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.

KB Financial to merge Prudential Life, KB Life Insurance by 2023

The headquarters of KB Life Insurance, left, and Prudential Life Insurance of Korea in Seoul / Courtesy of KB Financial GroupBy Anna J. Park KB Financial Group's two life insurance subsidiaries, KB Life Insurance and Prudential Life Insurance of Korea, are set to be completely integrated into a single firm by early 2023, aiming to create differentiated services for customers. After KB Financial acquired a 100-percent stake in Prudential Life Insurance for 2.3 trillion won ($1.8 billion) in August 2020, the newly acquired unit and KB Life had been operated independently for a time. The acquisition deal marked the top U.S. life insurer's exit from the Korean market after 30 years. Yet, under the group's master plan of merging the two insurers by 2023, they have since 2021 been increasingly coming under joint management, ranging from their computer systems, to their accounting and human resources, as well as their administrative support. The integrated firm's official company name is expected to be decided in the second half of this year. The financial group expects the complete merger

Mar 14, 2022By Anna J. Park
KB Financial to merge Prudential Life, KB Life Insurance by 2023

Yoon's victory puts state-run lenders in distress over possible relocation

President-elect Yoon Suk-yeol talks to reporters about his transition committee plans at the headquarters of the People Power Party (PPP) in Yeouido, Seoul, Sunday. YonhapBy Yi Whan-wooThe employees of state-run financial institutions are concerned about the growing possibility of the relocation of their respective institutions out of Seoul after Yoon Suk-yeol won the presidential election last week, according to industry sources, Sunday.Yoon has pledged to move Korea Development Bank (KDB) to Busan as part of efforts for balanced regional development. He also hinted at pressuring other state-owned institutions to move their headquarters by saying, “The sole relocation of KDB will not be sufficient.”The relocation issue of government-owned financial institutions has been brought up in past elections. However, Yoon's promise is unnerving employees of the targeted companies more than ever, after Busan Metropolitan City attributed the failure of the Busan International Finance Center (BIFC) in housing enough leading financial companies and convinced Yoon to bring such compan

Mar 14, 2022By Yi Whan-woo
Yoon's victory puts state-run lenders in distress over possible relocation

Ham Young-joo set to become Hana Financial Group's new leader following acquittal

Hana Financial Group chairman-nominee Ham Young-joo, center, answers reporters' questions after he was found not guilty of being involved in an illegal hiring scandal at the Seoul Western District Court in Mapo District, Friday. YonhapRecord profits, rising dividends also in favor of Ham ahead of shareholders' meeting on March 25By Yi Whan-wooThe latest court ruling that acquitted Hana Financial Group chairman-nominee Ham Young-joo of being involved in an illegal employee hiring scandal has cleared him of any legal risk as he looks to take the helm of the nation's third-largest financial group. Ham was tapped as the sole candidate for the post, Feb. 8.On Friday, the Seoul Western District Court found Ham not guilty of charges that he unfairly influenced Hana Bank's recruitment processes when he was CEO of the group's flagship division in 2015.A separate court decision awaits him, Monday, concerning a fiasco involving derivative-linked funds (DLFs) in which the Financial Supervisory Service (FSS) imposed sanctions against him in 2020 for mis-selling high-risk DLF products. However, ma

Mar 13, 2022By Yi Whan-woo
Ham Young-joo set to become Hana Financial Group's new leader following acquittal

ISS discourages approval of union-backed outside director nominee for KB Financial board

The headquarters of KB Financial Group located on Yeouido, Seoul / Courtesy of KB Financial GroupBy Anna J. ParkThe Institutional Shareholder Services (ISS), one of the global major proxy advisory firms, advised KB Financial Group shareholders to vote against the nomination of an outside director recommended by the group's union at the financial giant's shareholders' meeting scheduled for March 25.“We recommend to a vote against director nominee Kim Young-su, as the union came short of building a compelling case to justify the addition of their proposed nominee to the board,” the ISS' latest report on proxy analysis and benchmark policy voting recommendation of KB Financial stated. In February, KB Financial's labor union recommended Kim, former Export-Import Bank of Korea (Eximbank) Vice President, to become one of the group's outside directors. “Nominee Kim has built his career expertise on overseas investment for over three decades, since starting to work at the Eximbank in 1985, assuming various key positions, including at the bank's Hong Kong subsidiary as well

Mar 13, 2022By Anna J. Park
ISS discourages approval of union-backed outside director nominee for KB Financial board

Financial groups strengthen gender diversity of their boards

ESG trend and Capital Markets Act revision accelerate female board membership By Anna J. Park Korea's financial groups have been designating female independent directors as board members prior to shareholder meetings slated for the end of this month. This trend of recommending female outside directors for the board has not been limited to local financial groups. In fact, similar developments have also been taking place at major conglomerates. Prompting the changes is Korea's revised Capital Markets Act, which will take effect from August of this year prohibiting listed companies with over two trillion won ($1.6 billion) in total capital from having all of its board members composed of men. Since the Capital Markets Act was revised in early 2020, many corporations have appointed female outside directors in order to prepare for the new requirement for listed companies. Companies that have yet to meet this legal requirement are also in their final stages of appointing female independent directors to their boards.In addition to the Capital Markets Act revision, the increasingly important

Mar 13, 2022By Anna J. Park
Financial groups strengthen gender diversity of their boards

Citibank Korea signs export financing deal for Hanwha Solutions' investment in Europe

