Business - The Korea Times

Banks join hands with mobile carriers

KEB Hana Bank's head of future finance projects Yeom Jeong-ho, center, poses with SK Telink CEO Kim Sun-jung, left, and SK Telecom's head of sales Kim Sung-soo after the three signed an agreement to collaborate on developing innovative services in the finance and telecommunications sector, at the SK Telecom's office in central Seoul, Thursday. / Courtesy of KEB Hana BankBy Kim Bo-eunBanks have been collaborating with telecommunications firms amid heightened competition to secure customers, tearing down the walls that had separated the industries.They are seeking to win over customers by providing convenient mobile banking services and cutting costs of phone plans.KB Kookmin Bank, as the first mover, joined hands with LG Uplus, embedding a USIM chip in designated mobile phones that are tied to affordable phone plans.Users of the designated smartphones get the USIM chip, which they can place in new handsets when they switch phones, eliminating the need to set up a certification system.The phone plans are designed so that the more KB-related services the user adopts, the greater the dis

Nov 4, 2019By Kim Bo-eun

Investors flock to REIT shares

Hana Financial Investment analyst Chae Sang-wook speaks during an investment briefing for the Lotte Real Estate Investment Trust, at the brokerage's head office on Yeouido, Seoul, Oct. 2. / Courtesy of Hana Financial InvestmentBy Jhoo Dong-chanThe shares of real estate investment trusts (REITs) are continuing their bullish run of the past year thanks to investors' rush to seek stable dividends amid the nation's sluggish stock market, according to analysts.A REIT is a firm that operates various income-producing real estate, ranging from office and apartment buildings to warehouses, hospitals, shopping centers, hotels and even woodland.Investors are also eyeing foreign REITS as Korea's stock market has stagnated. According to the Korea Exchange, Sunday, the share price of Shinhan Alpha REIT closed at 8,570 won ($7.34) in the Nov. 1 session, up nearly 3,000 won from a year ago.The share price of E REITs KOCREF has jumped 32.4 percent from a year ago.Experts said domestic REITs are likely to continue their uptrend for awhile.“Domestic REITs account for less than 0.1 percent in aggr

Nov 4, 2019By Jhoo Dong-chan

Major card firms manage to post solid profit in Q3

By Lee Kyung-min Korea's major credit card companies have seen their net profit jump in the third quarter, due in large part to overseas expansion and business diversification into leasing and auto financing. The better-than-expected performance came despite concerns that their bottom lines could be significantly hurt following the government-led transaction fee cut, designed to help small and medium sized enterprises (SMEs). Shinhan Card, the largest plastic issuer by assets, reported 139.8 billion won ($120 million) in net profit in the July-September period in 2019, up 23 percent from a year ago. But the figure dropped by 6.2 percent from a quarter ago mostly due to the transaction fee cut. The firm's net profit in the first nine months also jumped to 411 billion won, a 3.9 percent increase from the year before.KB Kookmin Card posted 104.9 billion won in net profit in the third quarter of 2019, a 36.4 percent increase from the previous year. The January-September figure reached 251 billion won, up 2.2 perce

Nov 3, 2019By Lee Kyung-min

Major card firms manage to post solid profit in Q3

Naver makes foray into finance business

By Baek Byung-yeulChoi In-hyuk, CEO of Naver FinancialNaver, the country's largest internet portal operator, has entered the financial services business, launching affiliate Naver Financial Friday.Naver CEO Han Seong-sook announced the company's foray into the new business, saying it will develop competitive financial products with securities firm Mirae Asset Daewoo.“Based on successful examples we had in shopping and online-to-offline services, we will bring innovation in the financial sector,” Han said during a conference call on Thursday announcing the company's third-quarter earnings.Naver Chief Operating Officer and Naver Financial CEO Choi In-hyuk said the new company will release products including bank accounts, stocks and credit cards. The products will be closely aligned with Naver Pay, Naver's digital wallet service.“Naver Financial will basically provide a payment service based on e-commerce platforms,” Choi said. “The company plans to release financial products over the next two or three years.” He said Naver Financial will drive evolu

