Business - The Korea Times

Banks create culture space to attract young customers

People walk by H-PULSE, KEB Hana Bank's branch near the main gate of Hongik University. Coutesy of KEB Hana BankBy Lee Kyung-min Korea's leading commercial banks are rushing to create a culture space in Hongdae, or the Hongik University area, to strengthen a future customer base. The area in the northern part of Seoul, known for music, art and various other cultural activities, is frequented by those in their late teens and 20s. KEB Hana Bank opened Hana members' lounge on the second floor of H-PULSE, the bank's branch near the main gate of Hongik University, Dec. 23.The lounge is open to the public for cultural exhibitions. It can be used as a place for gatherings, seminars or study for those who have bank accounts. “Hongdae is where young customers come to meet friends and go to music or art performances on the weekend. We thought creating a space for our customers to stay there would be a good idea,” a Hana official said. A similar space Chungchun Maru created by KB Kookmin Bank has drawn over 180,000 visitors, only about a year-and-a-half after it opened in April 2018

Jan 5, 2020By Lee Kyung-min

Banks create culture space to attract young customers

Launch of Daejeon Hana football club

Hana Financial Group Chairman Kim Jung-tai waves a flag marking the launch of Daejeon Hana Citizen Football Club at the Chungmu Gymnasium in the city of Daejeon, Saturday. Behind Kim, the owner of the club, are the club's coach and players. / Courtesy of Hana Financial Group

Jan 5, 2020By Kim Bo-eun

Financial firms incorporate ESG into business strategies

By Kim Bo-eunThe finance sector is increasingly incorporating the term ESG into their management strategies, to keep up with global trends and meet investors and shareholders' demands.ESG stands for environmental, social and governance, and employing these values into a company's management means the entity seeks to protect the environment, fix societal problems and improve corporate governance through its business.A number of major financial groups have established separate divisions focusing on devising related strategies for this year. This is seen as a move to go a step further from supporting the idea to drawing up action plans and executing them.In a reorganization conducted in December, KB group created an ESG strategy division, to strengthen the group's ESG management. Its bank also set up a similar arm. "Let's establish KB as an exemplary financial group leading sustainable management, by internalizing and expanding this," group Chairman Yoon Jong-kyoo told executives at a workshop held on the weekend.KEB Hana Bank also created a similar unit. Protecting financial consumers

Jan 5, 2020By Kim Bo-eun

Financial firms incorporate ESG into business strategies

Aiming for top

Shinhan Financial Group Chairman Cho Yong-byoung, front row center, raises his fist with top executives during the Shinhan Management Forum at the group's training center in Yongin, Gyeonggi Province, Thursday. The chairman said resilience will enable the group to overcome recession. / Courtesy of Shinhan Financial Group

Jan 5, 2020By Park Jae-hyuk

New IBK chief faces union protest over 'parachute appointment'

Union members at the Industrial Bank of Korea (IBK) block Yoon Jong-won, center, new leader of the state-run bank, from entering the bank's headquarters in Seoul, Friday. YonhapBy Lee Min-hyungThe union at the Industrial Bank of Korea (IBK) pledged to stage an all-out protest against Yoon Jong-won, new leader of the state-run bank, as he was “parachuted in” for the position due to political connections with the incumbent administration.The ex-presidential secretary failed to enter IBK headquarters on the first day of his term on Friday amid fierce opposition from a crowd of union members.They denounced Yoon as an “unprofessional and parachuted bureaucrat” unqualified for the position, as he has no prior experience in the banking industry.Yoon is an expert in finance and economic policies having taken a number of key posts at the Ministry of Economy and Finance. He also served as an economist at the International Monetary Fund for about three years since November 1997.He worked as a senior secretary to President Moon Jae-in for economic affairs for about a year

Jan 3, 2020By Lee Min-hyung

New IBK chief faces union protest over 'parachute appointment'

