my timesThe Korea Times
Business

Banking & Finance

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

Kakao Mobility accelerates IPO move despite headwinds

Kakao Mobility's logo displayed at the firm's headquarters located in Seongnam city's Bundang District / NewsisBy Anna J. Park Kakao Mobility selected a group of local and global securities firms as its IPO underwriters, accelerating its IPO process despite a series of setbacks.According to the investment banking industry, the mobile-based mobility platform company tapped Korea Investment and Daishin Securities as the main underwriters last week, along with global firms including Credit Suisse, Morgan Stanley and Citi Global Markets.The company, a taxi-hailing service operator, sent its request for proposal (RFP) documents to the brokerage industry in August last year, planning to appoint a group of underwriters for its IPO. Yet, the move had somewhat stalled over growing public anger of the conglomerate's overextension into every sector of the economy, ranging from finance, ride-hailing industry, fashion and hair salons, which led to criticism that it is threatening the livelihoods of small-sized mom-and-pop businesses. Kakao's continuous subsidiary spin-offs coupled with unethical

Mar 22, 2022By Anna J. Park
Kakao Mobility accelerates IPO move despite headwinds

Citibank Korea sponsors climate action conference for sustainable society

Citibank Korea CEO Yoo Myung-soon gives congratulatory remarks at the “3rd Climate Action Conference,” held online, March 15. Courtesy of Citibank KoreaConference looks into transformation to low-carbon economy amid the climate crisisBy Yoon Ja-youngCitibank Korea and Citi Foundation announced sponsorship of the “3rd Climate Action Conference,” which was held online on March 15. The event was hosted by WWF-Korea with the participation of experts and representatives from a variety of sectors, including the Ministry of Environment, the British Embassy Seoul, corporations, international organizations, academia and civil society groups, to share their knowledge on climate crisis responses.The conference, titled “Transformation to Low Carbon Economy in the Climate Crisis Era: Present and Future,” contemplated Korea's awareness of, and response to, the climate crisis under its recently-unveiled 2050 Net-Zero target as well as economic transformation directions, while discussing the nation's role and opportunities as a new climate leader.With the particip

Mar 22, 2022By Yoon Ja-young
Citibank Korea sponsors climate action conference for sustainable society

Banking groups gearing up to pay quarterly dividend

gettyimagesbankBy Lee Min-hyungKorea's four major financial firms are gearing up to offer much-anticipated quarterly dividends on a regular basis this year. Their moves signal a new paradigm for the domestic financial industry, with the top financial holding firms realizing the importance of boosting their stock price in a stable manner by winning more investors' trust through the dividends.Shinhan Financial Group was the first to do so from the third quarter of 2021 when the company offered 260 won ($0.21) per share in quarterly dividends. Starting this year, the company also pledged to make it a policy to provide quarterly dividends.KB Financial Group, the largest financial holding firm by market capitalization here, is also on track to ride the same path as Shinhan this year. The company plans to confirm details over the agenda during an upcoming board meeting, but the industry expects KB to start its quarterly dividend offering from the first quarter of this year, while most of its rivals are pushing ahead with the same drive.Woori Financial Group, which completed its long-awaite

Mar 21, 2022By Lee Min-hyung
Banking groups gearing up to pay quarterly dividend

Voronoi's IPO withdrawal to cool down private company stock trading

Promotional image of Voronoi / Courtesy of VoronoiBy Anna J. Park The recent IPO withdrawal by biotech unicorn company Voronoi sent shockwaves rippling through the financial industry, which is expected to cool down the country's private equity trading market. The new drug developer decided to cancel its IPO plan last week by submitting official renouncement documents to the Financial Supervisory Service (FSS), following a poor result from its book-building process from institutional investors. Due to the tepid response from institutional investors to its IPO stock allotment survey, the bio unicorn retracted its original plan of going public slated for the end of this month. It is the third time this year alone that a company scheduled to go public has dropped its IPO plans, following Hyundai Engineering in January and Daemyung Energy in February. Watchers say external factors played a key part in the IPO market losing steam, citing the global economic outlook, rising interest rates and heightened instability amid Russia's invasion of Ukraine, apart from the companies' competencies. A

Mar 21, 2022By Anna J. Park
Voronoi's IPO withdrawal to cool down private company stock trading

Why is Hana Financial interested in buying Chelsea?

Premier League club Chelsea's emblem hangs at an entrance to the club's home stadium Stamford Bridge in London on the deadline of its takeover bid, Friday. AFP-YonhapKorean company says purpose of joining bid is simply to offer financial service platformBy Yi Whan-wooThe race to buy Premier League club Chelsea is attracting investors' interest toward Hana Financial Group's non-banking business vision, after its asset management unit was found to have joined the takeover bid by the deadline, Friday.Hana Financial Investment joined the bid worth 2 billion pounds ($2.62 billion) in a three-party consortium including British property entrepreneur Nick Candy and sports management firm C&P Sports.The news came as Korea's third-largest banking group, which saw its net profit surpass 3 trillion won ($2.47 billion) last year, is eyeing overseas markets to accelerate its new growth engines in non-banking sectors.Ham Young-joo, then CEO of Hana Bank and current vice chairman of Hana Financial Group, poses with Korean football player Son Heung-min after Son was appointed as the bank's promot

Mar 21, 2022By Yi Whan-woo
Why is Hana Financial interested in buying Chelsea?

