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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.

Will banking stocks continue bullish run?

By Lee Min-hyungShinhan Financial Group headquarters in SeoulMarket participants are paying keen attention to the future course of bank stocks as they have been showing a solid rebound from the COVID-19 crisis in line with the stock market recovery. Bank stocks, although they saw a setback Thursday, have been experiencing a bullish run, as the financial market appears to be on track for a stable recovery with uncertainties surrounding the coronavirus pandemic diminishing here and abroad.Shares of Shinhan Financial Group, the nation's largest financial holding firm by market capitalization, rose to 35,750 won ($29.38) Wednesday, up 11 percent from the previous trading day, on signs of economic recovery and the subsiding pandemic spread.The stock price KB Financial Group inched up to 38,600 won, a gain of 6.5 percent from a day ago. Shares of Woori Financial Group and Hana Financial Group were also on the rise.Of note is that shares of not just the commercial lenders but state-run banks also enjoyed growth. The stock of Industrial Bank of Korea closed at 9,730 won, up 8.11 percent from

Jun 5, 2020By Lee Min-hyung
Will banking stocks continue bullish run?

Online wealth management service

A wealth manager, front, and a tax accountant of Kyobo Life Insurance's wealth management center, provide online consulting services for customers at the insurer's headquarters in central Seoul, Thursday. Kyobo said it began the online wealth management services in line with the growing trend of contactless transactions and services amid the COVID-19 pandemic. / Courtesy of Kyobo Life Insurance

Jun 4, 2020By Kim Bo-eun
Online wealth management service

New FSS senior deputy governors appointed

From left, Korea Financial Intelligence Unit Commissioner Kim Kun-ik, and former Financial Supervisory Service (FSS) deputy governors Choi Seong-il and Kim Do-in. The former was appointed first senior deputy governor of the FSS, and the other two senior deputy governors, Thursday. / YonhapBy Kim Bo-eunThe Financial Services Commission (FSC) appointed a new first senior deputy governor at the Financial Supervisory Service (FSS), Thursday, and two more senior deputy governors under him.The nominees were recommended by the FSS governor and approved by Cheong Wa Dae and the FSC.Korea Financial Intelligence Unit (KoFIU) Commissioner Kim Kun-ik was named as first senior deputy governor of the FSS, who will lead the team of senior deputy governors overseeing organizational management, coordination and planning.Former FSS deputy governors Choi Seong-il and Kim Do-in were upgraded to senior deputy governors. Choi and Kim will each oversee banks and capital markets.The KoFIU chief earned a bachelor's degree in economics from Seoul National University and a master's in economics from the London

Jun 4, 2020By Kim Bo-eun
New FSS senior deputy governors appointed

Shinhan, Hana team up to participate in Africa syndicated loan

Shinhan Financial Group Chairman Cho Yong-byoung, right, and Hana Financial Group Chairman Kim Jung-tai hold a signed memorandum of understanding to form a business alliance for global expansion, at Lotte Hotel in Seoul, May 25. Courtesy of Shinhan BankBy Lee Kyung-minShinhan Bank and Hana Bank said Thursday that they had signed a contract with the African Export-Import Bank (Afreximbank) to participate in a $1 billion (1.2 trillion won) syndicated loan arranged by Afreximbank.The joint move by the two major Korean lenders came after Shinhan Financial Group and Hana Financial Group agreed to form an alliance for global expansion, May 25.Provided by a group of lenders, a syndicated loan is structured, arranged and administered by one or several commercial banks or investment banks. The loan will be managed by Afreximbank, a Cairo-based, pan-African multilateral trade finance institution created in 1993 under the auspices of the African Development Bank (ADB).“This will be a great opportunity for both of us seeking to bolster overseas expansion,” a Shinhan official said. &l

Jun 4, 2020By Lee Kyung-min
Shinhan, Hana team up to participate in Africa syndicated loan

