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Banking & Finance

NH NongHyup Bank opens first London office

NH NongHyup Bank CEO Kwon Jun-hak, front, is responding to congratulatory message by South Korean Ambassador to the U.K. Kim Gunn, behind Kwon, who participated in the bank's opening of its London branch, Thursday. Courtesy of NH Nonghyup BankBy Kim Yoo-chulNH NongHyup Bank, one of the country's leading banks, has opened its first office in London, the bank said Thursday.The establishment of its London branch follows recent decisions by NH's domestic peers to maintain each of their London operations despite the United Kingdom's withdrawal from the European Union, as the former EU member is still the world's largest center for cross-border banking.“The opening of NH's London office demonstrates the bank's zeal to expand business territories beyond the Korean Peninsula. In terms of its significance, the London office will have the same authority as our New York and Hong Kong offices,” the bank's CEO Kwon Jun-hak was quoted as saying in a statement.Regarding the specific roles NH's Seoul headquarters will assign to its London office, bank officials declined to comment. But a

Aug 12, 2021By Kim Yoo-chul
NH NongHyup Bank opens first London office

For more finance jobs

Financial Services Commission Chairman Eun Sung-soo, center, poses after meeting leaders of the nation's top five financial holding firms, at the Korea Federation of Banks in Seoul, Tuesday. He urged them to expand recruitment efforts for young jobseekers here. From left are: Hana Financial Group Vice Chairman Ham Young-joo, Woori Financial Group Chairman Son Tae-seung, Shinhan Financial Group Chairman Cho Yong-byoung, Eun, KB Financial Group Chairman Yoon Jong-kyoo and NH Financial Group Chairman Son Byung-hwan. Yonap

Aug 10, 2021By Lee Min-hyung
For more finance jobs

ANALYSIS KakaoBank being granted 'special treatment'

'Innovation drive uninterrupted due to stable shareholding loop'By Lee Kyung-min KakaoBank, a banking subsidiary of IT giant Kakao, is being exempted from a regulation governing "separation of industrial and financial capital," in what traditional financial group-affiliated lenders consider an “undue favor” exploiting its status as an internet-only bank, industry sources said Tuesday. By law, non-financial organizations are prohibited from owning stakes larger than 10 percent in banks ― and voting rights of no more than 4 percent, a measure put in place to prevent large conglomerates from acquiring shares of banks and using them to exert influence and power. But the rule set up to keep large conglomerates in check and accelerate competition in the financial market is not currently applied to the internet-only bank, despite the fact that Kakao has a 27 percent stake in KakaoBank, nearly triple the legal upper limit. The majority of shares of Kakao are owned by its founder Kim Beom-su. This has many of its traditional competitors displeased, since the internet-on

Aug 10, 2021By Lee Kyung-min
[ANALYSIS] KakaoBank being granted 'special treatment'

Banking group CEOs spearhead digital transformation

Firms focus on creating platforms to offer simpler, faster servicesBy Yi Whan-wooLeaders of the country's major banking groups are seeking innovative strategies to digitally transform their firms as the competition with tech companies, using the competitive power of their platforms to muscle into the financial sector, grows fiercer. The CEOs are especially pursuing the creation of comprehensive platforms, backed by up-to-date technologies, that bring together all available services offered by their banking groups' affiliates, and also to provide customized services.Digital transformation is considered a matter of survival, given that IT giants such as Kakao and Naver are making inroads into the financial industry, raising the question of whether they have the potential to replace traditional banking groups over the long term.Such a possibility is growing amid extended social distancing rules and a greater reliance on digital technology during the ongoing pandemic.“The chaotic, rapidly-changing financial business environment requires insightful, swift responses, which in turn ne

Aug 10, 2021By Yi Whan-woo
Banking group CEOs spearhead digital transformation

Banking groups on alert over hawkish regulators

Heads of two regulators set to handle aftermath of fund fiascoBy Lee Min-hyungKorea's banking groups are on growing alert over the newly appointed chiefs of local financial regulators, who have been sending repeated signals of adopting principle-based regulations.A group of banks and financial firms are still grappling with the aftermath of their mis-selling of some risky fund products, but they have been able to evade sanctions due to the absence of a leader at the Financial Supervisory Service (FSS), after its former governor, Yoon Suk-heun, left office in May.The months-long leadership vacuum, however, ended last week when Jeong Eun-bo was appointed as the final figure to lead the watchdog until the end of the current Moon Jae-In administration.Jeong underlined his strong willingness to fulfill the FSS's supervisory role with a focus on following the rule of law and principles.“We are going to focus on financial supervision based on law and principles,” he said in a recent address following his appointment. “Every single administrative process should be executed

