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Eximbank funds tunnel construction project by SK E&C

The headquarters of the Export-Import Bank of Korea (Eximbank) on Yeouido in Seoul / YonhapThe Export-Import Bank of Korea (Eximbank) will provide $250 million (296.7 billion won) in funding for a tunnel construction project by SK Engineering & Construction (SK E&C), the state-run bank said Tuesday.Under the project, the SK affiliate will build and maintain the Silvertown Tunnel linking Greenwich Peninsula in southeast London to Silvertown.Eximbank helped a consortium ― including the SK affiliate, Macquarie Capital and Citra ― win the contract by providing the funding.“The latest achievement is seen as the first exemplary case here in which a Korean construction firm and finance organization successfully won a public-private partnership infrastructure project in a developed country,” an official from the state-owned lender said.“The project is meaningful in that the Korean company has participated in the higher value-added business in a partnership with the Eximbank, allowing the firm to generate long-term revenue,” said the official.The bank expressed

Dec 3, 2019
Eximbank funds tunnel construction project by SK E&C

Lenders break stereotype of bank branches

NongHyup Bank CEO Lee Dae-hoon, left, looks at items sold at the lender's second branch that opened inside a NongHyup Hanaro Mart in Chuncheon, Gangwon Province, Nov. 14. / Courtesy of NongHyup BankBy Kim Bo-eunBanks have begun developing differentiated branches as they experiment with innovative projects to attract customers in an increasingly competitive and tough market.Branches have evolved from places simply providing financial services to multifunctional spaces where customers can shop for groceries or sign up for a phone plan.NongHyup Bank opened such a branch within NongHyup Hanaro Mart in Chuncheon, Gangwon Province, in early November.The latest branch offers differentiated services, enabling customers to purchase groceries while on a visit to the bank. The mini supermarket sells produce from local farms.The branch also offers services from 8:30 a.m. through 7 p.m. on weekdays.The branch in NongHyup Hanaro Mart is the second of its kind. The first opened in Goyang, Gyeonggi Province, in December last year.NongHyup Bank opened its first special branch merged with a coffee sho

Dec 3, 2019By Kim Bo-eun

Phasing out coal finance

Korean Teachers' Credit Union's investment strategy department head Ga Seon-no, left, DB Insurance Vice President Chung Kyung-soo, center, and Public Official Benefit Association chief administrative officer Lee Chung-yeol hold a declaration on phasing out the financing of coal use at the FKI Tower in Seoul, Tuesday. The three joined other financial institutions that have declared they will not finance the construction of coal-fired power stations. / Courtesy of Korea Sustainability Investing Forum

Dec 3, 2019By Park Jae-hyuk
Phasing out coal finance

Hana to focus on co-prosperity among stakeholders

Hana Financial Group Chairman Kim Jung-tai speaks during a ceremony to celebrate the 14th anniversary of the group's foundation at its headquarters in Seoul, Dec. 2. Courtesy of Hana Financial GroupBy Lee Kyung-min Hana Financial Group Chairman Kim Jung-tai said Monday that the group will place a top priority on achieving mutual prosperity and growth among stakeholders by boosting a sense of community. Under the corporate vision NEXT 2030, Hana employees will redefine relationships with co-workers, customers, shareholders and the community at large, a step that Kim views will boost the “interest of all stakeholders.” This was part of the corporate message announced at the 14th anniversary of the group's foundation at its headquarters in Seoul. The ceremony was attended by over 250 executives and workers from the group including heads of key subsidiaries. “From now on, Hana Financial Group will reset its business strategy whereby values are created for all parties involved,” Kim said.“To that end, our business models and procedures will be completely rebu

Dec 2, 2019By Lee Kyung-min
Hana to focus on co-prosperity among stakeholders

Can brokerage CEOs keep seats in coming reshuffle?

By Lee Kyung-min Mirae Asset Daewoo CEO Choi Hyun-manAttention is growing over whether CEOs of the nation's major securities firms will keep their seats in the upcoming management reshuffle as their terms will be terminated in the months to come, according industry sources and officials, Tuesday. Despite the slew of negative domestic and global developments, chances are that many of them will survive as most brokerage houses have posted better-than-expected earnings for the first nine months of 2019. Firms with their CEOs terms set to end in March 2020 include Mirae Asset Daewoo, NH Investment & Securities, Daishin Securities, Kyobo Securities, Yuanta Securities Korea, Hyundai Motor Securities, SK Securities and DB Financial Investment. Mirae Asset Daewoo CEO Cho Ung-keeThe leadership of industry leader Mirae Asset Daewoo is not likely to change given that the firm enjoyed a record-high net profit of 525.3 billion won ($446 million) in the January-September period in 2019. The performance is outstanding because the firm took only nine months to break the previous annual high

Dec 2, 2019By Lee Kyung-min
Can brokerage CEOs keep seats in coming reshuffle?

