my timesThe Korea Times
Business

Banking & Finance

Kakao Pay affirms trust in AliPay

Kakao Pay CEO Ryu Young-jun answers questions during an online press conference, Monday in Seoul. YonhapBy Kim Yoo-chulA top executive at Kakao Pay dismissed concerns that its share price could suffer from imminent market overhang as its No. 2 stakeholder, China's AliPay, won't unload its stakes held in the Korean company.“I am not 100 percent sure about our shareholders. However, since the very beginning, AliPay has cooperated with Kakao Pay on multiple fronts as a strategic investor. We don't think AliPay will unload its holdings in Kakao Pay after the initial public offering (IPO). Therefore, the tradeable share volume will be limited. There will not be an overhang issue,” Kakao Pay CEO Ryu Young-jun said in an online press conference, Monday.Investors' primary focus is on how much stock volume owned by AliPay will be unloaded after the IPO as the Chinese giant owns 37.2 million shares, or 28.47 percent of Kakao Pay. AliPay is an online payment platform currently operated by China's Ant Financial.Regarding the specifics of its business expansion plans beyond the Korean

Oct 25, 2021By Kim Yoo-chul
Kakao Pay affirms trust in AliPay

Citibank Korea confirms shutdown of retail banking operations

Employees of Citibank Korea sit behind a counter at the company's head office in Seoul in this file photo taken on April 19. YonhapCitibank accepts voluntary retirement amid phased shutdownBy Lee Min-hyungCitibank Korea CEO Yoo Myung-soonCitibank Korea decided Monday to carry out a phased shutdown of its consumer banking operations after failing to find a buyer for the division.Until recently, the Korean subsidiary of Citigroup left open the possibility of selling off the division to a potential buyer, but its board confirmed Friday the decision to close down the consumer banking operations here in phases.“We have held enough discussions on a number of proposals from potential buyers, but decided to conduct a phased shutdown of our retail banking business due to realistic constraints,” the company said in a statement.Citibank Korea said it would accept voluntary retirement applications from its employees and pledged to guarantee jobs for those who want to continue working at the lender by shifting them to other divisions.“We are going to thoroughly abide by relevant

Oct 25, 2021By Lee Min-hyung
Citibank Korea confirms shutdown of retail banking operations

Citibank Korea announces plan to close retail banking services

Citibank Korea headquarters in Seoul / YonhapCitibank Korea Inc., the Korean unit of U.S. banking giant Citigroup, said Monday it will close its retail banking services "in phases" after more than three decades.The move to pull out from consumer banking in South Korea came six months after Citigroup said that it will exit consumer banking operations in 13 markets, including South Korea, as part of its global business reorganization.On Friday, Citibank Korea's board of directors "approved to wind down Citi's consumer banking business in Korea, as part of the bank's global strategy refresh announced on April 15." Citibank Korea said in a press release, adding it made the decision after a comprehensive review of all offers.Citibank Korea, which began retail banking services in 1986, said that it will carry out a voluntary retirement program for its employees in consultation with the local union, while pushing to reassign those who have worked in the soon-to-be-closed service area to other fields.The bank will also plan to minimize any inconveniences for customers through close coordinat

Oct 25, 2021
Citibank Korea announces plan to close retail banking services

Shinhan prompts KB, Hana to consider quarterly dividends

gettyimagesbankBy Park Jae-hyukKB and Hana financial groups started considering paying quarterly dividends to their shareholders, in an apparent attempt to prevent an exodus of investors to Shinhan Financial Group, which plans to offer dividends in the third quarter, becoming the nation's first banking group to do so.“Shinhan is likely to pay dividends for the third quarter of this year,” Hana Chief Financial Officer (CFO) Lee Hoo-seung said during Friday's conference call. “Its quarterly dividend policy seems to be stabilizing, so we are considering revising our articles of association to pay quarterly dividends.”Hana has paid half-yearly dividends to its shareholders every year since it launched a holding company structure in 2005. However, its articles of association have yet to allow the lender to pay quarterly dividends.KB has signaled the possibility of the group paying quarterly dividends regularly starting next year.“Considering the trend of global financial institutions and feedback from our shareholders, we will make a shareholder-friendly deci

Oct 24, 2021By Park Jae-hyuk
Shinhan prompts KB, Hana to consider quarterly dividends

Woori Financial upgrades joint cloud platform to accelerate digital transformation

The signs of Woori Financial Group and Woori Bank outside of the headquarters of Woori Financial Group in central Seoul / Courtesy of Woori Financial GroupBy Anna J. ParkWoori Financial Group is emphasizing the strengthening of its cloud platform to facilitate its digital innovation, according to the financial group, Sunday. Woori said that it is upgrading the cloud platform to manage its IT resources and data more efficiently, and better equip itself with the latest digital technologies, such as artificial intelligence, big data and blockchainThe platform, which was launched earlier this year, is jointly used by the group's various subsidiaries, and it is a “must” required for accelerating the financial companies' business development in providing IT-based services. The group plans thus to upgrade its cloud system to satisfy diverse business needs by expanding it into a hybrid system. The driving force behind the group's focus on cloud system innovation is group Chairman Son Tae-seung. “The group will carry out the upgrade of its cloud system in a speedy manner, in

