Business - The Korea Times

IMM Investment strengthens 'Agritech' biz portfolio

gettyimagesbankBy Lee Kyung-min IMM Investment Corp, a local venture capital investment firm, is strengthening its “Agritech” business portfolio by investing in a smart technology-enabled tomato producer in the United Arab Emirates (UAE) called Pure Harvest, widely known for its competitive product prices and stable distribution channels. A combination of agriculture and technology, the term “Agritech” refers to businesses run by firms that utilize advanced technologies in agriculture. The entire production process ― from cultivation to harvest, processing and distribution ― is part of the Agritech industry.The Korean investment firm is expected to model a value creation plan after Farm8, a Korean industry leader whose annual sales increased seven-fold from 10 billion won ($8 million) to 70 billion won in just seven years with an initial investment of 3 billion won.IMM decided to invest $50 million in Pure Harvest, a producer of locally grown tomatoes using high-tech greenhouses overcoming challenges unsuitable to a year-round harvest of tomatoes due to weathe

Nov 5, 2021By Lee Kyung-min

IMM Investment strengthens 'Agritech' biz portfolio

CEOs of major securities firms set to get terms extended

From left are Mirae Asset Securities Vice Chairman Choi Hyun-man, Korea Investment & Securities President Jung Il-mun, NH Investment & Securities CEO Chung Young-chae and KB Securities co-CEO Park Jeong-rim. YonhapBy Lee Min-hyungThe heads of the country's major securities firms are set to have their terms extended during a year-end reshuffle of top management on top of sound earnings performances.Mirae Asset Securities, the largest brokerage firm here by net profit, is expected to retain Vice Chairman Choi Hyun-man as its sole CEO after Kim Jae-sik, the former co-CEO of the firm, was recently nominated to head Mirae Asset Life Insurance.Choi has led the cash cow affiliate of Mirae Asset Financial Group since November 2016. As a founding member of the group, Choi will likely maintain his post in recognition of the securities arm's record profit. His tenure is supposed to end March 2022.The company's operating profit topped 1 trillion won in 2020, a first in the local securities industry. Mirae Asset Securities is expected to achieve similar earnings this year, which has raise

Nov 5, 2021By Lee Min-hyung

CEOs of major securities firms set to get terms extended

Hana Bank vows to cooperate with prosecutors over funds fiasco

A group of people demand a swift investigation into Hana Bank in a protest in front of Seoul Southern District Prosecutors' Office, Thursday. YonhapBy Lee Kyung-min Hana Bank, one of the country's leading commercial banks, said Friday it will cooperate with local prosecutors over the bank's alleged involvement in the “mis-selling” of investment funds.On Thursday, prosecutors launched an investigation into the bank over its alleged mis-selling of over 150 billion won ($126 million) in investment funds, in the latest development of the fiasco concerning what buyers say were fraudulent “financial products” irresponsibly sold by the lender. Hana is facing charges of fraud and violations of the Capital Markets Act. A team of investors and prosecutors with the Seoul Southern District Prosecutors' Office searched the headquarters of the bank in downtown Seoul, and seized documents related to the sales records of the funds in question. Hana bank is the second subsidiary of Hana Financial Group to come under investigation following Hana Financial Investment. The financ

Nov 5, 2021By Lee Kyung-min

Hana Bank vows to cooperate with prosecutors over funds fiasco

Shinhan chairman represents Asian financial firms at COP26

Shinhan Financial Group Chairman Cho Yong-byoung, second from right, talks with representatives from BlackRock, APG Asset Management and Legal & General Investment Management, during the Finance Day event of the 2021 U.N. Climate Change Conference in Glasgow, Wednesday (local time). Courtesy of Shinhan Financial GroupStrategies to reach carbon neutrality discussed with BlackRock, APG, LGIMBy Park Jae-hyukShinhan Financial Group Chairman Cho Yong-byoung became Asia's first private sector financial leader to deliver a speech at the U.N. Climate Change Conference.The chairman spoke in a session about the financial sector's low-carbon transition, alongside representatives from BlackRock, APG Asset Management and Legal & General Investment Management, during the Finance Day event of the COP26 in Glasgow, Wednesday (local time).He introduced Shinhan's “Zero Carbon Drive,” the first declaration on carbon neutrality by an East Asian financial company, to the attendees, including U.N. envoys and top executives from Allianz, HSBC and AXA.“I'm happy to say we motivated

Nov 4, 2021By Park Jae-hyuk

Shinhan chairman represents Asian financial firms at COP26

FSC eases regulation on financial firms' FDI

Financial Services Commission (FSC) chief Koh Seung-beom speaks during a press conference held on Oct. 26 at the government complex in Seoul. YonhapBy Anna J. ParkThe government is set to revise the country's financial law to ease regulations and procedural pressures on financial companies' overseas advancement. The Financial Services Commission (FSC), the country's top financial policy regulator, said the move came as the total size of Korea-headquartered financial companies' foreign direct investment (FDI) tripled during the past five years. FDI refers to when a financial firm either acquires more than 10 percent of a foreign-headquartered entity or sets up a regional office overseas. While the domestic financial companies' expansion into overseas markets has been on a growth trajectory over the last couple of years, the current regulation obligates financial firms to follow strict procedures, hindering efficient management of overseas business activities. The revision led by the FSC will eliminate financial companies' obligation to conduct a compulsory prior notification reporting

