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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.

KB Kookmin Bank faces lawsuit over peak wage system dispute

KB Kookmin Bank headquarters in Seoul / Korea Times fileBy Yi Whan-wooThe union of KB Kookmin Bank said Thursday that it filed a lawsuit calling for management to pay employees the amount of salary that was cut due to a disputed peak wage system.Adopted by numerous businesses, the system put a ceiling on wages and gradually cut the annual salaries of senior-level workers several years before retirement after their pay reached what's deemed as the peak. In May, the Supreme Court ruled that the peak wage system is illegal by discriminating against workers on the basis of age.The lawsuit by KB Kookmin Bank's union is the first case in the financial industry where workers have taken legal steps to oppose the peak wage system. Employees of other banks are anticipated to follow suit.“The purpose of the lawsuit is to have management pay the garnished wages to some of our unionists,” the union said in a statement, noting that 41 of its members are entitled to receive the money.It did not specify the total amount.KB Kookmin Bank adopted the system in 2008 after consulting with the

Aug 4, 2022By Yi Whan-woo
KB Kookmin Bank faces lawsuit over peak wage system dispute

Hana Securities forms strategic partnership with Vietnam's BIDV Securities

Hana Financial Group's Co-Vice Chairman and Hana Securities CEO Lee Eun-hyung, third from right, stands next to key officials from Hana Securities and Vietnam's BIDV Securities Company (BSC) at Melia Hanoi Hotel in Vietnam, Wednesday. Courtesy of Hana SecuritiesBy Anna J. ParkHana Securities has signed a strategic cooperation agreement with BIDV Securities Company (BSC), a Vietnamese brokerage firm, aiming to consolidate its foothold for further expansion in the Southeast Asian country. According to Hana Securities, the company chief, Lee Eun-hyung, who's also Hana Financial Group's co-vice chairman, signed the cooperative MOU with the Vietnamese firm at Melia Hanoi Hotel in Vietnam's capital city, Wednesday. Under the bilateral strategic partnership, Hana Securities plans to share the firm's know-how in operating its top-notch research centers with BSC. The Korean securities company also aims to facilitate the development of innovative digital brokerage platforms for the Vietnamese market.Founded in November 1999, the Hanoi-headquartered BSC was the 11th-largest brokerage firm in Vi

Aug 4, 2022By Anna J. Park
Hana Securities forms strategic partnership with Vietnam's BIDV Securities

Major bank executives receive hefty bonuses

Korea Times fileBy Yi Whan-wooExecutives of the country's four major banks ― KB Kookmin, Shinhan, Hana and Woori ― received bonuses worth 108.3 billion won ($82.6 million) between 2020 and May this year, data showed Wednesday.The banks already face growing criticism for reaping hefty profits over hikes on the key interest rate, while low-income borrowers are struggling to repay their debts.Financial Supervisory Service (FSS) data, submitted to Rep. Kim Jong-min of the main opposition Democratic Party of Korea (DPK), showed that Woori Bank paid the highest amount of bonuses totaling 34.7 billion won, followed by 25.4 billion won by KB Kookmin, 25.4 billion won by Shinhan Bank and 18.3 billion won by Hana Bank.The number of recipients stood at 455 employees at Woori, 238 at Shinhan, 218 at KB Kookmin and 136 at Hana.“It is regrettable to find out the private banks have been paying out huge bonuses while many borrowers are burdened with soaring interest rates,” Rep. Kim said.He urged financial authorities to step up efforts to have the banks narrow the gap between lenders' r

Aug 3, 2022By Yi Whan-woo
Major bank executives receive hefty bonuses

Shinhan Bank expands in app-based food delivery market

By Yi Whan-wooShinhan Bank is expanding its presence in the app-based food delivery market, after starting a trial run in November 2021 and officially launching the service in January.The number of subscribers to Shinhan Bank's app increased by 8.5 times to 157,301 between January and June, according to big data analysis company Mobile Index, Tuesday.Shinhan Bank headquarters in central Seoul / Courtesy of Shinhan Bank“That number is still minuscule compared to Baedal Minjok,” an industry source said, referring to the country's top food delivery app run by Woowa Brothers with 19.9 million subscribers. “But it is still worth considering Shinhan Bank came from nowhere in the industry, which is dominated by the big tech firms.”The source attributed Shinhan Bank's faster-than-expected growth in the app-based food delivery market to its low commission rate of 2 percent, far less than Baedal Minjok's 6.8 percent.The lender also has capitalized on its financial know- how to introduce loans customized for delivery drivers.“Under the circumstances, Shinhan Bank i

Aug 2, 2022By Yi Whan-woo
Shinhan Bank expands in app-based food delivery market

Hana Financial introduces new commercial starring Son Heung-min

Hana Financial Group's new promotional image starring footballer Son Heung-min / Courtesy of Hana Financial Group By Yi Whan-wooHana Financial Group has introduced a new commercial starring Premier League player Son Heung-min, the group said Monday.A Tottenham Hotspur forward and also the first Asian footballer to win the Premier League's Gold Boot award, Son has been starring in Hana Financial Group's commercials since 2018.The latest commercial is aimed at promoting the banking group's vision of offering highly connected financial services for all. The footballer represents consumers who want Hana Financial Group to be more adaptive to the rapidly changing banking environment and support the firm's business keywords ― trust, innovation and platform-based operations.The commercial is available on TV, YouTube, theaters and other forms of media.YouTube viewers will be given a chance to win a football and jersey with Son's autographs if they enter a draw after watchin

