my timesThe Korea Times
BusinessBanking & Finance

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.

Moody's revises outlook for Korean banks to negative

A bank clerk receives a loan application from a small business owner facing difficulties from the coronavirus outbreak at a Shinhan Bank's Namdaemun branch in Seoul, Wednesday. / YonhapBy Park Jae-hyukMoody's Investors Service changed its outlook for Korea's banking system to negative from stable, while adjusting its outlook for the banking industry in 12 Asia-Pacific nations amid the coronavirus pandemic.Local analysts warned Friday that the global credit rating agency's measure may have a negative impact on the entire domestic financial market, not only banks.In a report issued Thursday, Moody's said disruptions related to the coronavirus outbreak will result in a significant slowdown in Korea's economic growth.“Various fiscal and monetary policies introduced by the government will also increase Korean banks' asset-quality risk and strain banks' profitability. These challenges will outweigh the sector's currently ample capital and current low nonperforming loans ratio,” Moody's senior credit officer of financial institution groups Sophia Lee said in the report.“Ev

Apr 3, 2020By Park Jae-hyuk
Moody's revises outlook for Korean banks to negative

For digital transformation in Japan

Shinhan Bank Japan (SBJ) President Seichiro Tomiya, center, cuts a ribbon with SBJ DNX President Hiraoka, right, and other guests at the opening ceremony of SBJ DNX at the SBJ headquarters in Tokyo, Wednesday. SBJ DNX is Shinhan Bank's first foreign second-tier subsidiary. It was established to enhance SBJ's digital capability in the Japanese financial market. / Courtesy of Shinhan Bank

Apr 2, 2020By Park Jae-hyuk
For digital transformation in Japan

Insurers capitalize on tougher school zone punishments

Seen is a school zone in front of an elementary school in Seoul, March 25. / Korea Times photo by Ko Young-kwonBy Park Jae-hyukSamsung, Hyundai, Meritz and several other general insurance companies here have begun to take advantage of tightened safety regulations in school zones to offset their deteriorating profits caused by low interest rates and the coronavirus pandemic, according to industry officials, Wednesday.Dubbed the “Min-sik Law” named after a nine-year-old boy killed by a car in front of his elementary school in Asan, South Chungcheong Province, in September 2019, the new law stipulates that drivers injuring children under 13 when driving in school zones at more than 30 kilometers per hour can face up to 15 years in prison or a 30 million won ($24,000) in fine.Those who caused a fatal accident in the zones can be sentenced to life in prison.Following the new regulations that went into effect March 25, most insurers in Korea increased their driver insurance coverage to 30 million won from 20 million won starting this month.KB Insurance took a more preemptive st

Apr 2, 2020By Park Jae-hyuk
Insurers capitalize on tougher school zone punishments

Supporting floriculturists

Korea Asset Management Corporation (KAMCO) CEO Moon Sung-yu, third from left, poses with employees after presenting them flowers at the state-run firm's headquarters in Busan, Wednesday, ahead of KAMCO's anniversary on April 6. This was part of a campaign to support floriculturists afflicted by the coronavirus. / Courtesy of KAMCO

Apr 1, 2020By Kim Bo-eun
Supporting floriculturists

Woori Bank creates 'future finance design' unit

Woori Bank CEO Kwon Kwang-seokBy Lee Min-hyungWoori Bank has created a “future finance design” division for enhanced communication between its headquarters and sales branches, in a move to recover its brand image following its recent involvement in the mis-selling of risky derivative-linked funds (DLFs), the lender said Wednesday. Under the direct control of its CEO Kwon Kwang-seok, the unit consists of 20 officials. They will hear complaints from the lender's sales offices nationwide and come up with future-oriented business strategies.The division is divided into two sub-units, whose primary tasks are to build trust with branch offices, and pursue innovation, respectively, the bank said.The lender expects the establishment of the division to strengthen employee morale and increase work efficiency, thereby helping the lender find new business models.This is the first organizational reshuffle since Kwon took office March 24 as the head of the key subsidiary of the nation's fourth-largest financial group by market capitalization.The move comes as part of Kwon's bid to over

