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Samsung affiliates boost values of real estate in vicinity

An aerial view of Samsung Electronics plant in Gyeonggi Province / Korea Times fileBy Yi Whan-wooReal estate values are increasing in areas where Samsung's affiliates operate or their investment is underway, according to data, Sunday, indicating the influence of the nation's No. 1 conglomerate on regional markets and economies.According to housing price information provider, R114, the average housing price of Yeongtong District in Suwon, where Samsung Electronics' headquarters in Gyeonggi Province is located, is 27.7 million won ($22,000) per 3.3 square meters. That is higher than the average price of a home in Suwon at 21.9 million won per 3.3 square meters.“This definitely can be attributable to the presence of Samsung,” R114 said. It pointed out a total of nine apartment complexes that were built after Samsung Electronics moved its headquarters to the area in 2016 were all sold out.In particular, the price more than doubled for one of the complexes after it was put up for sale. In Pyeongtaek, which is home to Samsung Electronics' semiconductor plant in Gyeonggi Provinc

Apr 24, 2022By Yi Whan-woo
Samsung affiliates boost values of real estate in vicinity

Financial firms chalk up record earnings on rate hikes

By Lee Min-hyungKorea's top four financial holding firms on Friday reported record-high earnings results for the first quarter of this year, fueled by increased interest profits.KB Financial Group, the largest financial holding company by market capitalization here, generated 1.45 trillion won in net profit between January and March, up 14.4 percent from the previous year.This was driven by its net interest margin growth due to rate hikes and expanded loans. KB Kookmin Bank, the cash cow banking arm of KB, reported 977.3 billion won in net profit due to such favorable factors, the company said.KB Securities, however, failed to achieve earnings growth during the same period by chalking up 114.3 billion won in net profit on base effects from a sluggish stock market this year, compared to 2021.KB Insurance, a non-life insurer, reported drastic earnings growth with net profit reaching 143.1 billion won, up 108 percent from a year earlier.“KB is on track for gradual profit growth as a leading bank here,” Kim Hyun-

Apr 22, 2022By Lee Min-hyung
Financial firms chalk up record earnings on rate hikes

FSS to investigate data exposure by Samsung Securities and KB Kookmin Card

The headquarters of the Financial Supervisory Service (FSS) located on Yeouido, Seoul / YonhapBy Anna J. ParkThe Financial Supervisory Service (FSS) said it would look into recent private information leakages by Samsung Securities and KB Kookmin Card, vowing to hold them fully responsible for the accidents. The financial regulator said on Thursday afternoon that once it grasps how the information leakage accidents took place at the two firms, they will be ordered to swiftly compensate any customer who suffers damages from the accidents. It would also direct the two companies to immediately overhaul their systems in order to prevent any more accidents of a similar nature from happening. “The FSS will strengthen its checkups on mobile-based financial platforms, such as program tests as well as objective qualification procedures. If a major violation of related regulations is confirmed, the financial authority plans to make companies that committed violations take full responsibility, according to the law and principles,” an official from the FSS said.According to Samsung Se

Apr 21, 2022By Anna J. Park
FSS to investigate data exposure by Samsung Securities and KB Kookmin Card

Young founder of Luna emerges as cryptocurrency tycoon

Terraform Labs co-founder Do Kwon / Courtesy of Kwon's LinkedIn pageBy Lee Min-hyungDo Kwon, co-founder of Terraform Labs, is emerging as a young cryptocurrency tycoon, with its Terra stablecoin and Luna token achieving outstanding success amid their dynamic ecosystem expansion.Luna is the world's eighth-most valuable cryptocurrency in terms of market capitalization, according to data from market aggregator CoinGecko. Luna has rapidly risen to the ranks of the globally influential cryptocurrency with a high annual staking reward.This rise has made headlines here, as no Korean entrepreneur has so far become such a global sensation in the global cryptocurrency industry.Kwon has also recently drawn the spotlight after Terra purchased more than $1.5 billion (1.85 trillion won) in Bitcoin, as part of his efforts to back the stablecoin. He reaffirmed his plan to keep doing so.His company is considered the world's second-largest decentralized finance platform operator after Ethereum.Kwon studied computer science in Stanford University. He then worked as an engineer at global IT giants ― suc

Apr 21, 2022By Lee Min-hyung
Young founder of Luna emerges as cryptocurrency tycoon

Eximbank to reopen Singapore office by June

The Export-Import Bank of Korea's headquarters in Yeouido, Seoul / Korea Times fileCEO Bang aims to strengthen foothold in Southeast AsiaBy Yi Whan-wooThe Export-Import Bank of Korea (Eximbank) will reopen its office in Singapore in the form of a corporate entity by June at the latest, after it shut down its operation in the city state during the 1997 Asian financial crisis, the state-run lender said on Thursday.The envisioned office, KEXIM Global (Singapore) Ltd., will come as multiple global businesses have been exiting Hong Kong in recent years due to China's interference in the city's decades-long autonomy.Export-Import Bank of Korea CEO Bang Moon-kyu / Korea Times fileEximbank's business expansion to the Southeast Asian city state will also be in line with its CEO Bang Moon-kyu's goal of enhancing overseas networks after he took office in October 2019. This will be the first and only Eximbank branch to open abroad during Bang's three-year term which is nearing its end.The office will be located in the financial district of Raffles Place. It will be headed by Yu Gwang-hoon, who h

