consulting. S

Oct 5, 2022By Anna J. Park
Big 4 accounting firms reap record-high revenues

INTERVIEW Real estate investors see hope for future

Robert Wilkinson, Managing Director at Colliers Korea / Courtesy of ColliersGlobal real estate experts emphasize 3Ls: logistics, living and life sciences By Anna J. ParkIn times of soaring interest rates and globally tightened liquidity, investments into real estate markets may seem unpromising with little upside potential left. Yet, global real estate experts not only stress real estate investments are fundamentally long term in nature, but also highlight that key real estate sectors represented by the “3Ls” ― logistics, living and life sciences ― still remain lucrative with further upside opportunities in the coming years. During a recent interview with The Korea Times, Robert Wilkinson, Managing Director of Colliers Korea, and John Howald, Head of International Capital across Asia Pacific at Colliers, shared their insights into real estate investments, particularly focusing on the Korea market and Asia Pacific region. The interview took place at the headquarters of Colliers Korea located in central Seoul.Colliers is a leading global commercial real estate services and

Oct 5, 2022By Anna J. Park
[INTERVIEW] Real estate investors see hope for future
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