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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.

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
For green growth

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

Photos Korea Times Global ESG Forum

Distinguished VIP guests pose before the beginning of the 2021 Korea Times Global ESG Forum held at the Grand Hall of the Korea Chamber of Commerce and Industry (KCCI) headquarters in downtown Seoul, Friday. From left in the front row: BlackRock Korea Head and Managing Director Choi Man-yeon, McKinsey & Company Senior Partner Richard Lee, SK SUPEX Council President Lee Hyung-hee, Woori Financial Group Chairman Son Tae-seung, Korea Times Chairman Seung Myung-ho, Financial Supervisory Service Governor Jeong Eun-bo, Korea Investment Corp. Chairman Jin Seoung-ho, American Chamber of Commerce in Korea Chairman James Kim and Hankook Ilbo President Lee Young-sung. From left in the second row: Mirae Asset Global Investments President Seo Yoo-seok, Citibank Korea CEO Yoo Myung-soon, Shinhan Bank CEO Jin Ok-dong, KB Kookmin Bank CEO Heo In, Hana Bank CEO Park Sung-ho, French Korean Chamber of Commerce and Industry Chairman David-Pierre Jalicon and Korea Times President-Publisher Oh Young-jin. From left in the back row: National Pension Service (NPS) Global Responsible Investment & Gove

Oct 29, 2021By Anna J. Park
[Photos] Korea Times Global ESG Forum
  • Korea Times forum proposes global investors' ESG principles

Moody's warns Citibank Korea about credit risks

Citibank Korea's headquarters in Seoul / Courtesy of Citibank KoreaRuling party supports union's protest against exit planBy Park Jae-hyukMoody's Investors Service hinted that it may downgrade Citibank Korea's credit rating, saying it regards problems with employee relations arising from the bank's phased closure of its consumer banking unit here as a “social risk.” “Korea has strict labor laws and regulatory guidelines that could bring about high costs and significant time needed for Citibank Korea to execute its restructuring,” Moody's Vice President Ok Tae-jong said in report. “This, in turn, will affect the bank's credit quality, including its capitalization and profitability.”The credit ratings agency plans to focus on the bank's management of any issues that could arise with the union, when considering downgrading the A1 deposit rating and a3 baseline credit assessment of Citibank Korea.Its outlook for the U.S. bank's local subsidiary is in stark contrast to another global credit ratings agency, S&P Global Ratings, which reaffirmed Citiba

Oct 29, 2021By Park Jae-hyuk
Moody's warns Citibank Korea about credit risks

Korea Investment Corp. committed to setting world's counter-climate change model

Korea Investment Corp. (KIC) Chairman and CEO Jin Seoung-ho delivers a keynote speech 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-chulSovereign wealth fund chief promises ESG investing will not end up losing returnsBy Yi Whan-wooKorea Investment Corp. (KIC) is committed to setting its countermeasures against investment risks caused by climate change as a global model for institutional investors, KIC Chairman and CEO Jin Seoung-ho said, Friday. In his keynote speech during the 2021 Korea Times Global ESG Forum at the Korea Chamber of Commerce and Industry (KCCI) building in Seoul, Jin also said the KIC, Korea's sole sovereign wealth fund, will spare no efforts to show that observing environmental, social and corporate governance (ESG) principles will not end up hurting returns. The commitment addressed by Jin comes as the KIC pushes to build up its leading role among domestic institutional investors in expanding ESG investing.ESG investing is a form of investment based on th

Oct 29, 2021By Yi Whan-woo
Korea Investment Corp. committed to setting world's counter-climate change model
  • Korea Times forum proposes global investors' ESG principles

Watchdogs' intervention on Citibank Korea comes under fire

Citibank Korea's head office in Seoul. YonhapBy Lee Min-hyungThe country's financial watchdogs are coming under fire for their moves to actively intervene in the process of Citibank Korea's phased shutdown of its retail banking operation.The Financial Services Commission (FSC), the country's top financial policy regulator, responded quickly to the lender's announcement that it would halt its consumer banking services. After the announcement, the FSC immediately ordered the lender to submit specific plans to guarantee customer protection before taking steps for the shutdown.But industry sources said it is already too late for the authority to manage the fallout from the Korean subsidiary of the U.S. banking group's decision.“It is questionable whether the authorities have remained active in helping Citibank find a middle ground during the past six months before the lender made the decision,” an industry source said, Wednesday. “Even if the authority shared its plan recently to thoroughly monitor whether Citibank Korea takes steps to protect customers, the lender's em