Apr 1, 2020By Lee Min-hyung
Woori Bank creates 'future finance design' unit

Kakao Bank appoints deputy chief

By Kim Bo-eun Kim Kwang-ok Internet-only bank Kakao Bank said Tuesday it has appointed a former executive of Korea Investment Partners, Kim Kwang-ok, as its deputy chief.The decision was approved at the bank's shareholder meeting held Monday, the lender said.Kim will be in charge of management for the duration of his two-year term."Kim will be filling the role of chief financial officer and chief strategy officer, while CEO Yun Ho-young will be overseeing operations as a whole," a Kakao Bank official said.Kim was with Korea Investment & Securities' investment banking division, leading the successful IPOs of major local businesses. He was the Korea Investment Holdings' compliance officer and served as chief investment officer at Korea Investment Partners before joining Kakao Bank.Kim took part in the launch of Kakao Bank in 2015, while he was a compliance officer at Korea Investment Holdings.Kakao Bank's appointment of a second-in-command comes after the lender decided

Mar 31, 2020By Kim Bo-eun
Kakao Bank appoints deputy chief

Donation to Vietnam

Shinhan Bank Vietnam Vice President Lee Chae-ho, fifth from left, poses with Vietnamese Fatherland Front Chairman Tran Thanh Man, sixth from left, Korean Ambassador to Vietnam Park Noh-wan, fourth from left, and other guests at the Fatherland Front headquarters in Hanoi, Tuesday. Shinhan said it donated 5 billion dong ($210,000) to the Vietnamese government to help the Southeast Asian country overcome difficulties from the COVID-19 pandemic. / Courtesy of Shinhan Bank

Mar 31, 2020By Park Jae-hyuk
Donation to Vietnam

Kyobo files complaint against Deloitte Anjin

By Kim Bo-eunKyobo Life Insurance's headquarters in central Seoul / Korea Times fileKyobo Life Insurance said Tuesday that it had filed a complaint against Deloitte Anjin with the U.S. Public Company Accounting Oversight Board. The life insurer said the accounting firm violated standards when calculating the fair market value of “put options” held by four of its major investors, including the Hong Kong-based Affinity Equity Partners.A put option is a contract that provides the owner with the right to sell an asset at a pre-determined price in a specified time frame."There are many features of the appraisal that are inconsistent with an objective and rational appraisal and audit practices," a Kyobo official said.Kyobo said the complaint was filed based on “tangible and intangible damage to business, such as extended disputes with shareholders and harm to the stability of management, as well as reputation.”In 2012, Kyobo Life Insurance Chairman Shin Chang-jae signed a contract with a consortium of four of the insurer's investors, which included put options.The c

Mar 31, 2020By Kim Bo-eun
Kyobo files complaint against Deloitte Anjin

Shinhan to integrate life insurance units July 2021

The Shinhan Life Insurance headquarters in Seoul, left, and the Orange Life Insurance headquarters also in Seoul. / Courtesy of each companyBy Park Jae-hyukShinhan Financial Group said Tuesday it decided to merge Shinhan Life Insurance with Orange Life Insurance on July 1 next year, dispelling concerns that the nation's leading banking group could revisit its integration plan over a backlash from Orange Life, formerly ING Life Insurance Korea.The financial services holding company said its “New Life” committee formed to handle the integration plan finalized the date during a teleconference on Monday afternoon.According to Shinhan, its Chairman Cho Yong-byoung said at the teleconference that the integration will enable the two life insurers to be reborn as a “top-tier” insurance company and achieve “economies of scale.”“Integrating the two companies' capability of developing customer-oriented products, enhancing digital convenience and protecting consumers, we will provide our customers with differentiated value,” he was quoted as saying

Mar 31, 2020By Park Jae-hyuk
Shinhan to integrate life insurance units July 2021

Brokerages replace CEOs to weather crisis

By Kim Bo-eunA number of brokerages have changed their leadership as they brace for a tough year ahead, amid their involvement in a troubled investment firm as well as growing uncertainties triggered by the coronavirus pandemic.Brokerages including Shinhan Investment, Daishin Securities and IBK Securities replaced their CEOs after holding shareholder meetings this month.Shinhan Investment CEO Lee Young-changShinhan appointed Lee Young-chang, former vice president at Daishin Securities as its CEO, replacing Kim Byung-chul, who stepped down just a year after taking office. Kim stepped down after the brokerage was investigated for its involvement in the Lime Asset Management fiasco.Shinhan's brokerage unit faces allegations of mis-selling troubled funds of Lime. Investors, who are set to see huge losses from their investments managed by Lime, have filed suits against its distributors including Shinhan, based on such allegations. Investigations are ongoing ― but the prosecution detained a former executive of Shinhan Investment a week ago.Lee's extensive experience in the brokerage, inves

Mar 31, 2020By Kim Bo-eun
Brokerages replace CEOs to weather crisis
previous page
399400401402403
next page

Most Read in Business