Apr 21, 2022By Yi Whan-woo
Eximbank to reopen Singapore office by June

Hana Bank's China branch marks 10 bil. yuan in personal loans

By Yi Whan-woo Hana Bank said Thursday its China branch office reached the 10 billion yuan ($1.54 billion) mark in total personal loans, a first among Korean lenders operating there.It said the milestone comes less than three years after Hana Bank (China) Company Ltd. commenced its loan service allowing customers to borrow small amounts of money through mobile banking.This promotional image highlights Hana Bank (China) Company Ltd. reaching 10 billion yuan ($1.54 billion) in personal loans. / Courtesy of Hana BankThe service was made possible in cooperation with Alibaba, Baidu and Ctrip, with each being a platform business leader concerning online shopping malls, search engines and online travel agencies, respectively. “The milestone was indeed achieved by capitalizing on the expertise of China's leading ICT companies as platform operators,” the bank said. The bank expressed hopes its loan service will become more popular, as more retail customers are turning to digital banking over offline banking in the pandemic era. “In that regard, we will try to overcome obstac

Apr 21, 2022By Yi Whan-woo
Hana Bank's China branch marks 10 bil. yuan in personal loans

Lenders on real estate selling spree amid uptake in digital banking services

The interior of a major bank's branch office in central Seoul is seen in this photo taken in 2016. Korea Times fileBy Yi Whan-wooThe country's four major banks are selling off their real estate, as offline banking services have been decreasing fast amid the acceleration of digital finance during the pandemic.Most of the real estate that the four lenders ― KB Kookmin, Shinhan, Woori and Hana ― are selling are buildings and offices that were once used to house their branches. The banks are finding that such properties are no longer necessary as they are shutting down branches, and also because of the scarcity of tenants for them to rent the spaces to amid the economic recession. “The offices that were built initially for banking purposes have a unique architectural design that makes it pretty tricky to be utilized for other business purposes,” a public relations representative of a bank said on condition of anonymity, Wednesday. “That makes it tough to rent out those offices and we therefore try to sell instead.”According to the major banks, they have sold 72 pr

Apr 21, 2022By Yi Whan-woo
Lenders on real estate selling spree amid uptake in digital banking services

KDB scraps sales deal of KDB Life to JC Partners

KDB Life Insurance headquarters in central Seoul / Courtesy of KDB Life InsuranceBy Anna J. ParkKorea Development Bank (KDB) has canceled the pre-arranged sale of its life insurance subsidiary to JC Partners which had been signed back in December 2020.According to KDB on Wednesday, KDB Consus Value (KCV) PEF ― a private equity fund created jointly by KDB and Consus Asset Management ― notified JC Partners that it would cancel the stock purchase agreement (SPA) between the two parties. KCV PEF and JC Partners agreed in late 2020 on the sale of a 92.73 percent stake in KDB Life for 200 billion won ($160 million). The grounds for the breaking of the deal lies in the state-owned bank's judgment that the private equity firm is now no longer able to pass the assessment process by the Financial Services Commission (FSC), which aims to evaluate whether JC Partners is qualified to take over KDB Life. JC Partners applied for the assessment last June, but the FSC still hasn't given the private equity firm the green light, on the grounds that the company failed to follow through with its plan to

Apr 20, 2022By Anna J. Park
KDB scraps sales deal of KDB Life to JC Partners

Woori Financial for Earth

Woori Financial Group Chairman Son Tae-seung, sixth from right, and Woori Bank CEO Lee Won-duk, third from right, pose with other group executives and residents of Gangneung, Gangwon Province, after planting pine trees in the wildfire stricken area of the city on April 19. In addition to planting trees to commemorate Earth Day on April 22, the group also donated 100 million won to support volunteer firefighters and residents who suffered damage from the wildfire. Courtesy of Woori Financial Group

Apr 20, 2022By Yoon Ja-young
Woori Financial for Earth

Hana Financial honors art contest winners with developmental disorders

Hana Financial Group Chairman Ham Young-joo, center, poses with the winners of the “Hana Artverse” drawing contest hosted by the banking group during a ceremony at its headquarters in central Seoul, Wednesday. Courtesy of Hana Financial GroupBy Yi Whan-wooHana Financial Group awarded the winners of its special drawing contest, “Hana Artverse,” aimed at supporting and nurturing talented artists with developmental disorders to mark Korea's National Day of People with Disabilities, Wednesday.The National Day of People with Disabilities is observed in Korea on April 20 of each year to deepen public understanding of people with disabilities while fostering an environment for their rehabilitation.It is similar to the U.N. International Day of Persons with Disabilities celebrated every Dec. 3 to promote the rights and well-being of individuals with disabilities in all walks of society.The banking group hosted the contest to help the fields of art and culture recover from the COVID-19 pandemic, during which career opportunities have diminished even more for artists wh

Apr 20, 2022By Yi Whan-woo
Hana Financial honors art contest winners with developmental disorders
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