Business - The Korea Times

Eugene Investment opens up 'metaverse' branch

Eugene Investment's metaverse branch image, left, looks exactly like Champions Lounge, the brokerage's flagship wealth management center located in Nonhyeon-dong in southern Seoul. Courtesy of Eugene Investment & SecuritiesBy Anna J. ParkIn a move to strengthen communications with the so-called MZ generation, Eugene Investment & Securities has opened a virtual “metaverse” branch of its flagship “Champions Lounge” wealth management center located in southern Seoul's affluent Gangnam District. The metaverse branch brings an actual wealth management center to Zepetto, a metaverse-based digital platform. The virtual site mirrors the real wealth management center, as online visitors to the branch can view artworks displayed on the first floor. The displayed art pieces are works created by the firm's designers who have developmental disabilities. In September, the brokerage company hired nine designers with developmental disabilities, as part of the company's ESG-principled management efforts.Virtual characters view art displayed on the first floor of Eugene

Nov 26, 2021By Anna J. Park

Eugene Investment opens up 'metaverse' branch

Regulator backs life insurers' outreach in healthcare

Financial Supervisory Service (FSS) Governor Jeong Eun-bo, top row third from left, speaks during a meeting with CEOs of local insurance companies held at Millennium Hilton Seoul in central Seoul, Thursday. YonhapFinancial regulator urges insurers to strengthen internal control for consumer protection By Anna J. ParkIn a meeting, Financial Supervisory Service (FSS) Governor Jeong Eun-bo urged leaders of the country's life insurers to raise their level of consumer protection, while stressing the need to seize opportunities to further expand the market with fast-changing technological developments.During their talks held at the Millennium Hilton Seoul, Thursday, Jeong called on the insurers to respond swiftly to global economic uncertainties and the increasing level of housing debt, as well as fiercer competition with big-tech companies encroaching on the insurance market. “The FSS will conduct preliminary inspections on insurers which are vulnerable to system risks, while it induces stronger voluntary internal controls for insurance companies that have little system risk concern

Nov 25, 2021By Anna J. Park

Regulator backs life insurers' outreach in healthcare

JB Financial launches platform integrating data across affiliates

JB Financial Group's headquarters in Jeonju, North Jeolla Province / Korea Times fileBy Yi Whan-wooJB Financial Group said Thursday that it has launched a platform that integrates data from all of its affiliates, becoming the country's first banking group to bring together clusters of data that had been managed by individual lending units.The group said the so-called “Data Hub” was made possible by using cloud computing technology that it developed on its own. The company has been pushing to build a comprehensive banking platform to cope with the accelerated digital transformation in the banking industry.The big data platform stores financial and other relevant data compiled by Jeonbuk Bank, Kwangju Bank, JB Woori Capital and other units.The units accordingly can get access to customer data that had been scattered across various places both online and offline, for analysis purposes and to generate business strategies.“It is believed that the data platform will allow the data to be processed up to 56 times faster than now,” a JB Financial Group staff member sai

Nov 25, 2021By Yi Whan-woo

JB Financial launches platform integrating data across affiliates

Korea Eximbank holds first ESG committee meeting

The Export-Import Bank of Korea (Korea Eximbank) held its first ESG committee meeting at the headquarters of the bank on Yeouido, Seoul, Wednesday. The ESG committee is led by Committee Chair Tammy Chung, third from left, who stands next to Korea Eximbank President Bang Moon-kyu, fourth from left. Courtesy of Korea EximbankBy Anna J. ParkIn an effort to accelerate ESG-principled sustainable management, the Export-Import Bank of Korea (Korea Eximbank) held its first ESG committee meeting on Wednesday at the bank's headquarters on Yeouido, led by Committee Chair Tammy Chung, a business administration professor at Myongji University.Chung is expected to supervise and direct both the state-run bank's internal and external activities designed to achieve its environmental, social and corporate governance goals and visions. “In the past, a company's financial factors and short-term performances were significant. Yet now, companies require new management that considers non-financial factors like environmental, social and corporate governance elements to achieve sustainable development,

Nov 25, 2021

Korea Eximbank holds first ESG committee meeting

Naver Financial set to replace scandal-ridden CEO

Naver Financial CEO Choi In-hyuk / Courtesy of NaverBy Park Jae-hyukNaver Financial CEO Choi In-hyuk, who is being held morally responsible for the death of a Naver programmer who killed himself in May after suffering from workplace harassment, will be relieved from the position in the fintech firm's forthcoming executive reshuffle, according to sources and media reports, Wednesday.Although a Naver Financial spokesperson said that nothing has been decided yet, sources familiar with this issue have said that Naver Chief Financial Officer (CFO) Park Sang-jin will succeed Choi, given that Naver recently appointed Kim Nam-sun as the new Naver CFO, who will take the positon in March of next year.Park has already served as an executive director of Naver Financial. He is expected to start leading the company from March of next year, after finishing the process of transferring his duties to the new Naver CFO.The incumbent Naver Financial CEO was initially expected to resign in June, when he was suspended from his duties as the Naver chief operating officer (COO) in compliance with the recomm

