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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.

IBK CEO Kim visits Indonesia to facilitate M&A project

Industrial Bank of Korea CEO Kim Do-jinBy Jhoo Dong-chanIndustrial Bank of Korea (IBK) CEO Kim Do-jin is visiting Indonesia to participate in the inauguration event for PT Bank IBK Indonesia slated for Sept. 19.IBK acquired an 87.34 percent stake in PT Bank Agris in February 2018 and a 71.7 percent stake in PT Mitraniaga in April 2018. The Korean bank received approval for the acquisitions from the Financial Services Authority of Indonesia in January. The merger of the two Indonesian banks led to the opening of IBK Indonesia on Sept. 5. It was the bank's first overseas M&A ever since IBK was established in 1961.Kim vowed in his inauguration in January 2017 that he would do his best for the bank to clinch an overseas M&A deal during his two-year term. He also reiterated his promise during the bank's foundation anniversary ceremony last year, saying it's time for the bank to “expand its financial territory abroad.”IBK said it aims at developing IBK Indonesia as the country's largest corporate financing bank.“Indonesia is one of the most important regional part

Sep 17, 2019By Jhoo Dong-chan
IBK CEO Kim visits Indonesia to facilitate M&A project

Korea Investment & Securities faces triple whammy

Korea Investment & Securities' private banking center in Yeongdeungpo, southwestern Seoul / Korea Times fileBy Park Jae-hyukKorea Investment & Securities may face setback in achieving its grand scheme of being the nation's first brokerage firm that posts a 1 trillion won ($844 million) annual operating profit, as it has been involved in a series of scandals recently.The company is facing growing criticism for its employee's involvement in dubious investments made by Justice Minister Cho Kuk's family.According to industry sources, the Seoul Central District Prosecutors' Office has been investigating a Korea Investment & Securities private banker surnamed Kim, 37, on charges of destroying evidence showing suspicious investments made by Cho's wife.The prosecutors also raided the firm's private banking center in Yeongdeungpo, Sept. 5, to confiscate computer hard disks and key internal documents concerning the assets management of Cho's family.On top of the prosecutors' investigation, Korea Investment & Securities has been under a National Tax Service audit which will cont

Sep 17, 2019By Park Jae-hyuk
Korea Investment & Securities faces triple whammy

Toss emerges as marketing platform for financial firms

By Kim Bo-eunToss, which began as a money transfer app, has developed into an in-demand marketing platform for financial firms' products.The application, which now offers comprehensive services including sales of credit cards, insurance and savings products, is proving to be an effective tool for companies to promote their offerings.Toss' latest promotion with Hyundai Card became one of the most searched keywords on a major portal site last week.The promotion states that a customer who signs up for a certain card and spends 80,000 won with it will get the same amount back in cash.While this appears to be a cost burden, the model works for card issuers, as selling their products on mobile applications without agents saves costs. The card issuers and Toss collectively bear marketing costs.This is a better strategy than the excessive expenditures card firms have undertaken to increase customers in tough market circumstances. Besides, the government has also limited the amount of money that card issuers can spend on marketing.Financial firms are eager to collaborate with Toss, as the maj

Sep 17, 2019By Kim Bo-eun

KDB chief under fire for proposing merger with Eximbank

Korea Development Bank (KDB) Chairman Lee Dong-gull speaks during a press conference held at the KDB headquarters in Seoul, Tuesday, to mark the second anniversary of his inauguration. / Courtesy of KDBBy Park Jae-hyuk Korea Development Bank (KDB) Chairman Lee Dong-gull is facing growing criticism after proposing a merger of two government-run banks ― the KDB and the Export-Import Bank of Korea (Eximbank).During a press conference held to celebrate the second anniversary of his inauguration, Lee told reporters that he would suggest to the government that it consider a merger of the two state lenders.The chairman cited economies of scale as the reason for the structural reform of the state-run financial institutions, saying the merger would see fewer back office workers but a larger budget.He also jokingly said the KDB originally owned the site for Eximbank, which is located just next to it.The Export-Import Bank of Korea headquarters in Seoul / YonhapHis remarks stirred up controversy with the Eximbank strongly protesting the idea, regarding it as nonsense.“It was inappropriate

Sep 16, 2019By Park Jae-hyuk
KDB chief under fire for proposing merger with Eximbank

Shinhan included in DJSI for 7th straight year

Shinhan Financial Group Chairman Cho Yong-byoungBy Park Jae-hyukShinhan Financial Group became the nation's first financial group to be included in the Dow Jones Sustainability Indices (DJSI) World for the seventh straight year, according to the banking group, Monday.The country's largest financial group ranked sixth in the banking industry sector.Among the world's 2,500 largest companies in terms of market capitalization, only the top 10 percent of them satisfying economic, environmental and social criteria can be included in the DJSI World.This year, 25 financial groups were among the DJSI World's banking industry sector.They include global financial firms such as the Spain-based Santander, the Australia-based Westpac and the France-based BNP Paribas.“Our inclusion in the DJSI World for the seventh straight year shows that we were recognized for our efforts to benefit society with our financial business,” a Shinhan Financial Group official said. “By carrying out businesses related to sustainable management, we will continue striving to be recognized by our custome

