Business - The Korea Times

INTERVIEW 'ASEAN market top priority for Woori Financial Group'

By Kim Bo-eunWoori Financial Group Chairman Son Tae-seungWoori Financial Group will place a top priority on the ASEAN market in order to speed up its overseas expansion and become a leading financial group in Asia, Chairman Son Tae-seung said Monday.“The ASEAN market is a top priority for Woori Financial Group when it comes to overseas expansion,” Son said in a written interview with The Korea Times. Son doubles as the CEO of Woori Bank.“Based on not only the growth rate and profits coming from the region but also Korea's friendly relations with countries there through close economic cooperation, Southeast Asia holds the utmost significance for Woori in terms of its global expansion,” he added. “We are quickly expanding our business there, with a business model customized to each ASEAN member state.”ASEAN refers to the Association of Southeast Asian Nations, and its 10 member states are Brunei, Cambodia, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Laos, Thailand and Vietnam.Woori Bank, the flagship of the group, currently has the larg

Nov 25, 2019By Kim Bo-eun

[INTERVIEW] 'ASEAN market top priority for Woori Financial Group'

Woori aims to raise overseas earnings to 40%

Financial firms simplify titles to break hierarchy

A businesswoman shows a blank business card in this file photo. / gettyimagesbankBy Park Jae-hyukWhen an EBS-owned outspoken penguin character Pengsoo addressed the state-run educational broadcaster's CEO Kim Myung-joong without mentioning his title, Korean adults were enthusiastic about the character's “unthinkable behavior.”Under the nation's rigid corporate hierarchy, it is barely conceivable for most Koreans to address their bosses without mentioning their titles.This has been no exception in the conservative financial industry.Commercial banks and credit card issuers, however, have recently begun moving to break their hierarchical structures to allow their employees a sense of freedom to become more creative.Hyundai Card, for example, is considering streamlining its five-level ranking system to three.“After a half year of study and revision, I began surveying employees to listen to their opinions on streamlining the five-level ranking system to three,” Hyundai Card Vice Chairman and CEO Chung Tae-young wrote on Facebook.Shinhan Bank's digital strategy div

Nov 25, 2019By Park Jae-hyuk

Financial firms simplify titles to break hierarchy

Best programmers

Shinhan Financial Group Vice President Park Woo-hyuk, center, poses with programmers of “cattower,” during an award ceremony for the Shinhan Hackathon at the Shinhan Life headquarters building in Seoul, Sunday. They received the grand prize and 10 million won ($8,500) for developing a program that allows users to send money and check their financial information using voice recognition software. / Courtesy of Shinhan Financial Group

Nov 25, 2019By Park Jae-hyuk

Woori aims to raise overseas earnings to 40%

Woori Financial Group Chairman Sohn Tae-seung stands in front of the group's global network map at its headquarters in central Seoul, in this photo provided by the group, Monday. / Courtesy of Woori Financial GroupOverseas expansion, digital competence at center of Woori's strategyBy Kim Bo-eunAt Woori Financial Group's strategic meeting for the second half of the year, Chairman Sohn Tae-seung pledged to make the group's overseas business account for 40 percent of total earnings.He also named global business as one of Woori's four pillars of growth, along with wealth management, corporate and investment banking and the digital division.In line with the group's strategy, the growth of Woori's global network accelerated in the second half of this year.As of November, the group has 465 outlets in 26 countries across Asia, Europe and the Americas. Outlets refer to all offices, branches and corporate entities.Among the group's units, Woori Bank, the flagship of the group, has 444 outlets in 26 countries, while Woori Card has 20 in Myanmar, and Woori Asset Management has one in Vietnam.Ear

Nov 25, 2019By Kim Bo-eun

Woori aims to raise overseas earnings to 40%

INTERVIEW 'ASEAN market top priority for Woori Financial Group'

Internet-only banks set to challenge major lenders

By Kim Bo-eunCompetition in the banking industry is expected to heat up next year as regulations limiting the growth of internet-only banks have been cleared paving the way for them to do business in a more aggressive manner.Based on recent developments, the nation's two internet only-banks ― Kakao Bank and K bank ― are set to be able to increase their capital base to expand their business.Among them, Kakao Bank now has Kakao as its largest shareholder, after the financial authorities approved the move last week.Kakao now owns 34 percent of Kakao Bank's shares, after the former majority shareholder, Korea Investment Holdings, sold its 16 percent stake to Kakao.Kakao Bank plans to strengthen collaboration with Kakao's other units to offer better products and services as well as achieve stability in terms of capital.“Kakao Bank will likely benefit from Kakao becoming its majority shareholder, based on the latter's strength as an ICT firm,” a Kakao Bank official said.Kakao Bank attracted over 10 million users in two years since the bank was launched in 2017. This is the fast

