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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.

Central American development bank to open Korean office in Seoul

Seoul's financial district of Yeouido / Korea Times fileA Central American development bank has decided to open a South Korean office in Seoul as part of efforts to strengthen ties with Asia's fourth-largest economy, the finance ministry said Sunday.The Central American Bank for Economic Integration (CABEI) has notified the Korean government and the Seoul municipality that its Seoul office will be set up in the capital's financial district of Yeouido, according to government officials.The bank has the goal of opening the office within this year. Founded in 1960, CABEI is aimed at extending loans to private and government-led development projects on infrastructure and energy in Central America.The finance ministry said the CABEI's Seoul office will help more South Korean firms make inroads into the Central American market, and serve as a chance for Seoul to become a financial hub in Northeast Asia.South Korea joined the multilateral development bank in January 2020, becoming one of its seven non-regional member countries. The lender has eight regional member states, including El Salva

Jun 20, 2021
Central American development bank to open Korean office in Seoul

Banking sector pushes voluntary retirement for 'younger' workers

An employee of a major bank here works at a sales office in Seoul, in this file photo on Nov. 30. Yonhap By Lee Min-hyungVoluntary retirement has long held a negative connotation in Korean society, as it is typically used in situations involving middle-aged and older employees who do not want to leave a company, but are effectively forced out.But the perception is gradually changing as companies ― particularly in the financial circle ― encourage younger staff to apply for early retirement by offering incentives, as part of measures to cut fixed personnel costs in times of uncertainty as witnessed with the outbreak of the COVID-19 pandemic.The banking industry is one of the most frequently-mentioned in its push for the voluntary retirement of employees in the wake of the coronavirus outbreak last year.With the outbreak intensifying the need for digital services, major banking groups have accelerated building non-face-to-face transaction systems over the past year. Th

Jun 18, 2021By Lee Min-hyung
Banking sector pushes voluntary retirement for 'younger' workers

Global credit rating agencies favorably assess major Korean banks

gettyimagesbankBy Anna J. ParkGlobal credit rating agencies continue to favorably assess major Korean banks amid expectations of market interest rate increases.S&P upgraded Woori Bank's long-term credit rating by one notch from A to A+ on Wednesday, while the bank's long-term senior unsecured ratings also rose to the same rating of A+. According to S&P's rating system comprised of 22 levels from AAA to D, A+ is the sixth-highest rating.Woori Bank attributed the rating upgrade to the bank's improved profitability as the lender has focused on enhancing its asset soundness by effectively reducing the amount of loans to vulnerable sectors, such as maritime transportation, shipbuilding and construction. With the improved evaluation from global credit rating agencies, Woori Financial Group's stock price hit its 52-week high during Thursday's trading session, reflecting positive investor sentiment surrounding the financial group's business outlook.Other banks' ratings remain strong as well. Earlier this week, Moody's maintained the Aa3 credit rating for Shinhan Bank's deposits as we

Jun 18, 2021By Anna J. Park
Global credit rating agencies favorably assess major Korean banks

Currency swap to have limited impact on economy: analysts

An electronic trading board at Hana Bank's headquarters in Seoul shows a surge in the won-dollar exchange rate on Thursday morning. The rate closed at 1,130.4 won per U.S. dollar, up 13.2 won from a day ago, reacting to the Federal Reserve's signal that tightening would occur earlier than expected. YonhapBy Lee Min-hyungThe Bank of Korea (BOK) extended Thursday its currency swap deal, worth $60 billion (67.77 trillion won), with the United States Federal Reserve, for another three months until the end of 2021, a move to stabilize the financial and foreign exchange markets here, the BOK said.“The BOK expects that this further extension of the swap arrangement with the Fed will contribute to sustaining the stability of financial markets, including the foreign exchange market, in Korea,” the central bank said in a statement. “The central bank will provide U.S. dollar loans to banks through competitive auctions, using funds from the swap line, when deemed necessary.”Local economists say that the extension will have a limited impact on Korea's capital market, as th

Jun 17, 2021By Lee Min-hyung
Currency swap to have limited impact on economy: analysts
  • Korea, US extend $60 billion currency swap deal until December

KAIST scientist wins 2021 IBM Academic Award

Lee Sang-wan / Courtesy of Korea Advanced Institute of Science and TechnologyBy Lee Kyung-min Lee Sang-wan, an associate professor in the department of bio and brain engineering at KAIST, was named as a 2021 recipient of one of the IBM Academic Awards, the university said Thursday.The award was given in recognition of his contributions in the field of neuroscience-inspired artificial intelligence. Lee is the founding director of the KAIST Center for Neuroscience-inspired Artificial Intelligence.The IBM Academic Awards are given to those who foster collaboration between researchers at leading universities and IBM researchers and technologists worldwide.The awards seek to promote curriculum innovation to stimulate growth in emerging academic disciplines. Recipients receive “hardware, software, services, IBM Cloud access and cash,” according to the IBM website.“The study of interpreting the brain's complex information processing processes using machine learning theory and transplanting the brain's high-level information processing into an artificial intelligence model

