Business - The Korea Times

NH's digital chief from Samsung SDS extends term

By Lee Min-hyungLee Sang-rae, chief digital officer at NH Financial GroupNH Financial Group's Chief Digital Officer Lee Sang-rae has extended his term until the end of this year in recognition of his achievement in driving the firm's digital transformation. NH scouted Lee in July 2020 for the vice president-level position, speaking highly of his decades-long experience in data analysis. The NH executive worked for about three decades at Samsung SDS, an IT systems subsidiary of Samsung Group.He majored in statistics and has a broad range of experience in data-related businesses while working for the firm's data solutions consulting, analytics and marketing teams.When Lee joined NH, it made headlines in the industry as it was the first time that an outside figure was appointed to such a high-ranking position at the company.“NH Financial Group identified Lee as the most qualified person who can drive the group's digital transformation and data-related projects thanks to his data expertise and broad range of practical experience within the industry,” the group said in a state

Jul 14, 2022By Lee Min-hyung

NH's digital chief from Samsung SDS extends term

Samsung Card shares ESG achievement through annual report

Samsung Card ESG report image / Courtesy of Samsung CardBy Anna J. ParkSamsung Card has published its annual ESG report, Thursday, summarizing the company's achievements and progress in management based on environmental, social and corporate governance principles. The report has particularly stressed overall achievements in climate change responses, innovative digital finance and ESG-principled capital increase. For instance, the card company previously launched eco-friendly credit cards made with recycled plastics, along with environmental campaigns for both its employees and customers. The firm has also been active in raising capital through ESG-principled bonds and debt. It has been focusing on raising capital through ESG bonds, aiming to create environmental and social value through the capital increase. The company raised 100 billion won ($76.3 million) last September and another 170 billion won in June this year by issuing ESG-based bonds. Samsung Card was also the first local card business to succeed in issuing foreign currency-denominated ESG asset-backed securities (ABS) in

Jul 14, 2022By Anna J. Park

Samsung Card shares ESG achievement through annual report

Banks desert BC Card to increase profitability

The headquarters of BC Card located in central Seoul / Courtesy of BC CardCard company responds by strengthening marketing and partnership initiativesBy Anna J. ParkStandard Chartered Bank Korea has decided to discontinue its joint card issuance business with BC Card from November. With this decision, most cards issued by the bank, ranging from credit and debit to business credit cards will be stopped from issuance or renewal from November. Standard Chartered Bank Korea explained that the decision is primarily based on improving the bank's profitability as well as on innovating card services. “Aiming to proactively respond to rapidly changing external and internal situations, the decision aims to create a new business platform for credit cards for the sake of both improving profitability and providing varied and quality services for customers,” an official from the bank told The Korea Times, Wednesday.The official explained that the bank will strengthen its strategic partnership with Hyundai Card, with which the bank signed an MOU agreement in April to develop innovative

Jul 13, 2022By Anna J. Park

Banks desert BC Card to increase profitability

Shinhan's ESG performance in 2021 worth $1.5 billion

A promotional image for the Shinhan ESG Value Index used to measure Shinhan Financial Group's performance on environmental, social and corporate governance (ESG) principles / Courtesy of Shinhan Financial GroupBy Yi Whan-wooShinhan Financial Group carried out efforts and activities related to environmental, social and corporate governance (ESG) principles worth 2.13 trillion won ($1.53 billion) last year, the banking group announced, Tuesday. The figure is up from 780 billion won in 2019 when the country's second-largest banking group began to quantify its annual ESG performance.The number of ESG-related programs also increased from 93 to 244 between 2019 and 2021.The quantification is made possible using the Shinhan ESG Value Index co-developed by the banking group and Yonsei University's Center for Global ESG and Business Ethics.“Creating value for customers, community and society, plus measuring and analyzing such value in a thorough manner will be a key barometer for ESG management,” Shinhan Financial Group Chairman Cho Yong-byoung said in a press release. He called S

Jul 12, 2022By Yi Whan-woo

Shinhan's ESG performance in 2021 worth $1.5 billion

'Extraordinary Attorney Woo' pulls up production company shares

Scenes from "Extraordinary Attorney Woo" / Courtesy of ENA By Yoon Ja-youngThe success of the drama "Extraordinary Attorney Woo" has pulled up the stock price of its production company, AStory. The stock price has risen more than 70 percent since the premiere of the drama.The legal drama centering on Woo Young-woo, a genius lawyer who is on the autism spectrum, is gaining huge popularity, topping Netflix's most-watched show list not only in Korea, but also in Taiwan and Vietnam. It ranked in the top two in Hong Kong, Indonesia, Singapore and Thailand, and top three in Japan and Malaysia as of Monday, according to FlixPatrol.AStory traded at 17,200 won when the drama premiered on June 29. But it continued its steep rise with the drama gaining viewership through word-of-mouth recommendations. The stock closed at 30,500 won on Tuesday, down 2.71 percent from the previous day and pausing six consecutive trading days' rise. But it has already risen over 70 percent since

