Business - The Korea Times

New chairman aims to make Hana top financial group in Asia

Ham Young-joo, the new chairman of Hana Financial Group, poses before the logo of the banking group after taking office, Friday. Courtesy of Hana Financial GroupHam Young-joo suggests 3 strategies in accordance with 'NEXT 2030' roadmap outlined by his predecessor By Yi Whan-wooHam Young-joo, the new chairman of Hana Financial Group, has pledged to propel the country's third-largest banking group to reach the top in Asia, in his vision unveiled after taking office for a three-year term, Friday. Announced by the group, Sunday, the vision centers on three strategies ― to maximize the group's competiveness and accordingly restructure non-banking businesses, to enhance its brand image worldwide and to complete digital transformation.The vision is in accordance with the “NEXT 2030” roadmap introduced by his predecessor Kim Jung-tai shortly before 2020 to prepare for sustainable growth for the next 10 years.In a related manner, Ham stressed creating a new future out of the past in a message delivered to the group's entire employees.“I will commit myself to Hana Financial G

Mar 27, 2022By Yi Whan-woo

New chairman aims to make Hana top financial group in Asia

Ham Young-joo takes office as chairman of Hana Financial

Hana Financial Group Chairman Ham Young-joo / Courtesy of Hana Financial GroupNew leader tasked with bolstering digitalization, revenue diversificationBy Lee Min-hyungHana Financial Group Chairman Ham Young-joo took office Friday as the new leader of the financial holding firm, replacing outgoing leader Kim Jung-tai. He took the helm of the nation's third-largest financial group immediately after getting approval from shareholders at the regular shareholders' meeting on the same day. He will lead the company for three years until March 2025.Ham has been a de facto No. 2 figure within the group since 2019, during which he has been in charge of Hana's overall business management, including strategy-setting and finance, supporting Kim.Even if the Institutional Shareholder Services, a proxy adviser, recently expressed its opposition to Ham's promotion to chairman, shareholders voted in favor of the leadership reshuffle in recognition of his achievement in the group's earnings growth and digital transformation.One risk was whether the National Pension Service (NPS), the largest shareholde

Mar 25, 2022By Lee Min-hyung

Ham Young-joo takes office as chairman of Hana Financial

KB fails to introduce labor-backed non-executive director

Seen above is the entrance of KB Financial Group's regulor shareholders' meeting at its headquarters in Seoul, Friday. Yonhap By Lee Min-hyungKB Financial Group failed once again to appoint a non-executive director recommended by its labor union during its regular shareholders' meeting.All eyes have been on whether the lender would be able to introduce a union-backed outside director for the first time in Korea after KB's union recommended as its outside director Kim Young-soo, former vice president of the state-run Export-Import Bank of Korea.But shareholders of the nation's largest financial holding firm by market capitalization voted against the agenda, only allowing Gangnung-Wonju National University professor Choi Jae-hong to become the group's new non-executive director due to his digital expertise.Kim failed to win the trust of shareholders. Earlier, the Institutional Shareholder Services, a proxy adviser, recommended KB shareholders to vote against the agend

Mar 25, 2022By Lee Min-hyung

KB fails to introduce labor-backed non-executive director

Financial groups expand equity investments, joint ventures in crypto business

gettyimagesbankShinhan Capital considers acquiring stake in Korbit By Anna J. Park Major financial groups in the country are actively seeking business opportunities in the crypto industry, expanding equity investments and also setting up joint ventures. Shinhan Financial Group, for instance, is trying to strengthen its blockchain portfolio, while its subsidiary, Shinhan Capital, mulls over investing in Korbit, one of four major cryptocurrency exchanges in Korea.Yet the financial giant denied a market rumor that it would invest more than 50 billion won ($41 million) to become the cryptocurrency exchange's third-largest shareholder.“It's true that Shinhan Capital's venture fund is currently examining whether to make an investment in Korbit, yet the exact amount of the investment hasn't yet been decided,” an official from Shinhan Financial Group told The Korea Times.The official explained that Shinhan Capital's venture fund has invested in various digital industries, including blockchain and NFT-related businesses. When considering that the total amount of investment assigne

Mar 24, 2022By Anna J. Park

Financial groups expand equity investments, joint ventures in crypto business

Shinhan Financial to retire stocks worth W150 bil. to return more benefits to shareholders

Shinhan Financial Group Chairman Cho Yong-byoung speaks during a meeting of shareholders at the firm's headquarters in Seoul, Thursday. Courtesy of Shinhan Financial GroupBy Yi Whan-wooShinhan Financial Group announced Thursday it will retire a part of its stocks worth 150 billion won ($123 million) in a bid to raise its stock value and return more benefits to its shareholders.During a regular shareholders' meeting, the country's second-largest banking group said it will also continue to pay quarterly dividends. Shinhan started paying quarterly dividends last year, becoming the first financial holding company in the country to do so. “The stock retirement, along with ongoing payments of the quarterly dividends, are among the efforts that show willingness of our company and management to enhance shareholder value,” the group said in a statement delivered to The Korea Times. “And we believe our latest measures will send positive signals to the stock market.”The number of stocks planned for retirement are a little more than 3.77 million, which accounts for 0.75 p

Mar 24, 2022By Yi Whan-woo

Shinhan Financial to retire stocks worth W150 bil. to return more benefits to shareholders

