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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.

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

Strategic alliance

Avatars of officials of Shinhan Bank, Shinhan Capital and software developer Galaxy Corp. pose for a photo on the metaverse, a virtual platform, after signing a memorandum of understanding on a strategic business alliance to enhance their brand value among the younger generations, Oct. 14. Courtesy of Shinhan Bank

Oct 17, 2021By Lee Kyung-min
Strategic alliance

Cigna faces backlash for selling LINA to Chubb

LINA Korea's headquarters in Seoul / Courtesy of LINA KoreaBy Park Jae-hyukCigna is facing intensifying protest from LINA Korea's executives and employees for its recent decision to sell the life insurer to Chubb, which has Ace Insurance and Chubb Life Korea as its Korean operations.“Cigna denied rumors several times about its sale of LINA, expressing its intention to continue managing the Korean operation through the announcement of a plan to set up a digital non-life insurance company here,” LINA executives said in a statement, Thursday. “However, it abruptly notified its unilateral decision.”The executives criticized the U.S. headquarters for not listening to LINA employees about its decision on the amount of bonuses to be paid in compensation for the sale.“Cigna has yet to inform us of the specifics of the bonuses, welfare and our status after the sale,” a LINA employee told The Korea Times, Friday. “We organized a council to talk with the U.S. headquarters.”He added that the employees will form a union if they fail to reach an agre

Oct 16, 2021By Park Jae-hyuk
Cigna faces backlash for selling LINA to Chubb

KDB grilled over validity of selling DSME, Daewoo E&C, Asiana

Korea Development Bank Chairman Lee Dong-gull speaks during the National Assembly audit in Seoul, Friday. Joint Press CorpsBy Park Jae-hyukLawmakers peppered Korea Development Bank (KDB) Chairman Lee Dong-gull with questions about the validity of the state-run lender's ongoing attempts to dispose of financially vulnerable companies in key industries. During the National Assembly audit of the bank, Friday, Rep. Park Yong-jin of the ruling Democratic Party of Korea (DPK) suggested KDB consider alternatives to its plan to sell Daewoo Shipbuilding & Marine Engineering (DSME) to Hyundai Heavy Industries (HHI). He proposed selling DSME shares to the public or forming a council to discuss ways to foster the country's shipbuilding industry.Lee, however, rejected the proposal, saying that KDB should prioritize selling DSME to HHI at this moment, given that DSME is still facing huge losses, despite a temporary increase in shipbuilding orders of late.The lawmaker also asked the KDB chairman to provide proof backing up his previous remarks that the DSME union protesting the acquisition deal

Oct 15, 2021By Park Jae-hyuk
KDB grilled over validity of selling DSME, Daewoo E&C, Asiana

Hefty Q3 profits forecast for major banks

gettyimagesbank By Anna J. ParkMajor Korean banks are expected to log solid profits for the third quarter, due mainly to an increase in loans amid rising interest rates.The rising interest rate trend is expected to benefit the bottom lines of domestic banks until next year, despite the government's strengthened regulations on lenders to curtail loans. The increase in loans could slow down during the fourth quarter due to government pressure, but the operating profit outlook for banks during the fourth quarter and next year remain rosy. According to the latest statistics released by the Bank of Korea (BOK) earlier this week, the total amount of household loans extended by local banks at the end of September reached 1,050 trillion won ($890 billion), which is up more than 6.5 trillion won from a month earlier. The total amount of household loans extended by banks during the third quarter rose more than 22 trillion won, which is nearly 10 percent higher than the 20.9 tr

Oct 15, 2021By Anna J. Park
Hefty Q3 profits forecast for major banks

Pan Ocean eyes stake in Woori Financial Group

Woori Financial Group headquarters in central Seoul / Korea Times fileStock sell-off to help privatization of banking group for first time in 23 yearsBy Yi Whan-wooPan Ocean, the bulk carrier arm of Harim Group, is seeking to acquire up to a 10 percent stake in Woori Financial Group, industry sources said Thursday.While Harim Group remained mum on the matter, its interest in Woori Financial Group is believed to be aimed at obtaining steady dividends as the U.S. Federal Reserve and central banks in other countries are set to increase their key interest rates, which is a plus factor in terms of strengthening the bottom lines of banks. Additionally, stock market analysts say Woori Financial Group's stock is undervalued.Harim started as a small chicken farm, rising to become a major business conglomerate via sizable acquisitions. Its cash-cow affiliate Pan Ocean attempted to acquire the country's low-cost carrier Eastar Jet earlier this year.“The banking sector is anticipated to boost profits from the increased interest rate and Woori Financial Group will not be an exception,&rdquo

