my timesThe Korea Times
Business

Banking & Finance

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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 facing calls to replace Korean-Japanese directors

By Kim Bo-eunShinhan Financial Group and Shinhan Bank's headquarters in central Seoul. / Korea Times fileShinhan Financial Group is facing repeated calls to improve the diversity and expertise of its outside directors, of which ethnic Koreans with Japanese nationality comprise 36 percent.Based on a comprehensive inspection of the financial group last year, the Financial Supervisory Service (FSS) directed Shinhan last month to make the changes based on corporate governance regulations.The regulations state that financial firms' outside directors, based on expertise and diversity, should be able to keep the company's management in check. More detailed regulations state that board members should not share a certain common background or represent the interests of certain occupations.Currently, four of Shinhan's 10 outside directors are Korean-Japanese. They are CYS CEO Choi Kyong-rok, Fedora CEO Jin Hyun-duk, Taisei Group Chairman Park An-soon and Primer Korea CEO Yuki Hirakawa. The regulator said the outside directors' expertise was focused on certain sectors such as entertainment that

Nov 11, 2020By Kim Bo-eun
Shinhan facing calls to replace Korean-Japanese directors

'30,000 deaths caused by Samsung insurers' coal investments'

Members of the Korea Federation for Environmental Movements protest Samsung's insurance units' investments in coal-fired power plants, in front of the environmental group's headquarters in central Seoul, Tuesday. The group claimed Samsung's two insurers were responsible for the early deaths of over 30,000 people due to air pollution emitted by the power plants. / YonhapBy Kim Bo-eunEnvironmental groups are stepping up pressure on Samsung's affiliates to stop their coal-related investments. The Korea Federation for Environmental Movements (KFEM) staged a protest Tuesday in front of its headquarters in central Seoul, claiming coal-related investments by Samsung's insurance units have caused the early deaths of over 30,000 people, due to air pollution"Every year, up to 1,000 people die early from air pollution emitted from the 40 coal-fired power plants Samsung Life and Samsung Fire & Marine Insurance invested in," the group said. "Adding up the deaths caused during the 31-year operation of the power plants, the figure comes to 33,000.”Their claims are based on an analysis fro

Nov 10, 2020By Kim Bo-eun
'30,000 deaths caused by Samsung insurers' coal investments'

Shinhan strengthening ties with LS for Green New Deal

Shinhan Bank CEO Jin Ok-dong, left, poses with LS ELECTRIC Chairman Koo Ja-kyun after signing a green new deal partnership at the former's headquarters in Seoul, on Nov. 6. YonhapBy Lee Min-hyungShinhan Bank is strengthening its partnership with LS Group for the government's Green New Deal drive.Shinhan said Tuesday it had signed a memorandum of understanding on new renewable energy business with LS ELECTRIC whose core business centers on developing smart energy systems and manufacturing electrical power equipment.The deal came about two weeks after the nation's leading lender clinched a partnership with E1, an LS Group subsidiary that imports and sells liquid petroleum gas.The recent partnerships between Shinhan and LS affiliates display a willingness to enhance business ties in line with the government's eco-friendly initiative.Shinhan plans to ask for LS' continuous participation in its projects related to the Green New Deal, which refers to the government's flagship initiative for the nation to achieve a smooth transition into an eco-friendly economy using low carbon, sustainable

Nov 10, 2020By Lee Min-hyung

Video call claim service

Heungkuk Fire & Marine Insurance's Managing Director Jung Woo-hyeung, left, holds a memorandum of understanding with Klounge CEO Lee Tae-ho at the headquarters of Heungkuk Fire in central Seoul, Friday. Through joint cooperation, a customer of the insurance company can have real-time consultation with claim agents about any vehicle accidents. / Courtesy of Heungkuk Fire & Marine Insurance

Nov 9, 2020By Anna J. Park

Will chiefs of Shinhan's two insurers extend terms?

Shinhan Life Insurance CEO Sung Dae-kyu, left, and Orange Life Insurance CEO Cheong Mun-kuk / Courtesy of each companyBy Anna J. ParkAs the annual year-end CEO reshuffle for each of Shinhan Financial Group's affiliates approaches, eyes are on who will get to lead a newly integrated life insurer combining Shinhan Life Insurance and Orange Life Insurance from next year. Shinhan Financial Group took over Orange Life for 2.3 trillion won ($2.06 billion) in September 2018; the group announced earlier this year that Shinhan Life and Orange Life ― currently led by CEOs Sung Dae-kyu and Cheong Mun-kuk ― will continue as an integrated entity from July 2021. Both CEOs' two-year terms are set to end in December, and questions are arising over whether their terms could be extended for another year and who will be appointed to lead the merged entity from July. Considering that Shinhan Group Chairman Cho Yong-byoung has been emphasizing growth rates in revenue and profits as key standards for personnel matters, CEO Sung from Shinhan Life might enjoy a slight edge over Orange Life CEO Cheong. Shinh