70% of firms eye better biz conditions under new gov't: poll

gettyimagesbank Slightly over 7 in 10 Korean companies expect their managerial conditions to improve under the country's incoming government, a poll showed Thursday.According to the survey of 202 firms with a workforce of 30 or more, 71.3 percent of the respondents anticipate policy risks to ease during the next administration.Nearly 22 percent expect no changes in risks, while 7 percent project those risks to expand, according to the survey taken by the Korea Enterprises Federation from March 14 to 21.Yoon Suk-yeol of the conservative People Power Party will be installed as Korea's new president May 10 after beating ruling-party rival Lee Jae-myung in a neck-and-neck race earlier this month.Of the corporations expecting improvements, roughly 38 percent said the new administration would likely ease up on efforts to legislate business-restricting laws.Another 25.2 percent cited the rational innovation of administrative regulations, followed by an eased tax burden wit

Mar 24, 2022

70% of firms eye better biz conditions under new gov't: poll

Court suspends punishment on Hana vice chairman

Hana Financial Group Vice Chairman Ham Young-joo / Korea Times fileBy Yi Whan-wooAn appellate court accepted Hana Financial Group Vice Chairman Ham Young-joo's request to suspend a punishment on him from taking effect, following a lower court's ruling against him on March 14 over a lawsuit concerning the improper selling of high-risk derivative-linked funds (DLFs) by the group's flagship subsidiary Hana Bank.This decision, made in the lead-up to the trial, ensures Ham receives a 30-day extended grace period before the sanction takes effect. The Financial Supervisory Service (FSS) first issued the reprimand against him in March 2020 over the DLF fiasco, but it was postponed from taking effect after Ham filed a suit against the FSS in June 2020. Ham wants the sanction revoked completely through his appeal.“The plaintiff may suffer irrecovable damage if the reprimand is imposed,” Seoul High Court said, Thursday. “Suspending the reprimand therefore is needed immediately to prevent any such damage.”The court went on to say the suspended disciplinary measure doesn't

Mar 24, 2022By Yi Whan-woo

Court suspends punishment on Hana vice chairman

Samsung heiresses sell subsidiary shares to pay inheritance tax

Hotel Shilla CEO Lee Boo-jin, left, and Samsung Welfare Foundation director Lee Seo-hyun / Courtesy of each companyBy Anna J. ParkSamsung Group heiresses reportedly began selling part of their stakes in Samsung SDS to fund the payment of a huge inheritance tax. Investors are paying keen attention to the move by the bereaved family of late Samsung Group Chairman Lee Kun-hee as the sell-off can put downward pressure on stock prices.According to the financial industry, Morgan Stanley and KB Securities sold some 3 million shares of Samsung SDS as a block deal trade on Monday afternoon, after the closing of the day's regular trading session.Market watchers presumed the stocks came from Hotel Shilla CEO Lee Boo-jin, the eldest daughter of late tycoon, and Samsung Welfare Foundation director Lee Seo-hyun, his second daughter.The combined 3.9 percent stake in Samsung SDS is known to have been sold at an 8.8 percent discount rate per share from the closing price of Monday. Since October 2020 when the late chairman passed away, the two daughters signed a contract with KB Kookmin Bank, asking t

Mar 24, 2022By Anna J. Park

Samsung heiresses sell subsidiary shares to pay inheritance tax

Banks expand services for foreign residents

The entrance to Jeonbuk Bank's financial center, set up exclusively for foreign nationals, in Suwon, Gyeonggi Province / Courtesy of Jeonbuk BankBy Anna J. ParkThere are more than 2 million foreign nationals residing in Korea, and banks are expanding the number of financial services available to this burgeoning demographic group to secure a new niche market for future growth.Most major commercial banks have been providing diverse lineups of financial products to foreign customers, ranging from mortgage loans to savings accounts that are also available to local customers.But several lenders are now offering foreign nationals even more.Jeonbuk Bank, for instance, has been granting credit loans exclusively to foreign workers from 12 developing countries, including Nepal, Myanmar, Cambodia, Sri Lanka and Mongolia. The regional bank, which began providing credit loans to foreign workers in 2016, has been expanding the service, setting up branches exclusively for foreign customers in Suwon, Gyeonggi Province, in 2018 and in Seoul's Dongdaemun District later. The branches are open even on w

Mar 23, 2022By Anna J. Park

Banks expand services for foreign residents

FTC considering designating Dunamu, Bithumb as large business groups

A person passes by an electronic board of Bithumb in Seoul, Mar. 17. The chart shows a real-time price of bitcoin. YonhapBy Lee Min-hyungThe Fair Trade Commission (FTC) reportedly plans to designate two major cryptocurrency exchange operators as large business groups.The commission imposes such regulations on companies whose asset volume tops 5 trillion won ($4.1 billion) by May 1 of each year. Those designated as such are subject to tighter regulations from watchdogs especially when they make investments.Local media reported that the FTC considers designating Dunamu ― the operator of Korea's largest crypto exchange Upbit ― and Bithumb as large business groups. But the method of calculating their total assets has triggered controversy due to ambiguous laws on the industry here.According to data from Rep. Kang Min-kook of the main opposition People Power Party, the total assets of Upbit and Bithumb came in at 42.97 and 11.62 trillion won, respectively, when customer deposits are included. But after deducting customer deposits, their asset size does not exceed 5 trillion won.Industry s

Mar 23, 2022By Lee Min-hyung

Banking & Finance