Sep 16, 2019By Park Jae-hyuk
Shinhan included in DJSI for 7th straight year

Kakao lags behind Naver in securities business

Kakao Chairman Kim Beom-su attends a hearing at the Seoul Central District Court in this March 26 file photo. / YonhapBy Park Jae-hyukKakao is suffering a setback in starting a securities business in Korea due to government regulations, while its rival Naver has launched a stock trading service in Japan through its Tokyo-based subsidiary Line.According to financial authorities, Tuesday, the Securities and Futures Commission under the Financial Services Commission (FSC) decided to delay its screening of KakaoPay's acquisition of Baro Investment & Securities until an appellate court makes a ruling on Kakao Chairman Kim Beom-su over his alleged violation of the Antitrust Law.The ruling is expected to be made during the first half of 2020 at the earliest.The commission agreed to resume the screening only if Kim is acquitted.KakaoPay signed an agreement with Baro in October 2018 to acquire a 60 percent stake in the small brokerage firm for 40 billion won ($33 million).In April, the mobile payment unit of Kakao submitted its application to the FSC for approval of the acquisition.As Kim

Sep 16, 2019By Park Jae-hyuk
Kakao lags behind Naver in securities business

Savings banks urged to beef up credit risk management

By Lee Kyung-min Korea's financial services firms should strengthen their credit risk management as loans to overleveraged borrowers, such as the self-employed, are running high risks of going bad amid the economic downturn, the Bank of Korea (BOK) said in a report, Monday.In particular, the central bank urged savings banks to take greater precautions against increased default risks as many of their low-credit customers have increased their borrowing from multiple low-tier lenders amid the deteriorating business environment.The warning is based on the central bank's assessment of the degree and extent of how a credit default triggered by “high-risk” borrowers ― notably the self-employed ― would increase a systemic risk to financial institutions. This was done by analyzing a “contagion index,” the sum of fundamental default risks and default by contagion. The higher the number, the greater the expected default risk. The report showed the index for the self-employed has risen since the third quarter of 2015 with the particularly vulnerable being those in the who

Sep 16, 2019By Lee Kyung-min

MBK Partners chief among Korea's 30 richest

By Kim Bo-eun MBK Partners Chairman Kim Byung-ju Kim Byung-ju, chairman of the country's largest private equity firm, MBK Partners, has become one of Korea's 30 richest people, according to Forbes.On South Korea's 30 Richest 2019 released recently by the American business magazine, Kim was 23rd, with 1.76 trillion won ($1.48 billion) in assets. Kim was above chiefs of major conglomerates on the list, including CJ Group Chairman Lee Jay-hyun, Shinsegae Group Chairwoman Lee Myung-hee, Shinsegae Vice Chairman Chung Yong-jin and Lotte Group Chairman Shin Dong-bin.This is the first time the chief of a private equity firm has made it to the top 30.Kim's name appeared on Forbes' list for the first time in 2016, when he ranked 47th. His ranking jumped the following year to 38th but fell to 43rd in 2018.His rank leapt 20 places this year as his assets grew by 652.8 billion won.The growth in assets is seen as being due to proceeds he earned last year after MBK Partners sold off

Sep 16, 2019By Kim Bo-eun
MBK Partners chief among Korea's 30 richest

Encouraging workers on duty

Nonghyup Bank CEO Lee Dae-hoon speaks to employees at the bank's IT center in Euiwang, Gyeonggi Province, Saturday. The CEO made the visit to talk with workers on duty during the Chuseok holidays. / Courtesy of Nonghyup Bank

Sep 15, 2019By Kim Bo-eun

Woori online banking to offer fintech service

A poster promoting Woori Bank's online bankingBy Lee Kyung-min Woori Bank has strengthened its data sharing system with 14 fintech firms to better help customers use new and innovative services on its online platform WiBee Bank, the bank said Wednesday.The services include ways to avoid voice phishing, and recommendations on auto insurance, auto prices and promising stocks, among others. This is part of “Open Finance,” defined by closer integration between Woori and promising fintech companies to share data, functions and customer bases, a key initiative of bank CEO Sohn Tae-seung who doubles as Woori Financial Group chairman. The bank said customers will be able to use the services on the online platform without having to install new apps. It also plans to increase the number of services available on the platform. “Fintech firms have innovative technologies and services, but they oftentimes struggle because they do not have a comprehensive marketing and distributing channel to promote and make new financial products available,” a Woori official said.“Ou

Sep 11, 2019By Lee Kyung-min
Woori online banking to offer fintech service
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