Jun 17, 2021By Lee Kyung-min
KAIST scientist wins 2021 IBM Academic Award

NongHyup Brand Day

NongHyup Financial Group Chairman Son Byung-hwan, second from left, explains the group's slogan and brand identity to employees by taking part in its 2021 Brand Day event in the lobby of NongHyup Bank's head office in Seoul, Thursday. On the left is NongHyup Bank CEO Kwon Jun-hak. Courtesy of NongHyup Financial Group

Jun 17, 2021By Lee Min-hyung
NongHyup Brand Day

Citi asked to keep promise over job security

Citibank Korea's head office in Seoul / YonhapBy Lee Min-hyungCitibank Korea's CEO, Yoo Myung-soonCitibank Korea's planned sale of its retail banking business will continue to face setbacks, as its CEO Yoo Myung-soon pledged to “ensure job security” for its employees as a top precondition before signing any deal with a potential buyer.The CEO's decision comes as a burden for possible investors, as the average annual salary of the bank's staff far exceeds that of the local banking industry. Citibank Korea's average salary last year reached 112 million won ($100,200).A general consensus is that few investors are willing to undertake the financial burden to take over the retail banking business at a time when the lender's profit declines sharply. Citibank Korea generated 48.2 billion won in net profit in the first quarter, down by 19 percent from the previous year. The company is the only commercial lender here that reported drops in quarterly earnings.Even if more than four financial firms are known to have submitted a letter of intent for the acquisition, nothing specific

Jun 16, 2021By Lee Min-hyung
Citi asked to keep promise over job security

Hana gets green light to establish asset management firm in Singapore

Hana Financial Group's headquarters in Seoul / Korea Times fileBy Yi Whan-wooHana Financial Group said Monday that it has won preliminary approval from Singapore's financial authorities to set up an asset management company in the Southeast Asian country. Granted by the Monetary Authority of Singapore (MAS), Friday, the preliminary approval comes as the Seoul-based financial holding company seeks to enhance global businesses, especially in non-banking sectors.The firm did not specify when final approval will be made.“The envisioned asset management company will cooperate with other subsidiaries to diversify revenue streams and pave the way for making inroads into other advanced markets,” Hana Financial Group Chairman Kim Jung-tai said.A Hana Banking Group official expressed hope that the firm will capitalize on its digital skills to implement its global vision in Singapore, noting that nearly 40 percent of Southeast Asian fintech companies are based in the city-state.Singapore has become Asia's preferred financial hub, supplanting Hong Kong, after China imposed a national

Jun 14, 2021By Yi Whan-woo
Hana gets green light to establish asset management firm in Singapore

BNK Bank turns down partnership with cryptocurrency exchanges

Busan Bank's logoBy Anna J. ParkAfter months of consideration, BNK Busan Bank made the final decision not to form a partnership with local cryptocurrency exchanges, dealing a huge blow to crypto exchanges that had been anticipating the alliance to boost market confidence.According to industry sources, BNK Busan Bank turned down partnership offers from virtual asset exchanges due to risk factors.“Despite expectations of brokerage commission fees by signing partnerships with cryptocurrency exchanges, the bank ultimately decided not to sign the deal, due to concerns over various risk factors, including possible money laundering issues,” the bank official said.At least five local cryptocurrency exchanges ― including GOPAX, GDAC, Huobi Korea, Flybit and Probit ― were in talks with BNK Busan Bank last month over the partnership, in which the bank would have hosted real-name accounts for transactions at the crypto exchanges. The exchanges were hoping that the bank's decision would bolster their legitimacy, but the rejection appears to have dashed such hopes.The revision of the n

Jun 11, 2021By Anna J. Park
BNK Bank turns down partnership with cryptocurrency exchanges

Bank of Korea's interest rate hike may come earlier than expected

Bank of Korea Governor Lee Ju-yeol has repeatedly hinted at raising the interest rate in the second half of this year amid signs of economic recovery. Korea Times fileBy Yi Whan-wooThe Bank of Korea (BOK) is forecasted to raise its key interest rate earlier than expected, possibly in November, as signs of economic recovery are increasingly being witnessed, according to analysts, Friday.The expectation has been growing as BOK Governor Lee Ju-yeol on Friday once again signaled a possible rate increase in the second half of this year.“If the economy is expected to continue its solid recovery pace, we will have to normalize the current accommodative monetary policy in an orderly manner,” Lee said in a speech to mark the 71st anniversary of the BOK's foundation.Experts said that the possible increase is most likely to be 25 basis points, considering the U.S. Federal Reserve has yet to decide over whether to raise the interest rate there and also domestic household debt risks continue to pose challenges for the economy. The BOK's benchmark interest rate has been frozen at 0.5 p

Jun 11, 2021By Yi Whan-woo
Bank of Korea's interest rate hike may come earlier than expected
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