Nov 9, 2020By Anna J. Park

Biden's win signals stricter regulations for Korean banks in US

gettyimagesbank By Park Jae-hyukThe victory of Democratic candidate Joe Biden in the U.S. presidential election has raised new hopes for both the U.S. and the global community, but his commitment to stricter financial regulations is apparently weighing on Korean banks doing business in the world's largest market.Domestic think tanks warned that lenders may face deteriorating profits because most of the Donald Trump administration's Wall Street-friendly rules could be abolished by the new U.S. government.According to the Korea Center for International Finance (KCIF), the U.S. president-elect's pledges are unfavorable to the banking industry and the financial market as he has pursued heavier taxes and tougher regulations.“Biden is considering imposing financial transaction taxes,” KCIF researcher Park Ji-eun said. “This can decrease financial transactions, leading to worsening profitability of banks and negatively impacting their valuations eventually.”The Bank of Kor

Nov 8, 2020By Park Jae-hyuk
Biden's win signals stricter regulations for Korean banks in US
  • Green light for eco-friendly businesses under Biden

UN recognizes Shinhan's sustainable finance efforts

Shinhan Financial Group Chief Sustainability Officer Park Sung-hyunBy Park Jae-hyukThe global community has recognized Shinhan Financial Group's efforts to pursue sustainable finance.The nation's leading banking group said Sunday its Chief Sustainability Officer Park Sung-hyun was appointed to lead the Asia-Pacific Banking sector of the United Nations Environment Programme Finance Initiative's (UNEP FI) Global Steering Committee (GSC).This is the first time for a Korean financial company executive to take the post.The UNEP FI is a global partnership established between the UNEP and the financial sector. About 300 financial companies worldwide are voluntarily joining this partnership for environmental, social and corporate governance (ESG) principles.The GSC sets the UNEP FI's strategic goals and approves its annual management plans, so as to help more financial institutions worldwide pursue sustainable development.Starting next year, Park will represent 57 Asian banks in the international body until 2023.During a previous interview with The Korea Times, he said his company would redu

Nov 8, 2020By Park Jae-hyuk
UN recognizes Shinhan's sustainable finance efforts

Why is Naver offering banking services outside of Korea?

A mobile phone screen showing Naver's first mobile banking service launched in Thailand via its subsidiary Line this week. / Courtesy of LineBy Kim Bo-eunAttention is focusing again on why the country's IT giant Naver has forgone offering mobile banking services here and has instead ventured out to other markets in Asia, after Naver launched its first mobile banking service via its subsidiary Line in Thailand.Naver had been expected to launch the third internet bank here, after K Bank and Kakao Bank. Naver's decision not to take part in the race drew surprise, and questions have been raised over why the company has decided to offer mobile banking services outside the country instead.Locally, Naver has turned to offer financial services via its platform, as the dominant web portal here. In November last year, it set up a separate entity focusing on these services, Naver Financial. As the top portal here, Naver holds immense leverage as a platform given the traffic it is able to generate.Meanwhile, Naver's Japanese subsidiary Line said it launched its first mobile banking service in Th

Nov 6, 2020By Kim Bo-eun
Why is Naver offering banking services outside of Korea?

Helping SMEs export products via online

Korea Trade-Investment Promotion Agency (KOTRA) CEO Kwon Pyung-oh, center, Samsung SDS CEO Hong Won-pyo, left, and Industrial Bank of Korea CEO Yoon Jong-won pose after signing a memorandum of understanding at the KOTRA headquarters in Seoul, Thursday, to help small and medium-sized enterprises export their products via online. / Courtesy of KOTRA

Nov 5, 2020By Park Jae-hyuk
Helping SMEs export products via online

AIA Korea launches upgraded healthcare platform

By Kim Bo-eunAIA Korea CEO Peter Chung / Courtesy of AIA KoreaAIA Korea introduced an upgraded version of AIA Vitality, its app-based healthcare platform, Wednesday.The pan-Asian life insurance company's local unit first introduced AIA Vitality in August 2018. The upgraded platform encourages customers to lead healthy lifestyles by offering insurance discounts and various other benefits. It is run on a paid membership basis.“AIA Vitality is a global health and wellness program that encourages healthy activity by insurance discounts,” AIA Korea CEO Peter Chung said in an online press conference.The Vitality program has been launched in markets around the world.AIA Korea has partnered with SK Telecom, SK C&C and Samsung Electronics to launch the upgraded platform. SK Telecom and AIA Korea have worked together in the past on healthcare programs, and SK C&C undertook the development of the AIA Vitality app. Samsung Electronics is a new partner, collaborating with AIA via its latest Galaxy watch.Users of AIA Vitality are required to pay a monthly fee of 5,500 won. They

Nov 4, 2020By Kim Bo-eun
AIA Korea launches upgraded healthcare platform
previous page
361362363364365
next page

Most Read in Business