Oct 27, 2021By Lee Min-hyung
Watchdogs' intervention on Citibank Korea comes under fire
  • S&P defends Citibank Korea from skeptical local agencies

S&P defends Citibank Korea from skeptical local agencies

Citibank Korea's main branch in Seoul is seen in this April file photo. YonhapBank's exit plan increases likelihood of credit-rating downgradesBy Park Jae-hyukS&P Global Ratings has sided with Citibank Korea against Korea Investors Service (KIS), Korea Ratings (KR) and NICE Investors Service, all of which expressed skepticism over the U.S. bank's operation in Korea, after Monday's announcement of its decision for a phased closure of its consumer banking unit here without selling it.On Tuesday afternoon, S&P reiterated Citibank Korea will keep serving as a “highly strategic” subsidiary of Citigroup's global business, despite the latest exit plan.The New York-headquartered ratings agency also reaffirmed Citibank Korea's long-term issuer default rating at “A” with a stable outlook, as it did when Citigroup announced its plan to exit from consumer banking in 13 countries in April.Recognizing Citibank Korea for displaying a high level of profitability in the corporate banking sector, S&P said that the shutdown of its consumer banking operation will have

Oct 27, 2021By Park Jae-hyuk
S&P defends Citibank Korea from skeptical local agencies
  • Watchdogs' intervention on Citibank Korea comes under fire

Shinhan Bank opens inside GS25

Shinhan Bank CEO Jin Ok-dong, right, talks with GS Retail Vice Chairman Huh Yeon-soo, left, and Gangwon Province Governor Choi Moon-soon on the bank's “metaverse” platform, Tuesday, as the bank opened its branch inside a GS25 convenience store in Jeongseon, Gangwon Province, to improve access to financial services. Courtesy of Shinhan Bank

Oct 27, 2021By Park Jae-hyuk
Shinhan Bank opens inside GS25

JB Financial Group posts record net profit until Q3

By Anna J. ParkJB Financial Group logged a quarterly net profit of 134 billion won ($114 million) in the third quarter, which is a 21.9-percent increase from the same period last year.According to the group's online earnings announcement on Tuesday afternoon, JB Financial posted a cumulative net profit of 412.4 billion won so far this year, which is an all-time high level. The cumulative net profit showed a year-on-year increase of 38.3 percent. In terms of return on equity (ROE) and return on asset (ROA), the group recorded 14.1 percent and 1.05 percent, respectively, proving the industry's top level in profitability. The group's cost-income-ratio (CIR), which represents management efficiency, also stood at 42.3 percent, the highest ever, amidst ongoing financial uncertainties during the prolonged pandemic era. By subsidiaries, Jeonbuk Bank posted a cumulative net profit of 119.5 billion won during the first three quarters of this year, which is a year-on-year 31.7-percent increase. Kwangju Bank logged a cumulative revenue of 163.3 billion won during the three quarters, which is an

Oct 26, 2021By Anna J. Park
JB Financial Group posts record net profit until Q3

Sookmyung Women's University to construct 'metaverse' campus

Participants in a memorandum of understanding signing ceremony for the construction of Sookmyung Women's University's “metaverse” campus pose at the university in Seoul, Monday. From the right are Shinhan Bank's digital group chief Jun Pil-hwan, Sookmyung Women's University President Chang Yun-keum, LG Uplus CEO Hwang Hyeon-sik and Mammo6 CEO Yoo Chul-ho. Shinhan Bank said Tuesday that the three companies agreed to help the university hold its campus festival next month via virtual reality. Courtesy of Shinhan Bank

Oct 26, 2021By Park Jae-hyuk
Sookmyung Women's University to construct 'metaverse' campus
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