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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.

Regulator encourages banks to provide mid-rate loans to low-income people

In this photo from Jan. 10, 2021, visitors to a bank in Seoul talk to tellers handling loans. YonhapFinancial authorities on Sunday unveiled a plan to encourage banks and other financial institutions to provide mid-rate loans to low-income people and non-prime borrowers. Mid-rate loans are not clearly defined, but such loans refer to credit loans with an interest rate of some 10 percent for people with middle credit scores, according to the Financial Services Commission (FSC). Under the plan, about 2 million people with middle credit ratings are expected to take out a total of 32 trillion won (US$28.6 billion) in loans this year, FSC officials said. At the end of last year, the value of outstanding mid-rate loans stood at 14.7 trillion won, the FSC said. The plan comes as the government is set to lower the maximum interest rate in July as part of efforts to ease financial burdens on low-income people. The maximum legal interest rate that private lenders can charge will be cut to 20 percent from the current 24 percent starting July 7. It will be the second reduction in the maximum leg

Apr 25, 2021
Regulator encourages banks to provide mid-rate loans to low-income people

Standard Chartered encourages young customers to save money

Models promote Standard Chartered (SC) Bank Korea's event in which money and gifts are given to its customers aged 18 or under who open special checking and installment savings accounts. Courtesy of SC Bank KoreaBy Park Jae-hyukStandard Chartered (SC) Bank Korea said Sunday that it decided to continue a promotion that began in March offering money and gifts to customers aged 18 or under who open special checking and installment savings accounts until the end of May. The event aims to encourage the habit of saving money consistently. The U.K. bank's local subsidiary will send 10,000 won ($9) to those accounts if their holders sign up for automatic transfers of 100,000 won or more every month, from their checking accounts to their installment savings accounts.The lender will also give an iPad to one of those account holders, AirPods Pros to three and Aesop body cleansers to 10 in a lottery.Those who want advantage of the promotion should open accounts at SC Bank Korea's branches nationwide by May 31. If parents want to open an account on behalf of their children, they should bring docu

Apr 25, 2021
Standard Chartered encourages young customers to save money

Woori Bank considers investing in local general agent

gettyimagesbankBy Kim Yoo-chulWoori Bank is considering investing in a local independent general agent as the bank aims to diversify its business portfolio, local industry sources said Friday.The bank recently accepted a letter of intent (LOI) submitted by Rich & Co., a local insurance broker. Established in 2006 and led by former Samsung Electronics executive Han Seung-pyo, Rich & Co. was the country's fourth-largest general agent last year in terms of revenue. The company is the only local independent agent using digitally-driven business platforms. It runs mobile applications that help give clients greater access to updates on the products they are using, and for potential clients to register products they wish to purchase.“Because Rich & Co. is planning for an initial public offering (IPO), it wants to win some financial backing from Woori in a kind of pre-IPO round,” a local industry source said. The demand for various forms of insurance is rising with local private equity fund (PEF) SkyLake and U.S. PEF Corstone Asia investing 50 billion won in Aplus Ass

Apr 23, 2021By Kim Yoo-chul
Woori Bank considers investing in local general agent

Watchdog mitigates penalty on Shinhan leader

From left are Shinhan Financial Group Chairman Cho Yong-byoung and Shinhan Bank CEO Jin Ok-dong. Courtesy of each firmBy Lee Min-hyungThe Financial Supervisory Service (FSS) decided not to impose a heavy punishment on Shinhan Bank CEO Jin Ok-dong for his alleged lapse in supervising the sale of fund products linked to Lime Asset Management, removing risks surrounding Shinhan Financial Group's top management.The regulator decided Thursday to lower the level of sanctions on Jin to a “cautionary warning.” This decision allows the leader of the bank to extend his term once again or to become the group's next chairperson.In its advance notice, the FSS slapped Jin with a reprimand, holding him responsible for the poor supervision of the lender's sales of troubled Lime fund products. The lender's Lime fund sales totaled 276.9 billion won ($247.3 million).But the regulator mitigated the sanctions level after taking into consideration Shinhan's efforts to protect its customers following the debacle. Earlier this week, the FSS's dispute settlement committee recommended Shinhan to c

Apr 23, 2021By Lee Min-hyung
Watchdog mitigates penalty on Shinhan leader

KB Financial Group Q1 net profit up 73.9% to 1.28 trillion won

YonhapKB Financial Group Inc. on Thursday reported its first-quarter net income of 1.28 trillion won (US$1.2 billion), up 73.9 percent from a year earlier.The company said in a regulatory filing that operating income for the January-March period rose 68.1 percent on-year to 1.74 trillion won. Revenue decreased 8.8 percent to 17.58 trillion won.The operating profit was 16.3 percent higher than the average estimate, according to the survey by Yonhap Infomax, the financial data firm of Yonhap News Agency. The estimate of net profit was not available. (Yonhap)