INTERVIEW Kakao Bank's innovation comes from 'observing, detecting trends'

By Kim Bo-eunKakao Bank's Channel Leader Ko Jung-hee speaks during an interview with The Korea Times at the bank in Pangyo, Gyeonggi Province, last month. / Courtesy of Kakao BankKakao Bank, one of the two internet-only lenders here, is credited with playing a key role in improving mobile services in the banking industry as a whole.It brought about groundbreaking change by eliminating a cumbersome verification process that was previously needed to access mobile banking.Behind such achievements is the bank's channel leader Ko Jung-hee. Ko received a presidential award for her contributions to the development of finance in October, along with two other Kakao Bank employees.The term “channel” in Ko's title refers to customers' point of contact with the bank. These include the lender's mobile application, its PC website and ATMs."Basically, I am in charge of devising the flow and enhancing the UX of all the screens that show up on the bank's mobile app, from creating an account to signing up for certain products," Ko told The Korea Times in an interview held at the bank in Pa

Dec 2, 2019By Kim Bo-eun
[INTERVIEW] Kakao Bank's innovation comes from 'observing, detecting trends'

Boosting consumer protection

NongHyup Bank Financial Consumer Protection Group head Seo Yun-sung, fourth from left in front row, poses for a photo with officials from the Korean Institute for Consumer Education and winners of the 2019 consumer protection content creation competition at the bank's headquarters in Seoul, Nov. 29. Twenty-five teams won prizes for making video clips that showed ways to boost consumer protection including detecting voice-phishing scams and purchasing financial products prudently. Courtesy of NongHyup Bank

Dec 1, 2019By Lee Kyung-min
Boosting consumer protection

Will NongHyup Bank CEO clinch third term?

NongHyup Bank CEO Lee Dae-hoonBy Lee Kyung-min NongHyup Bank CEO Lee Dae-hoon is waiting to see if he will be able to clinch a third term, following the recommendation committee meeting held by the bank's holding company this week.If Lee gets a one-year term extension for the second time, it will be the first time for the subsidiary of NongHyup Financial Group to have the same CEO for three consecutive years. Lee, who began his first term Jan.1, 2018, was able to clinch a second term December 2018 due mainly to his outstanding performance. Company rules stipulate the CEO's term can be up to two years following one extension, but they are subject to a performance review every year. NongHyup Financial will hold up to three more committee meetings this week to deliberate on whether to extend Lee's term. The committee, comprised of in-house and outside directors as well as non-standing directors, will seek to finalize a decision after last week's meeting failed to narrow 10 candidates down to four for a shortlist.Lee's major competitors will include NongHyup Property and Casualty Insuran

Dec 1, 2019By Lee Kyung-min
Will NongHyup Bank CEO clinch third term?

Will KDB be able to sell life insurance unit this year?

KDB Life Insurance's headquarters / Captured from KDB Life Insurance's websiteBy Kim Bo-eunKorea Development Bank (KDB) has shown strong willingness to sell off its insurance unit by the end of this year, but what appears as a lack of interest from potential buyers is set to slow down the process.What will make it more difficult for the state-run lender to find a buyer is Prudential Financial's attempt to sell its Korean Unit, Prudential Insurance Company of Korea, which is considered much more attractive both in its profitability and financial soundness than KDB Life.According to media reports, the U.S. top life insurer has hired Goldman Sachs as a lead manager to explore the possibility of the sales of the nation's 11th largest life insurer by total assets as of June.KDB Chairman Lee Dong-gull has pledged to provide a hefty bonus of up to 4.5 billion won ($3.85 million) for KDB Life Insurance's management if they succeed in the sale, as this is KDB Life's fourth attempt.KDB said that it is accepting candidates for a preliminary bid through the end of November.While KDB declined to

Nov 29, 2019By Kim Bo-eun
Will KDB be able to sell life insurance unit this year?
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