Securities firms extend contracts of top management on stock market uncertainties

Buildings in Seoul's financial district, Yeouido. YonhapBrokerage houses place stability over risk-taking amid stock uncertaintiesBy Lee Min-hyungMajor securities firms have decided to extend the terms of their leaders, as part of efforts to maintain stability amid escalating uncertainties in the stock market. According to the industry, most leaders of major and mid-tier securities firms will be able to serve another term, after achieving outstanding earnings last year when the benchmark KOSPI set a new high.During its regular shareholders' meeting last week, Meritz Securities decided to extend the term of Vice Chairman Choi Hi-moon for another three years. Choi took office as the leader of the securities firm in April 2010. If he maintains the post until 2025, he will become the longest-serving CEO in the industry here.Daishin Securities also reappointed Vice Chairman Yang Hong-seok and CEO Oh Ik-keun as its top management during its recent shareholders' meeting.NH Investment & Securities is set to extend the term of CEO Jeong Young-chae during its upcoming shareholders' meeting

Mar 21, 2022By Lee Min-hyung
Securities firms extend contracts of top management on stock market uncertainties

Banks' average annual salary surpasses 100 million won on record profits

The logo of KB Kookmin Bank, the country's largest lender, is seen outside its branch office in Myeong-dong, downtown Seoul, in this file photo taken in November 2013. Korea Times file By Yi Whan-wooThe annual average salary at the country's three top banks ― KB Kookmin, Shinhan and Hana ― exceeded 100 million won ($82,500) for the first time ever due to record earnings, data showed Friday.The Financial Supervisory Services (FSS) stated in data it recently compiled that employees at KB Kookmin Bank received 112 million won on average last year, up from an average of 104 million won a year earlier.During the same time period, the annual average salary of employees at Shinhan Bank went up 11 percent to 107 million won, while that of Hana Bank employees rose 9 percent to 106 million won.The fourth-largest lender, Woori Bank, paid a salary of 97 million won to each employee on average in 2021, and expects to pay more than 100 million per employee this year.Citing the FS

Mar 18, 2022By Yi Whan-woo
Banks' average annual salary surpasses 100 million won on record profits

Fintech firms raise salaries to secure skilled workers

gettyimagesbankBy Anna J. Park The country's major fintech firms seem focused on enhancing returns and welfare conditions for their employees, aiming to retain proven workers and recruit competent new employees. Fintech firms' increased revenues during recent years amid accelerated financial digitalization in the country have also attributed to their better treatment of employees.Kakao Pay decided earlier this week to raise every employee's annual salary for this year by 10 million won ($8,300), in addition to individual incentives and granting of stock options. Considering the firm's other welfare programs introduced last month, it is estimated that each employee is enjoying 13.6 million won worth of wage increases this year. KakaoBank also decided last November to raise every employee's annual salary by 10 million won, while granting stock options worth 30 percent of their annual salaries and providing incentives worth 20 percent of their annual salaries. With such unconventional benefits, the online bank's average salary turned out to have almost doubled in 2021 from the previous

Mar 18, 2022By Anna J. Park
Fintech firms raise salaries to secure skilled workers

NPS opposes board member appointments at Shinhan, Hyosung, LG Chem

National Pension Service (NPS) headquarters in Jeonju, North Jeolla Province / Courtesy of NPS By Anna J. Park As the National Pension Service (NPS) has decided to exercise its voting rights to show its dissent over local companies' board member appointments at their upcoming shareholders meetings, questions are rising over whether the active participation of the country's pension operator puts too much pressure on corporations. The pension operator's trustee committee met earlier this week to discuss how to exercise their votes at the shareholders meetings of seven companies ― Shinhan Financial Group, POSCO, SK D&D, Hyosung, LG Chem, Hanjin KAL Corp. and Hanwha Systems. First off, the NPS decided to object to Shinhan Financial's reappointment of five of its current outside directors for another term on the board, on the grounds of their failure to properly supervise the financial giant and prevent it from mis-selling problematic funds, as seen in the 2020 Lime fi

Mar 18, 2022By Anna J. Park
NPS opposes board member appointments at Shinhan, Hyosung, LG Chem

Woori, Hana to launch joint bank branch to cut costs

Woori Bank and Hana Bank headquarters buildings / Courtesy of Woori Bank and YonhapBy Anna J. ParkFor the first time in the country's banking history, two commercial banks will be launching a jointly operated branch next month. The move is drawing attention as a solution to continue serving customers who are not used to digital banking while enabling banks to cut costs. Woori Bank and Hana Bank are set to open up their first joint branch next month in Yongin, Gyeonggi Province. The part of the city where the joint branch will be opened does not currently have a branch for either bank. Hana Bank closed down its branch in the neighborhood last September, while Woori also shut down its branch last December. The shutdowns came as part of both banks' long-term goal to reduce the number of offline branches amid the advancement of mobile and digital banking services.The joint operation of the new branch aims at serving customers who find it difficult to rely on mobile and digital banking completely. Bank officials explain that customers in small cities tend to experience more inconveniences

Mar 17, 2022By Anna J. Park
Woori, Hana to launch joint bank branch to cut costs
previous page
296297298299300
next page

Most Read in Business