Citibank Korea headquarters in Seoul / Korea Times file Citibank increases support for Korean companies expanding into green industries overseasBy Yoon Ja-youngCitibank Korea announced that it signed a syndicated loan agreement with Hanwha EU Energy Solutions on Feb. 25, to support Hanwha's business in Europe. Hanwha EU Energy Solutions is the European subsidiary of Hanwha Solutions. As the sole coordinator, Citibank Korea, signed the 430 million euro syndicated loan facility based on the overseas investment insurance of Korea Trade Insurance Corporation (K-SURE). Hanwha Solutions will fund its renewable energy investments in Europe, including France, Spain and Portugal, and gain momentum for additional business expansion through the agreement, according to the bank.The agreement covers large-scale joint financing between K-SURE and global banks for Hanwha Solutions' investment into renewable energy projects in Europe, including solar PV and wind power, and is expec

Mar 11, 2022By Yoon Ja-young
Citibank Korea signs export financing deal for Hanwha Solutions' investment in Europe

Legal risk cleared for Ham Young-joo to become Hana Financial chairman

Hana Financial Group's chairman nominee Ham Young-joo / Courtesy of Hana Financial GroupBy Lee Min-hyungHana Financial Group's chairman-nominee Ham Young-joo has overcome obstacles on his way to becoming the group's next leader as a local court acquitted him regarding the bank's recruitment processes.On Friday, the Seoul Western District Court found Ham not guilty of charges that he unfairly influenced Hana Bank's recruitment processes. The ruling enabled him get one step closer to becoming the next leader of Hana by replacing incumbent Chairman Kim Jung-tai, creating a clear path for him to possibly be promoted to the top post of the nation's third largest financial holding firm.Previously, Ham was indicted on charges of allegedly manipulating scores in the recruitment examination of Hana Bank by allegedly engaging in the recruitment process in 2015 and 2016. He was also charged with violating the gender equality law by setting the proportion of males and females at a ratio of 4 to 1 when hiring new employees in 2013 and 2016.However, Ham has strongly rejected the charges. The lende

Mar 11, 2022By Lee Min-hyung
Legal risk cleared for Ham Young-joo to become Hana Financial chairman

Samjong KPMG donates to help local wildfire victims and children in Ukraine

By Yoon Ja-youngSamjong KPMG has set its sights on helping residents of the country's east coast suffering from wildfires, as well as children in Ukraine threatened by war.Samjong KPMG CEO Kim Kyo-taeAccording to the country's top-tier accounting company, it donated 100 million ($81,400) won to Hope Bridge Korea Disaster Relief Association, a civil group aiming at helping victims of unexpected disasters. Samjong KPMG made the donation for victims of the wildfires on the east coast including in Uljin, North Gyeongsang Province and Samcheok, Gangwon Province. Due to the wildfires in the region that have lasted for a week as of March 10, hundreds of homes have been destroyed. The money will be spent to provide the wildfire victims with daily necessities, as well as operating a shelter for them. The donation will also help fund the reconstruction of their homes. The accounting firm also donated $50,000 to UNICEF, as an emergency relief for children and their families in Ukraine. The donation will provide Ukrainian children with therapeutic food to prevent malnutrition, on top of other re

Mar 10, 2022By Yoon Ja-young
Samjong KPMG donates to help local wildfire victims and children in Ukraine

Analysts split over future course of Samsung Electronics stocks

Samsung Electronics' sign in front of a company building / NewsisTech giant's stock price falls below 70,000 won By Anna J. Park Samsung Electronics shares are continuing their downward spiral, prompting retail investors to wonder if they should sell their stocks. Most analysts remain positive that the company's stock price could take off again in the second quarter, while others say a rebound isn't likely until the current global geopolitical risks are at least eased.The country's largest market cap company closed at 69,500 won, Tuesday, falling below 70,000 won ($56.60) and recording a 0.86 percent drop from the previous trading session. With both overseas and institutional investors net-selling, the stock price broke the 70,000 won mark for the first time since last November and is getting closer to its 52-week low of 68,300 won logged last October.As the global chip and mobile phone maker's stock price has been showing bearish patterns particularly since the fourth quarter of last year, the number of the firm's minor shareholders ― who own less than 1 percent of the firm's total

Mar 9, 2022By Anna J. Park
Analysts split over future course of Samsung Electronics stocks

Kookmin Bank to extend operating hours for 72 branches

KB Kookmin Bank headquarters in Seoul / Korea Times file By Yi Whan-wooKB Kookmin Bank will extend the operating hours for 72 of its retail banking branches nationwide by two extra hours to 6 p.m., the company said Tuesday.An estimated 900 branches of the bank have been operating from 9 a.m. to 4 p.m., largely as a consequence of the emergence of digital banking and the dwindling number of clients visiting branches.Asked why it decided to go against the current banking trend by extending the operating hours for the 72 branches, a KB Kookmin Bank told The Korea Times the decision was “to better serve the clients who still need offline banking services.”“This was a business model pursued by our new CEO before taking office,” a bank press officer explained, referring to CEO Lee Jae-keun who was promoted to the post in December 2021 after serving as the senior executive vice president.“The branches were carefully chosen after considering the demand from office workers,

Mar 8, 2022By Yi Whan-woo
Kookmin Bank to extend operating hours for 72 branches
previous page
298299300301302
next page

Most Read in Business