Oct 14, 2021By Yi Whan-woo
Pan Ocean eyes stake in Woori Financial Group

J.P. Morgan sets up new business unit for midcap companies

Ex-Standard Chartered Bank Korea executive to head CCBSI unitBy Yi Whan-wooJ.P. Morgan said Thursday it launched a new business unit, Corporate Client Banking and Specialized Industries (CCBSI), in Korea to offer midcap companies access to leading financial services, a strong global network and market expertise.Min Kim, former divisional head of International Corporates at Standard Chartered Bank Korea / YonhapThe unit comes as part of the American investment bank's strategy to increase its “footprint outside of the United States” in commercial banking and cater to midcap companies in targeted countries.Korea will be the 19th country to host the CCBSI unit. The unit will be led by Min Kim, a banking expert with more than 20 years of experience, including the last four years as the divisional head of international companies at Standard Chartered Bank Korea.Kim and his team will be tasked with supporting clients' needs for treasury management, credit and investment banking needs.“Korea is a very important market. We've been in Korea for more than 50 years and have dee

Oct 14, 2021By Yi Whan-woo
J.P. Morgan sets up new business unit for midcap companies

Woori employees donate blood for children with cancer

Woori Financial Group Vice President Choi Dong-soo, left, poses with Korea Childhood Leukemia Foundation Secretary General Seo Sun-won after presenting blood donation cards from the group's employees, at the foundation's headquarters in northern Seoul, Wednesday. Courtesy of Woori Financial GroupBy Kim Bo-eunWoori Financial Group said Thursday that it donated 500 blood donation cards to the Korea Childhood Leukemia Foundation. Woori group's vice president Choi Dong-soo delivered the donation cards to the foundation's chief, Seo Sun-won, at a ceremony at the foundation's headquarters in northern Seoul, Wednesday.Donation cards can be used at medical institutions to receive blood transfusions free of charge. The donation cards will be used for children battling cancer and rare incurable diseases.Woori group said that the cards were provided by employees on a voluntary basis. The financial group has been campaigning to encourage employees to donate blood amid a dire lack of blood at hospitals due to the COVID-19 pandemic.Blood banks at hospitals are virtually empty because of the lack o

Oct 14, 2021By Kim Bo-eun
Woori employees donate blood for children with cancer

BNK, JB, DGB increase reliance on Naver, Kakao

gettyimagesbankRegional banks becoming too dependent on online platformsBy Park Jae-hyukConcerns are rising over the growing reliance of BNK, JB and DGB financial groups on Naver Financial, Kakao Pay and Toss, which could eventually lead the regional banks to become overly dependent on the online platforms.Critics point out the regional banks are paying large sums of commissions to the platform operators, which could end up costing their customers money.“Their excessive commission payments will eventually be passed on to their consumers,” Financial Economy Institute researcher Kang Da-yeon said. Major commercial banks based in Seoul have also taken issue with the alliances formed between regional banks and fintech firms, saying the trend could weaken efforts by conventional banks to gain a competitive edge over platform operators in the financial industry.The Seoul-based commercial banks refused in August to use refinancing platforms operated by Naver and Kakao, while the regional banks welcomed those platforms hoping to expand their reach across the country.The commercia

Oct 14, 2021By Park Jae-hyuk

ANALYSIS Hana faces widening foreign exchange losses

KB, Woori to suffer less impact from won's sharp depreciation By Lee Min-hyungThe sharp weakening of the won against the dollar is dealing an unexpected blow to Hana Financial Group. The Korean lender's foreign exchange losses are expected to widen during the third quarter as a result of the strengthening dollar.In order for a parent company to figure out accounting gains and losses of its overseas subsidiaries, their financial statements using foreign currencies must be converted to the head office's reporting currency.This process, called “foreign currency translation,” is done using the current exchange rate. So when the won strengthens in value against the dollar, companies usually report foreign currency translation gains, and when the won weakens, their foreign currency translations show losses.Hana Financial Group, the nation's third-largest financial holding firm by market capitalization, reported 149.3 billion won ($125 million) in foreign exchange gains during the fourth quarter of last year when t

Oct 13, 2021By Lee Min-hyung
[ANALYSIS] Hana faces widening foreign exchange losses
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