Jul 12, 2022By Yoon Ja-young

'Extraordinary Attorney Woo' pulls up production company shares

Banks face growing pressure to lower lending rates amid record profits

An advertisement reads, “Personal credit loans, mid-range interest rate loans for employees offered at interest rates of 4.58 to 9.78 percent annually,” at a commercial bank in Seoul, Tuesday. Yonhap By Yi Whan-wooMajor banking groups are believed to have set a new high in their quarterly earnings in the April-June period. However, the groups are finding such record profits an unwelcome boon as they can be a reason for the government to increase pressure on them to lower their lending rates to help borrowers who are struggling with repayments, according to industry sources, Tuesday.The nation's banking groups ― KB, Shinhan, Hana and Woori ― are scheduled to announce their respective net incomes for the second quarter beginning next week. The net incomes combined are estimated to be more than 9 trillion won ($6.85 billion), which is higher than the current record of 4.63 trillion won set in the January-March period.At that time, KB earned 1.45 trillion won, Shinhan 1

Jul 12, 2022By Yi Whan-woo

Banks face growing pressure to lower lending rates amid record profits

Banks displeased with government pressure to lower lending rates

A signboard directs customers to the personal loan and small business loan services sections at a commercial bank in Seoul, April 25. Korea Times file By Yi Whan-wooCommercial banks are apparently displeased with the government's plan to narrow the gap between lenders' rates for loans and deposits, as they have been asked to review their respective lending policies starting this week, according to industry sources, Monday. The sources said the banks are concerned about being pushed into excessive competition to lower their lending rates, which the government finds are increasing too quickly compared to their deposit rates.Reducing this gap has been targeted by the Yoon Suk-yeol administration as a way to ease the burden on borrowers who are struggling with repayments amid the fast-growing key interest rate.“Under the circumstance, the banks will be asked to find a solution and post the difference between their rates for loans and deposits on the website of the Korea

Jul 11, 2022By Yi Whan-woo

Banks displeased with government pressure to lower lending rates

Kyobo gears up for IPO once again

Kyobo Life Insurance Chairman Shin Chang-jae speaks during a management strategy meeting at its headquarters in Seoul on Jan. 9. Courtesy of Kyobo Life Insurance By Lee Min-hyungKyobo Life Insurance has pledged to try again for a long-awaited initial public offering (IPO), after the move was blocked last Friday when the Korea Exchange didn't grant its approval during a preliminary examination. The exchange operator did not share additional reasons behind the decision, but the ongoing legal dispute between Kyobo and its financial investor ― led by Affinity Equity Partners ― is considered to be the core reason behind the exchange operator's lack of approval.“Kyobo makes it clear that we will push ahead with the IPO again after ending the dispute with our shareholders as soon as possible,” a spokesman at Kyobo said.Kyobo Chairman Shin Chang-jae Friday attended a meeting of the exchange's listing committee to underscore the need for its timely IPO.“About two-thirds of o

Jul 11, 2022By Lee Min-hyung

Hana Bank signs MOU on global metaverse platform business

Hana Bank Deputy President Kim So-jung, right, poses with Sebastien Borget, COO of The Sandbox, after signing an MOU to cooperate in the global metaverse platform business at the bank headquarters in downtown Seoul, Friday. Courtesy of Hana BankBy Yoon Ja-youngHana Bank signed an MOU with The Sandbox, a blockchain-based metaverse platform business, for cooperation in new business. Following the MOU, the bank plans to join in projects created by The Sandbox as a global partner, to secure a leading position in digital banking by providing global metaverse banking services and content related to Korean culture. Hana will launch a virtual branch within the metaverse platform of The Sandbox to provide banking services, on top of expanding the ecosystem of the virtual economy through investment in firms participating in the metaverse. The bank is also set to provide diverse cultural content related to Korea for the “K-Verse Zone,” a virtual space on Korean content within The Sandbox metaverse, for users from around the world.“By participating in the global version of the

Jul 11, 2022

Hana Bank signs MOU on global metaverse platform business

Kakao investors frustrated by falling stock price

The logo of Kakao T, the nation's largest taxi-hailing app, is seen on top of a cab in front of Seoul Station on June 28. YonhapBy Lee Min-hyungKakao investors are feeling increasingly frustrated by a steep fall in the price of the company's stock after the mobile platform operator decided to sell the management rights of its mobility subsidiary.Kakao shares had shown signs of a rebound up until early last week. The stock price dipped below 70,000 won in June, hit hard by sagging stock market sentiment here and abroad. But it recovered to 73,500 won as of July 6 after extending a winning streak for four consecutive trading days from the start of this month.But the company lost its momentum for an additional rally afterwards. Major large-cap stocks here bounced back on July 7 in tandem with the benchmark KOSPI's 2-percent rebound. But this was not the case for Kakao, the stock of which ended down amid rumors that the company plans to sell a stake in Kakao Mobility to a Seoul-based private equity fund (PEF).Kakao also confirmed that it would become the second-largest shareholder of the

Jul 10, 2022By Lee Min-hyung

Banking & Finance