Nov 1, 2019By Baek Byung-yeul

JB shines among provincial banking groups' earnings

By Kim Bo-eunJB Financial Group had record earnings in the first three quarters of the year, standing out among provincial banking groups.On a consolidated basis, JB logged 294.2 billion won in net profit ― up 39.5 percent from the same period a year earlier. This is the most net income for the first three quarters since its holdings group was launched in 2013.JB's net profit for the third quarter alone stood at 90.1 billion won, representing 24.1 percent year-on-year growth.BNK Financial Group recorded 529.2 billion won in net profit for the first three quarters, down 1.9 percent from a year ago. DGB Financial Group's net profit was 272.1 billion won, a 2.3 percent fall from the same period last year.JB's acquisition of Kwangju Bank boosted the group's earnings. Its flagship Jeonbuk Bank's net profit for the third quarter grew 9.6 percent to 95.7 billion. JB Woori Capital's net profit was up 4.4 percent year-on-year to 65.9 billion won.The group's performance was also driven by measures to slim the holding company's organization, according to the group. It reduced the number of its

Nov 1, 2019By Kim Bo-eun

Top bankers' meeting

Bank of Korea (BOK) Governor Lee Ju-yeol poses with state-run and commercial bank CEOs at the central bank's headquarters in Seoul, Friday. Lee called for improvement in productivity through innovation. From left are KEB Hana Bank CEO Ji Sung-kyoo, NongHyup Bank CEO Lee Dae-hoon, Export-Import Bank of Korea CEO Bang Moon-kyu, Suhyup Bank CEO Lee Dong-bin, Industrial Bank of Korea CEO Kim Do-jin, Woori Bank CEO Sohn Tae-seung, BOK Governor Lee Ju-yeol, Citibank Korea CEO Park Jin-hei, Standard Chartered Bank Korea CEO Park Jong-bok, Shinhan Bank CEO Jin Ok-dong and KB Kookmin Bank CEO Hur Yin. / Courtesy of BOK

Nov 1, 2019By Park Jae-hyuk

Eximbank chief's inaugural address

Export-Import Bank of Korea (Eximbank) CEO Bang Moon-kyu speaks at his inauguration ceremony held at the state-run lender on Yeouido, Seoul, Friday. He pledged to make the bank play a leading role in seeking new business opportunities.  Yonhap

Nov 1, 2019By Kim Bo-eun

'BNP Paribas intends to stay, grow in Korea'

Philippe Noirot, Head of Territory of BNP Paribas Korea, speaks during a recent interview with The Korea Times in central Seoul. / Korea Times photo by Choi Won-sukFrench banking group leads sustainable finance effortsBy Kim Bo-eunA number of foreign banks have pulled out of Korea in recent years, amid the country's slowing growth rate and what is seen as limited business opportunities.This is why the question Philippe Noirot, Head of Territory of BNP Paribas Korea, has often been asked is, why is the bank still here? The bank entered the Korean market in 1976, and celebrated its 40th anniversary here three years ago.“At the time, we said we wish to stay at least another 40 years. We have great clients and long-standing relationships with those clients. BNP Paribas is a relationship bank,” Noirot told The Korea Times in a recent interview at the BNP Paribas office in central Seoul.For the French bank, he said, it “has never been a question” whether they are going to stay or leave.“We have a growing client base and increasing services we can offer to thes

Nov 1, 2019By Kim Bo-eun

'BNP Paribas intends to stay, grow in Korea'

Groceries for low-income families

Shinhan Financial Group Chairman Cho Yong-byoung, left, poses with Seoul Council on Social Welfare Chairman Jung Yeon-bo at the financial group's headquarters in Seoul, Thursday. Opening a marketplace for its affiliated villages to sell groceries, Shinhan bought groceries worth 50 million won ($43,000) and donated them to low-income families through the council. / Courtesy of Shinhan Financial Group

Oct 31, 2019By Park Jae-hyuk

Boosting ties with Hong Kong

NongHyup Bank CEO Lee Dae-hoon, left, shakes hand with Invest Hong Kong Investment Promotion Director-General Stephen Phillips at the bank's headquarters in Seoul, Oct. 30. The two agreed to boost ties to help the Korean bank set up branches in Hong Kong and help Korean startups expand there. Courtesy of NongHyup Bank

Oct 31, 2019By Lee Kyung-min

Banking & Finance

Banking & Finance

Banks join hands with mobile carriers

Investors flock to REIT shares

Major card firms manage to post solid profit in Q3

Naver makes foray into finance business

JB shines among provincial banking groups' earnings

Top bankers' meeting

Eximbank chief's inaugural address

'BNP Paribas intends to stay, grow in Korea'

Groceries for low-income families

Boosting ties with Hong Kong

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