Oct 24, 2021By Anna J. Park
Woori Financial upgrades joint cloud platform to accelerate digital transformation

Citi to shut Korea's retail banking without sell-off

Citibank Korea's main branch in Seoul is seen in this April file photo. YonhapDetails about divestment to be announced MondayBy Park Jae-hyukCitibank Korea's management informed its board of directors Friday that attempts to unload the consumer banking unit here had failed, leaving the U.S. headquarters with no alternative but to shut the unit down without selling it, according to industry sources and media reports, Sunday.The bank will announce the specifics about its exit plan through a statement to be issued Monday, after notifying its employees of the decision.“We have yet to be informed of the result of Friday's board meeting, because it finished several hours after it started at 5 p.m.,” a Citibank Korea spokesperson said.The financial authorities are said to have already been notified of the bank's decision to phase out its retail banking operation here without selling it to another financial firm.Financial Services Commission (FSC) Chairman Koh Seung-beom said at a National Assembly audit Thursday that the commission would ascertain whether a phased liquidation of

Oct 24, 2021By Park Jae-hyuk
Citi to shut Korea's retail banking without sell-off

Leaders of KB, Woori set to see terms extended based on solid earnings

From left are KB Kookmin Bank CEO Hur Yin and Woori Bank CEO Kwon Kwang-seok. Courtesy of each firm By Lee Min-hyungThe leaders of KB Kookmin Bank and Woori Bank are expected to have their terms extended after driving solid earnings growth despite the prolonged shock of the COVID-19 pandemic.KB Kookmin Bank CEO Hur Yin's tenure is over at the end of 2021. He was named head of the country's leading commercial bank in late 2017. The banking industry expects his leadership to be extended for another year in recognition of his stable corporate management.KB Kookmin Bank secured leading bank status in 2020 after surpassing Shinhan Bank in annual net profit.The KB subsidiary is also on track to continue its winning streak this year. The bank reported 777.7 billion won ($660.42 million) in third-quarter net profits, up 22.3 percent from the previous year. This increase was driven by growth in its net interest margin and increased commissions from its investment banking bus

Oct 22, 2021By Lee Min-hyung
Leaders of KB, Woori set to see terms extended based on solid earnings

KB Kookmin buys additional 30% stake in Cambodian microfinance unit

KB Kookmin Bank headquarters in Seoul / Courtesy of KB Kookmin BankMajor South Korean lender KB Kookmin Bank said Wednesday it has acquired an additional 30 percent stake in its Cambodian microfinance unit.The stake purchase came after KB Kookmin took over a 70 percent stake in Prasac Microfinance Institution Ltd. in Cambodia for $603 million in April 2020.With the latest deal, KB Kookmin now has full control over Prasac, the leading microfinance company in the Southeast Asian country with a market share of 44.6 percent.In 2020, Prasac with a network of 180 branches registered a net profit of $109 million, up 5 percent from the previous year.A KB Kookmin official said KB Kookmin will convert Prasac into a commercial lender, which will emerge as a leading bank in Cambodia and a foothold for KB's business expansion in Southeast Asia.KB Kookmin is the flagship of KB Financial Group that has been setting its sights on overseas markets amid declining margins due to low interest rates and tough competition in the nearly saturated domestic market.In 2018, KB Financial invested 114 billion w

Oct 20, 2021
KB Kookmin buys additional 30% stake in Cambodian microfinance unit

Shinhan outruns rivals in resuming investor roadshows abroad

Shinhan Financial Group Chairman Cho Yong-byoung, left, poses with Nigel Topping, the U.K.'s high-level champion for climate action, at the 26th U.N. Climate Change Conference (COP26), at Shinhan headquarters in Seoul, Sept. 14. Courtesy of Shinhan Financial GroupBy Park Jae-hyukShinhan Financial Group Chairman Cho Yong-byoung will resume his overseas business trips next week, while the leaders of other financial holding companies here remain cautious about going abroad during the COVID-19 pandemic.This is the first time for him to travel abroad for business, since his attendance at the IMF's annual meeting in Washington, D.C., in October 2019.The main purpose of his forthcoming trip is to introduce Shinhan's strategies for net-zero emissions to the participants of the 26th U.N. Climate Change Conference (COP26) Finance Day event that will be held Nov. 3 in Glasgow, Scotland, following a two-day meeting of political leaders worldwide.Nigel Topping, the U.K.'s high-level champion for climate action at COP26, met the Shinhan chairman in Seoul last month and invited him to the Finance D

Oct 19, 2021By Park Jae-hyuk
Shinhan outruns rivals in resuming investor roadshows abroad
previous page
322323324325326
next page

Most Read in Business