INTERVIEW AI, big data becoming Shinhan's new growth engines

This is the first in a series of interviews with heads of the nation's top four financial groups ― Shinhan, KB, Woori and Hana ― to mark the beginning of New Year 2020. ― ED.Chairman seeks opportunity from gov't initiative on 'data economy'By Park Jae-hyukShinhan Financial Group is set to upgrade its capability in artificial intelligence (AI) and big data in 2020 in line with the government's initiative to “invigorate” the data economy, according to the head of the nation's largest banking group.The data economy refers to a global digital ecosystem in which data is gathered, organized and exchanged by a network of vendors for the purpose of deriving value from the accumulated information.With the aim of enabling the use of data and AI technologies in the safest way, the government has sought to expand the value of the data market here to 30 trillion won ($25.6 billion) and nurture 10 “unicorns” in the AI sector by 2023.Shinhan Chairman Cho Yong-byoung told The Korea Times his company will start pushing ahead with various projects from this year to gain more pr

Jan 2, 2020By Park Jae-hyuk

[INTERVIEW] AI, big data becoming Shinhan's new growth engines

K bank chief's term extended again

K bank CEO Shim Sung-hoon / Korea Times fileBy Kim Bo-eunK bank CEO Shim Sung-hoon's term has been extended once again for another three months.Shim is set to serve his term through the end of March, when the bank holds its general shareholders meeting. In September, the internet bank extended Shim's term to Jan. 1, so he could undertake the task of increasing the troubled bank's capital. In March last year, K bank sought to make the telecommunications giant KT, which is currently the second-largest shareholder, into the majority shareholder.However, financial authorities halted the review for this request, citing that KT was being investigated for alleged violations of the fair trade act. Regulations state that an entity being investigated for such allegations cannot become a majority shareholder of another entity.This put the brakes on the bank's plans to increase its capital by issuing new stocks, which prompted the bank to halt loans for a few months.Shim sought to increase the bank's capital through other means in 2019, but failed.Revisions to regulations that will ease the entr

Jan 1, 2020By Kim Bo-eun

Global, digital, trust - keywords for banks in 2020

Korea Federation of Banks (KFB) Chairman Kim Tae-young, front row center, stands with chiefs and executives of 23 banks at the KFB building in central Seoul, Dec. 23. / Courtesy of KFBBy Kim Bo-eunFinancial groups and lenders have set three keywords for 2020 to adapt to the digital era and low interest rates and regain consumer trust.Chiefs of financial groups and banks outlined digitization, global expansion and restoring trust as main areas of focus in their New Year messages. These moves are also visible in the recent restructuring of their organizations.Hana Financial Group Chairman Kim Jung-tai said the group needs to "lead innovation in digital finance to find new areas of business."He added, "Through digital means and cooperation, the group needs to establish efficient processes and enhance customer and employee experience.”Nonghyup Financial Group's chief Kim Gwang-soo noted: "The next 10 years are expected to bring much more changes than the past 100 years and will serve as a test bed of survival."He emphasized the need for the group to switch its subsidiaries to digit

Jan 1, 2020By Kim Bo-eun

Global, digital, trust - keywords for banks in 2020

Happy New Year

KEB Hana Bank CEO Ji Sung-kyoo, front row center, raises his fist with employees after watching the first sunrise of the year at Smart Work Center in the bank's headquarters in Seoul, Wednesday. The bank said they wished for happiness at the new office that will open this year. / Courtesy of KEB Hana Bank

Jan 1, 2020By Park Jae-hyuk

Protesting 'parachute CEO'

Rep. Chu Hye-seon of the minor opposition Justice Party, fifth from right, speaks during a joint press conference with Rep. Chae Yi-bai of the minor opposition Bareunmirae Party, third from right, and the Korean Financial Industry Union members at the National Assembly in Seoul, Tuesday. They protested over a rumor that Cheong Wa Dae is planning to appoint former senior secretary of economic affairs Yoon Jong-won as the new CEO of the Industrial Bank of Korea. / Yonhap

Dec 31, 2019By Park Jae-hyuk

Banking & Finance