Aug 1, 2022By Yi Whan-woo
Hana Financial introduces new commercial starring Son Heung-min

Bear-market rally expected in August

By Anna J. Park As July's stock markets ended with a slight recovery, following months of market corrections, analysts forecast the current bear-market rally to continue in August as well. The main benchmark KOSPI ended at 2,451.50 on July 29, the last trading session of the month, recording a 5.1-percent increase compared to the end of the previous month. The benchmark index fell as low as 2,276.63 in early July during trading sessions over growing concerns about rising inflation and global recession. Yet the local stock markets gradually recovered throughout July, as markets had already factored in most negative anticipations.Local brokerage companies expect that the positive market momentum is likely to be maintained in August, as they suggest the index could rise as high as 2,650. Kyobo Securities had the most positive view, expecting the KOSPI to reach a maximum in August of as high as 2,650 points. Other major securities firms also came up with similarly positive prospects for August, with Kiwoom Securities' 2,600 points, Samsung Securities' 2,550 points and Korea Investment 2,

Aug 1, 2022By Anna J. Park
Bear-market rally expected in August

Gov't to cut as many as 30,000 jobs at public organizations

Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, third from left, speaks during a meeting of the committee on operation of the public organizations at Government Complex Seoul in central Seoul, Friday. YonhapBy Yi Whan-wooThe government will cut the maximum number of employee hiring allocations at public organizations beginning next year in a bid to overhaul management, which it is criticizing as inefficient and lax. The plan is anticipated to reduce as many as 30,000 jobs at 350 public organizations that expanded their operations under the previous Moon Jae-in administration.This is the first time in 14 years that the government has put forward a plan to reduce the personnel of the public institutions, in the “New Government Public Institution Innovation Guidelines” announced by the Ministry of Economy and Finance, Friday.The guideline for public organizations includes slashing at least 10 percent of daily expenses in the second half of this year, selling off unprofitable and non-core businesses here and abroad, as well as axing welfare benefits.T

Jul 31, 2022By Yi Whan-woo
Gov't to cut as many as 30,000 jobs at public organizations

Famed Assetplus CEO in hot seat for alleged borrowed-name investment

Assetplus Investment Management Chairman and CIO Kang Bang-cheon / NewsisBy Anna J. ParkHailed as one of Korea's investment gurus, Assetplus Investment Management Chairman and Chief Investment Officer (CIO) Kang Bang-cheon has been a frequently sought-after guest at various investment lectures and media interviews. He's well-known for his legendary investment story of increasing his principal investment of 100 million won ($76,510) to 15.6 billion won in less than two years during the 1998 Asian Financial Crisis. The famed value investor suddenly announced last Friday that he'd leave his chief post at the company that he founded in 1999, saying that it is about time for him to resign.“I made the decision, as it feels like the time is ripe. I'd like to spend the rest of my time in my passion where I can contribute to society and the capital market, such as in discovering talented investors, educating and nurturing capable fund managers,” he expressed his wish for resignation after 23 years at the post in his recent letter to the firm's investors. Kang will be stepping down

Jul 31, 2022By Anna J. Park
Famed Assetplus CEO in hot seat for alleged borrowed-name investment

Shinhan opens 3 branches in Vietnam, consolidates status as No. 1 foreign lender

Jeon Pil-hwan, third from left, the head of Shinhan Bank's digital strategy division, poses with other dignitaries during the opening of the lender's branch in Ho Chi Minh City, Friday. Courtesy of Shinhan BankBy Yi Whan-wooShinhan has newly opened three branches in the two biggest cities in Vietnam ― Hanoi and Ho Chi Minh City ― consolidating its status as the largest foreign lender operating in the Southeast Asian country. The bank said Sunday it has opened a new branch in Hanoi, and two in Ho Chi Minh City, which increases its total number of offices in Vietnam to 46.“The new branches help us to maintain the largest sales network in Vietnam among all foreign banks operating there,” the Korean company said. “We expect that such a network will build a friendlier brand image across Vietnam, and in that regard, we will strive to offer better services.”The two offices in Ho Chi Minh City are located in densely-populated areas where massive housing projects are marked for construction.The Hanoi office is located in a business district connected to other commerce

Jul 31, 2022By Yi Whan-woo
Shinhan opens 3 branches in Vietnam, consolidates status as No. 1 foreign lender

Korea Investment & Securities loses trust of retail investors

Korea Investment & Securities' headquarters on Yeouido, Seoul / YonhapBy Lee Min-hyungKim Nam-goo, chairman of Korea Investment Holdings, the parent company of Korea Investment & Securities / YonhapKorea Investment & Securities is rapidly losing trust from the market amid mounting criticism from retail investors for its improper short-selling acts conducted for over three years ending in May 2020. Early this year, the top-tier brokerage house by sales here was slapped with fines of 1 billion won ($769,000) for “mistakenly” shorting more than 140 million shares from 938 companies for three years and three months from February 2017. But the company did not notify the Korea Exchange of the fact that the transactions involved short-selling.But retail investors' anger is reaching its peak after the company explained that this was simply a mistake made by its employee. They stepped up criticism of the company, saying that the authorities should strengthen punishment for what they call “unfair” trading acts by institutional investors.“Major securiti

Jul 29, 2022By Lee Min-hyung
Korea Investment & Securities loses trust of retail investors
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