Nov 25, 2019By Kim Bo-eun

Internet-only banks set to challenge major lenders

BOK on high alert over Facebook's Libra

By Lee Min-hyungWith Facebook touting its Libra cryptocurrency project, central banks across the globe are split over whether to issue public digital currencies amid concerns that such a stablecoin issued by a private firm can undermine their monetary sovereignty.Central banking authorities, including the Bank of Korea (BOK), are on the growing alert over the Libra, which the IT giant plans to launch next year, as more than 1.6 billion daily active users of Facebook are potential customers for the digital currency.The BOK is taking a “wait-and-see” approach over the issue, and said the central bank does not have immediate plans to issue a government-controlled digital currency, or central bank digital currency (CBDC), as of now.“Financial regulators across the globe are watching closely and carefully how to impose regulations against stablecoins like Libra,” an official from the BOK said.“As Libra has yet to make its market debut, we need to keep close communication with our counterparts from other countries on how to handle the issue,” said the of

Nov 24, 2019By Lee Min-hyung

Suhyup Bank enhancing digitization

Suhyup Bank CEO Lee Dong-binBy Park Jae-hyukSuhyup Bank decided to set up a division in exclusive charge of digital strategy, as part of its attempts to seek a new opportunity in digital finance, according to the specialized bank founded by the National Federation of Fisheries Cooperatives (NFFC), Tuesday.On Nov. 12, Suhyup announced it revised its internal rules on corporate governance structure, so as to hire the head of digital finance division as one of five executives in charge of specific tasks.The bank has had four executives in charge of specific duties so far ― compliance officer, chief risk officer, chief privacy officer and head of trust business division.As the head of digital finance division will be among the executives in charge of specific tasks following the recent revision of the bylaw, the number of executives under the direct control of the CEO will go up to five.According to Suhyup, the tenure of the digital finance division head will be two years, and the term can be extended for one more year.The bank plans to deploy employees tasked with digital strategy to th

Nov 24, 2019By Park Jae-hyuk

Learning about procurement market

Small- and medium-sized enterprise (SME) officials listen to a lecture at the Export-Import Bank of Korea (Eximbank) headquarters in Seoul, Friday, to learn ways to enter the global procurement market. Eximbank said it offers lectures every year to help Korean SMEs enter the global procurement market. / Courtesy of Eximbank

Nov 24, 2019By Park Jae-hyuk

KEB Hana spurs expansion in India

KEB Hana Bank Europe and Middle East region headquarters manager Kwon Ho-sang, third from left, cuts a ribbon with participants in the opening ceremony of the bank's Gurugram branch in Haryana, India, Friday (local time). / Courtesy of KEB Hana BankBy Park Jae-hyukKEB Hana Bank opened its second Indian branch, Friday, in Gurugram, Haryana, as part of its attempts to expand its presence in India, one of the major partners for the Korean government's New Southern Policy, the bank said Sunday.Gurugram, located 30 kilometers southwest of the Indian capital of New Delhi, neighbors Noida, a planned city accommodating manufacturing facilities of Samsung Electronics and LG Electronics.According to KEB Hana, the new branch was opened to finance 120 Korean companies in the capital area of India, as well as promising local firms there.To achieve this goal, the Korean bank signed a memorandum of understanding with Industrial Credit and Investment Corporation of India Bank, the second-largest bank in India, promising financial support for local blue-chips.“We are happy to open the second In

Nov 24, 2019By Park Jae-hyuk

K bank upbeat about turnaround

By Lee Kyung-min Expectations are growing for K bank, which has been grappling with losses over the past year, to turn around in the near future as the internet-only bank may receive much-needed capital from KT, Korea's second-largest mobile carrier, according to company officials Friday.The upbeat mood follows the passage of a revised law under which those suspected or convicted of violating the Fair Trade Act will be able to qualify as the largest shareholders of internet-only banks. This clears way for the suspected antitrust law violator KT to become the largest shareholder of Korea's first internet-only bank, meaning a capital injection of around 50 billion won ($42 million) could soon be in order. Upon passage of the revision at the National Assembly plenary session following approval from legislation and judiciary committee, KT plans to file an eligibility request with the Financial Services Commission (FSC), seeking to become the largest shareholder of K bank with a 34 percent stake. “Our view is positive,” a K bank official said.“We halted the lending busin

Nov 22, 2019By Lee Kyung-min

Banking & Finance

Banking & Finance

INTERVIEW 'ASEAN market top priority for Woori Financial Group'

Financial firms simplify titles to break hierarchy

Best programmers

Woori aims to raise overseas earnings to 40%

Internet-only banks set to challenge major lenders

BOK on high alert over Facebook's Libra

Suhyup Bank enhancing digitization

Learning about procurement market

KEB Hana spurs expansion in India

K bank upbeat about turnaround

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