Nov 4, 2021By Anna J. Park

FSC eases regulation on financial firms' FDI

Korea Eximbank adopts IFC's impact management principles

Korea Eximbank CEO Bang Moon-kyu, left, holds the state-run bank's pledges to adopt the International Finance Corporation (IFC)'s impact investing principles with IFC First Senior Vice President Stephanie von Friedeburg, in Glasgow, Scotland, Tuesday. Courtesy of Korea EximbankBy Anna J. ParkThe Export-Import Bank of Korea (Korea Eximbank) became the first Korean signatory to the International Finance Corporation's (IFC) Operating Principles for Impact Management, as the state-run bank aims to improve its management of bonds and related assets that address environment, social and governance (ESG) criteria. A sister organization of the World Bank and a member of the World Bank Group, the IFC is the largest global development institution focused exclusively on encouraging the economic growth of private enterprises in developing countries.Korea Eximbank CEO Bang Moon-kyu met with IFC First Senior Vice President Stephanie von Friedeburg in Glasgow, Scotland, Tuesday (local time), on the sidelines of the 2021 United Nations Climate Change Conference (COP26), and delivered the state-run ba

Nov 3, 2021

Korea Eximbank adopts IFC's impact management principles

5 major banks' household loans grow at slower pace in Oct. amid tighter regulation

GettyimagesbankHousehold loans by major banks in South Korea grew at a slower pace in October from a month earlier as the government tightened its grip on lending, industry data showed Monday.The combined outstanding loans of five major banks, including KB Kookmin, Shinhan, Hana and Woori, came in at 706.33 trillion won (US$600.4 billion) as of end-October, up 3.44 trillion won from late September, according to the data by the banks. The growth slowed from a 4.07 trillion won on-month rise tallied in September.Their outstanding home-backed loans also expanded at a slower pace over the same period.The data showed that their combined mortgage loans stood at 501.22 trillion won at the end of October, up 3.8 trillion won from a month earlier. The increase compared with a 4 trillion won on-month rise registered in September. The slower pace of growth came as South Korea beefed up its regulation of household debt amid worries excessive lending could weigh on economic recovery. In the latest in a string of such measures, the government announced last week that it will enforce stricter lendi

Nov 2, 2021

5 major banks' household loans grow at slower pace in Oct. amid tighter regulation

Unison Capital partner to chair PEF lobby group

By Kim Hyun-binKim Soo-min, a partner at Unison Capital, has been appointed to head a leading private equity fund (PEF) lobby group. Previously, the post had been held by CEOs of large private equity firms, but the recent appointment is believed to be part of an effort to represent the stances of small and mid-size financial investment firms.Kim Soo-minAccording to investment banking circles, the PEF Association selected Kim Soo-min as its fifth chairman at a meeting last week. In 2013 when the association was launched, VIG Partners CEO Lee Jae-woo was appointed as the first chairman followed by MBK Partners CEO Kim Kwang-il, STIC CEO Kwak Dae-hwan and IMM PE CEO Kim Young-ho. Before being appointed, Kim served as an executive at the PEF Association in a bridging role between large investment firms and small to mid-size companies.Currently, the PEFA has around 50 members, which appears small compared to the 300 registered PEFs in the country. However, the 50 members' scale of operations takes up 80 percent of the market.“The revision of the Capital Market Act enforcement ordina

Nov 1, 2021By Kim Hyun-bin

Unison Capital partner to chair PEF lobby group

For green growth

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu, right, and Global Green Growth Institute (GGGI) Director-General Frank Rijsberman hold copies of a signed memorandum of understanding at the state lender's headquarters in Yeouido, Seoul, Oct. 29. The two will increase green investment business opportunities in renewables, urban transportation and recycling, and strengthen consulting for investment projects. Courtesy of Eximbank

Oct 31, 2021By Lee Kyung-min

Shinhan pledges to develop 'financial ESG' measurements

Shinhan Financial Group Deputy President Park Sung-hyun speaks during the 2021 Korea Times Global ESG Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Friday. Korea Times photo by Shim Hyun-chulBy Lee Min-hyungShinhan Financial Group has pledged to keep developing its measurement system for environmental, social and corporate governance (ESG) management to maximize its financial impact across society. Back in November 2019, the nation's top-tier financial holding firm developed what it called the Social Value Measurement Framework (SVMF) in partnership with Yonsei University.The company said it would continue to systemize the SVMF, so its affiliates can design their business strategies not just for reaping profits, but also for maximizing social value.“We have triple bottom lines when pursuing ESG, including eco-friendliness, co-prosperity and trust,” Shinhan Financial Group Deputy President Park Sung-hyun said during the 2021 Korea Times Global ESG Forum at the KCCI building in downtown Seoul, Friday.Under the three pillars, the company runs

Oct 29, 2021By Lee Min-hyung

Shinhan pledges to develop 'financial ESG' measurements

SK calls for the need to standardize ESG criteria

Banking & Finance