Apr 22, 2021
KB Financial Group Q1 net profit up 73.9% to 1.28 trillion won

Hana to raise W60 trillion for ESG investments

Hana Financial Group Chairman Kim Jung-tai, third from right in the front row, poses with leaders of its major affiliates and the group's in-house YouTubers at its culture lounge in Seoul, Thursday. Courtesy of Hana Financial GroupBy Lee Min-hyungHana Financial Group said Thursday it plans to raise 60 trillion won ($53.76 billion) by 2030 to invest in financial projects related to environmental, social and corporate governance (ESG) policies.Under the “2030 & 60” vision, the financial holding firm plans to raise the money by issuing bonds, providing loans and managing funds to become more socially conscious and eco-friendly. It also shared a pledge to achieve carbon neutrality by 2050.The group and its affiliates will raise 25 trillion won by issuing ESG bonds over the next 10 years, and the same amount of capital will also be injected to offer ESG loans. Hana also promised to invest 10 trillion won to operate ESG funds either directly or through other firms.Hana Financial Group Chairman Kim Jung-tai and leaders of key subsidiaries made the declaration in Seoul, and s

Apr 22, 2021By Lee Min-hyung
Hana to raise W60 trillion for ESG investments

Shinhan partners with Google to nurture startups

Participants at a signing ceremony for a partnership between Shinhan Square Bridge Incheon and Google for Startups (GFS) pose at Startup Park in Incheon, Wednesday. Shinhan and Google agreed to foster promising startups in the western port city. From left are GFS Asia Pacific Head Mike Kim, Incheon Free Economic Zone Authority Commissioner Lee Won-jae, Shinhan Financial Group Vice President Ahn Jun-sik, Incheon Mayor Park Nam-choon, Google Korea Country Director Kim Kyoung-hoon and Shinhan Square Bridge Incheon Managing Director Lee Ji-sun. Courtesy of Shinhan Financial Group

Apr 22, 2021By Park Jae-hyuk
Shinhan partners with Google to nurture startups

Mirae Asset's 20-year old Independence Equity Fund delivers highest return

Logo of Mirae Asset Global InvestmentsBy Anna J. ParkMirae Asset's Independence Equity Fund, Korea's first open-end mutual equity fund launched in February 2001, has posted a cumulative investment return of 1,341 percent as of this week. An open-end mutual fund is a diversified portfolio of money pooled from investors that can issue an unlimited number of shares.According to financial information portal, FnGuide, the Independence Equity Fund's rate of return was the highest among all mutual funds in Korea with assets under management (AUM) totaling more than 10 billion won ($8.9 million) since its inception. The AUM of the fund once reached nearly two trillion won in early 2008, when the products enjoyed massive popularity. The firm's Discovery Fund, launched in July 2001, logged the second highest rate of return among such funds here at 1,216 percent. Mirae Asset Financial Group said the successes highlight the importance of long-term investment, highlighting its strong research capability.“With the local stock markets' recent bullish moves, our oldest mutual fund products lau

Apr 21, 2021By Anna J. Park
Mirae Asset's 20-year old Independence Equity Fund delivers highest return

Citi's Southeast Asian operations more attractive to Korean banks

Pedestrians walk past a Citibank branch in Singapore, Friday. EPA-YonhapBy Park Jae-hyukDomestic financial groups are paying more attention to the looming sales of Citigroup's banking operations in Southeast Asia than assets up for grabs in the Korean market, raising concerns that the U.S. financial firm may face difficulties in pursuing its exit strategy from Korea. Last week, Citi announced it would sell off its consumer banking operations in Korea and 12 other markets, including several Southeast Asian countries including Thailand, Vietnam, Indonesia, Malaysia and the Philippines.Shinhan Financial Group said its department in charge of mergers and acquisitions (M&As) has already studied Citi's businesses in those countries. According to industry sources, the Korean banking group is particularly interested in acquiring the U.S. financial giant's operations in Thailand and the Philippines.Shinhan, which has accelerated efforts to expand its presence in Southeast Asia, operates banking subsidiaries in Cambodia, Vietnam and Indonesia and also has branches in the Philippines, Singa

Apr 21, 2021By Park Jae-hyuk
Citi's Southeast Asian operations more attractive to Korean banks

Lotte Card, Montblanc ink partnership

Lotte Card CEO Cho Jwa-jin, left, talks with Montblanc Korea's managing director Eric Eder during a signing ceremony for the two companies' partnership at Lotte Department Store's main branch in central Seoul, Tuesday. Lotte Card will issue special limited-edition cards in May to 1,906 customers, representing the luxury brand's founding year in 1906. Courtesy of Lotte Card

Apr 20, 2021By Anna J. Park
Lotte Card, Montblanc ink partnership
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