Aug 9, 2021By Lee Min-hyung
Banking groups on alert over hawkish regulators

Shinhan Life CEO Sung leads insurance firm's innovation

Shinhan Life CEO Sung Dae-kyu / Korea Times fileBy Anna J. ParkEver since Sung Dae-kyu took over as Shinhan Life CEO in early July, the insurance arm of Shinhan Financial Group has been evaluated positively for its innovative attempts to refresh the firm's image.Upon taking the top position, CEO Sung vowed that the firm would have its own “fandom,” as the firm strives to pursue global standards, setting its sights beyond becoming the country's top-tier company. It seems like some of his goals are already being achieved. The insurance company employed Rozy, a virtual influencer, in its TV and online commercials as well as social media postings, drawing more than 20 million views on its YouTube channel in just a month. The drive to attract the attention of the country's younger generations, as well as to renovate its image as innovative and fresh, has been deemed successful. “The innovation and creativity to become top-class starts with bold actions to decide what to discard and what to add,” CEO Sung said during a recent strategic meeting of the firm. “Th

Aug 9, 2021By Anna J. Park
Shinhan Life CEO Sung leads insurance firm's innovation

KakaoBank becomes 12th-largest market cap company on KOSPI

Customers visit a branch of a local brokerage firm during KakaoBank's stock allotment subscription period in late July. YonhapForeign investors' buying power led KakaoBank's 29.98 percent increase on first day By Anna J. Park KakaoBank was listed on the KOSPI, Friday, in one of most expected IPOs of the year, and ended the day with a positive performance. The internet-only bank's initial price was set at 53,700 won at the beginning of Friday's session, 37.7 percent higher than the offering price of 39,000 won. Despite failing to reach its maximum possible start ― a 200 percent jump ― the stock continued to move upward, finishing at 69,800 won ($61.09), a 29.98 percent jump.At the start of trading, its share price fell to 51,000 won at 9:02 a.m., however, the price later soared to 68,000 won in the space of 10 minutes, reached 69,400 won at 1:23 p.m., and finished at 69,800 won, the highest movement of the day.KakaoBank's market cap ended up at 33.16 trillion won, the 12th highest among KOSPI-listed companies ― larger than POSCO's 29.7 trillion won and LG Electronics's 25.6 trillion w

Aug 6, 2021By Anna J. Park
KakaoBank becomes 12th-largest market cap company on KOSPI

Bankers disappearing amid full-scale digitization

gettyimagesbankBy Anna J. ParkThe number of bank branches in the country is decreasing swiftly due mainly to accelerated digitization of banking services, and consequently the number of bankers voluntarily leaving the country's five major banks during the first half of this year stood at over 2,600 ― around one third of the entire number of bankers who have left the industry over the past decade.According to local banks, 2,628 employees of the five major banks ― KB Kookmin, Shinhan, Hana, Woori and NH ― left their jobs voluntarily in the first half. It is almost double the number of bank employees who left during the entire period of last year. About 30 percent were from KB Kookmin Bank, with 800 people leaving, followed by Hana Bank's 511, NH Bank's 496, Woori's 468 and Shinhan Bank's 353. A KB Kookmin Bank official explained that one of the main reasons behind its high number is that the bank has the largest number of employees ― 16,349 as of March this year ― among the major local banks. Other major banks' staffs were smaller than KB Kookmin's number, with Woori Bank at 13,990 fol

Aug 5, 2021By Anna J. Park
Bankers disappearing amid full-scale digitization

Record FX reserve helps to offset external risks

A clerk stacks a pile of $100 bills at Hana Bank's headquarters in central Seoul, Wednesday. The Bank of Korea announced on the same day that the country's foreign exchange reserves reached an all-time high of $458.6 billion in July. YonhapKorea's foreign reserves reach all-time high $458.6 bil. in JulyBy Yi Whan-wooAn increase in foreign exchange reserves set in July helps assure Korea's economic stability against external risks, especially in the wake of the fourth wave of COVID-19 infections, according to analysts, Wednesday.The benefits of abundant foreign assets are evident. The Bank of Korea (BOK) explained on its website this means a healthy solvency ratio ― an indicator of financial health ―and therefore can improve sovereign credit ratings.It also makes it easier for business groups to raise capital from abroad and to facilitate foreign investments on the governmental level.“And if you ask about the significance of record-high foreign exchange reserves in July … I would say it can consolidate belief to the outside world that Korea's economy remains healthy and w

Aug 4, 2021By Yi Whan-woo
Record FX reserve helps to offset external risks
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