Nov 24, 2021By Park Jae-hyuk

Naver Financial set to replace scandal-ridden CEO

Financial regulators inspect Celltrion for alleged accounting fraud

Celltrion's logo / Courtesy of CelltrionBy Anna J. ParkThe Financial Services Commission (FSC) is now looking at the results of a nearly three-year investigation by the Financial Supervisory Service (FSS) into alleged accounting fraud by Celltrion. The FSS began investigating the biopharmaceutical company in 2019 after three-term ruling Democratic Party of Korea (DPK) lawmaker Lee Hack-young alleged, during a National Assembly annual audit in October 2018, that it had been cooking its books.As the probe has now been completed, the FSS handed its findings to the FSC, the country's top financial policy regulator and its supervisory agency, for further deliberation. Although there is a possibility that the FSC may overturn the FSS's inspection results, investors thought this unlikely and went on a selling spree. As a result, the share prices of Celltrion, Celltrion Healthcare and Celltrion Pharm all plunged during Tuesday's trading ― logging falls of 6 percent, 5.58 percent and 5.9 percent, respectively.Officials at both the FSC and FSS declined to comment on the investigation, saying t

Nov 23, 2021By Anna J. Park

Financial regulators inspect Celltrion for alleged accounting fraud

FSS chief meets with CEOs of top brokerages

Financial Supervisory Service (FSS) Governor Jeong Eun-bo, fifth from left, holds a meeting with CEOs of local brokerage firms, at the Kensington Hotel in Seoul's financial district of Yeouido, Tuesday. During the meeting, he urged the CEOs to put priority on consumer protection, stable operations as well as savvy risk management amid growing global uncertainties. The FSS chief also called for voluntary inspections and risk management on the part of securities firms, as their presence in the finance industry is becoming central. From left, Samsung Securities CEO Seok-hoon, Kyobo Securities CEO Lee Seok-ki, Eugene Investment & Securities CEO Koh Kyeong-mo, Korea Financial Investment Association (KOFIA) Chairman Na Jai-chel, FSS Governor Jeong, Mirae Asset Securities Executive Vice Chairman Choi Hyun-man, Korea Investment & Securities CEO Jung Il-mun, Korea Asset Investment Securities CEO Kee Dong-ho and IBK Securities CEO Suh Byung-ki. Courtesy of FSS

Nov 23, 2021By Anna J. Park

FSS chief meets with CEOs of top brokerages

Woori Financial Group finally 'privatized' after 23 years

Woori Financial Group headquarters in central Seoul / Courtesy of Woori Financial Group Five entities take over KDIC's 9.3 percent stake in Woori Financial GroupBy Anna J. ParkThe state-run Korea Deposit Insurance Corporation (KDIC) announced Monday that it had selected five firms to buy nearly 10 percent of its shares in Woori Financial Group. The five are Eugene Private Equity, KTB Asset Management, the Align Partners Consortium, Dunamu and the Woori Employee Stock Ownership Union. With the stake purchase, Woori Financial Group will be fully privatized ― under Korean law ― 24 years after it received 12.8 trillion won in government funding shortly after the 1997 Asian financial crisis.According to the Financial Services Commission (FSC), the country's top financial policy regulator, and the KDIC, the latter will sell 9.3 percent of its shares in Woori Financial ― 4 percent to Eugene Private Equity, 2.3 percent to KTB Asset Management, and 1 percent each to Align Pa

Nov 22, 2021By Anna J. Park

Woori Financial Group finally 'privatized' after 23 years

Citi vows to continue contributing to Korean economy

Citibank Korea headquarters in Seoul / Courtesy of Citibank KoreaBy Park Jae-hyukCitibank Korea will continue contributing to Korea's economy and financial development, as it has done over the past half century, Citigroup said Monday.The U.S. financial giant emphasized that its Korean subsidiary's performance and capabilities were irrelevant to its April announcement about the closure of its consumer banking operations in 13 markets, including Korea's.The group explained that the decision was intended to enhance its global competitiveness and to streamline its businesses in the long run. It vowed to review and implement optimal plans for customers and employees in Korea, reorganizing and strengthening its corporate banking business here. “Since Citigroup opened its first branch in Korea in 1967 and launched Citibank Korea in 2004, it has been convincingly committed to Korea over the past 50 years,” a Citibank Korea official said. “As a trusted financial partner, we intend to make further contributions to the growth and development of Korean society through long-term

Nov 22, 2021

Citi vows to continue contributing to Korean economy

Securities firms' robust Q3 profit increases rely on investment banking

gettyimagesbankBy Anna J. ParkWhile major securities firms successfully exceeded the 1 trillion won ($840 billion) mark in their accumulative operational profits until the end of the third quarter of this year, the investment banking (IB) sector turned out to have led the growth of their quarterly profits in the third quarter.Most securities firms recorded a fall in their brokerage commissions, as the entire amount of stock trading transactions has declined lately, compared to the market boom early this year. For instance, NH Investment's third quarter profit from brokerage commissions stood at 152 billion won, a 10.58-percent reduction from the previous quarter. Samsung Securities raked 204 billion won in the third quarter in brokerage fees, which is a 7.1-percent fall from the second quarter. Mirae Asset Securities and Korea Investment also each logged a decline of 4.1 percent and 1.4 percent in their brokerage commission profits, respectively, compared to the second quarter. However, their third quarter performances fared well despite the fall in the brokerage commission, as profi

Nov 21, 2021By Anna J. Park

Banking & Finance