Donation for underprivileged

KB Kookmin Bank CEO Hur Yin, right, poses with Korea Red Cross President Park Kyung-seo after the lender donated 300 million won to the charity organization at the latter's headquarters in central Seoul, Tuesday. KB said the funds will be used to support the underprivileged hit by COVID-19. / Courtesy of KB Kookmin Bank

Jun 3, 2020By Kim Bo-eun
Donation for underprivileged

Flower basket challenge

Samil PwC CEO Kim Young-sik poses for a photo next to dozens of flower baskets, as he and the company participate in the 'Flower bucket challenge.' The 50 flower baskets were delivered to employees of the firm who earned co-workers' compliments as a surprise present. The public relay challenge aims to support the nation's floricultural industry, which is having difficulty due to the spread of COVID-19. / Courtesy of Samil PwC

Jun 2, 2020By Anna J. Park
Flower basket challenge

Supporting small biz owners

Shinhan Financial Group Chairman Cho Yong-byoung, right, poses with Minister of SMEs and Startups Park Young-sun at Tomorrow City in Songdo, Incheon, May 27. Shinhan said Tuesday it had agreed with the ministry to launch a project that will help small business owners facing difficulties from the COVID-19 pandemic to sell their products online starting Wednesday. / Courtesy of Shinhan Financial Group

Jun 2, 2020By Park Jae-hyuk
Supporting small biz owners

Hana vice chairman files injunction against FSS sanctions

Hana Financial Group Vice Chairman Ham Young-jooBy Park Jae-hyukHana Financial Group Vice Chairman Ham Young-joo filed an injunction Monday against sanctions imposed by the Financial Supervisory Service (FSS) over a fiasco involving derivative-linked funds (DLFs), which have blocked him from becoming chairman, industry sources said Tuesday.According to the sources, other Hana executives who face sanctions over the DLF fiasco ― Hana Card CEO Chang Kyung-hoon and Hana Bank senior managing director Park Se-geol ― have also filed injunctions.They said the executives filed as individuals, not through the company.In March, the FSS notified Woori Financial Group Chairman Son Tae-seung and the Hana executives of the sanctions imposed on them, after the Financial Services Commission (FSC) finalized sanctions against banks and bank executives it held responsible for major investor losses caused by the mis-selling of high-risk DLFs.The financial authorities said Ham and Son had failed to fulfill their duties to prevent the fiasco, when they were serving as the CEOs of Hana and Woori banks, resp

Jun 2, 2020By Park Jae-hyuk
Hana vice chairman files injunction against FSS sanctions

Voice identification service by IBK

A model promotes the Industrial Bank of Korea's voice identification service in this file photo. Starting from June 5, the state-owned lender will introduce the biometric authentication service, featuring higher-security, for the first time here, it said Sunday. When customers speak in a telephone call with a call center staff member, the platform can identify who they are in less than 15 seconds, according to the bank. Courtesy of Industrial Bank of Korea

May 31, 2020By Lee Min-hyung
Voice identification service by IBK

Sleeping with enemy?

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Hana Financial Group Chairman Kim Jung-tai / Korea Times fileShinhan, Hana chairmen's 32 years of friendship enables allianceBy Park Jae-hyukShinhan and Hana financial groups' sudden announcement Monday that they had formed a partnership to enhance their competitiveness in the global market surprised the nation's financial industry since this was the first time that financial services holding firms here had signed a memorandum of understanding (MOU) with each other.Some people even compared this with the 1991 American film, “Sleeping with the Enemy.”Those who are well aware of the two banking group chairmen's careers, however, could easily understand how and why they teamed up with each other.Behind the alliance was a three-decade friendship between Shinhan Chairman Cho Yong-byoung and Hana Chairman Kim Jung-tai.According to industry sources, Wednesday, the cooperation was initially pursued between the banking units of the two financial groups.After employees questioned the intensifying competitions among Korean

May 29, 2020By Park Jae-hyuk
Sleeping with enemy?
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