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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.

Woori faces dilemma on falling share prices

Woori Financial Group Chairman Sohn Tae-seungAnalysts say Woori stocks undervalued given Q2 performanceBy Park Jae-hyukWoori Financial Group Chairman Sohn Tae-sung is facing growing concerns over the group's stock price, which has dropped sharply over the past few weeks despite his continuous efforts to raise it, according to market analysts, Monday.For several reasons, the financial services holding company has been required to raise its stock price.One reason is its planned acquisition of Woori Card, which is currently a wholly owned subsidiary of Woori Bank, the holding firm's wholly owned subsidiary.In June, the financial group decided to buy all Woori Card shares from Woori Bank, with the holding firm's shares and some additional cash.Following the decision, the bank will hold a 5.83 percent stake in the holding firm from Sept. 10.The bank is supposed to buy the holding firm's stocks for 14,212 won ($11.74) per share.It has to sell the shares within six months after its acquisition, given that the law bans subsidiaries from owning shares in their holding companies.Woori Bank has

Sep 4, 2019By Park Jae-hyuk
Woori faces dilemma on falling share prices

Shinhan opens AI-based investment advisory firm

Shinhan Financial Group Chairman Cho Yong-byoung talks to Shinhan AI employees at Shinhan AI headquarters on Yeouido in Seoul, Tuesday. / Courtesy of Shinhan Financial GroupBy Park Jae-hyukShinhan Financial Group opened the nation's first artificial intelligence (AI) based investment consulting company, Shinhan AI, in Seoul, the banking group said Tuesday.The group, which has pushed ahead with the use of AI in its business since 2016, decided in December 2018 to establish the AI-based investment advisory unit.In August, the financial regulator approved of the group having Shinhan AI as its subsidiary.According to Shinhan Financial Group, its 16th subsidiary will offer advice on investments to any customers, not just wealthy ones, with its AI-based investment advisory platform NEO, which is powered by IBM Watson's analytical technology.NEO, which stands for “new” and Shinhan's slogan of “ONE Shinhan,” will analyze the global financial market and recommend the best portfolio and products to customers by analyzing global big data from the past 30 years.The group

Sep 3, 2019By Park Jae-hyuk
Shinhan opens AI-based investment advisory firm

K bank, Kakao Bank alerted for worsening financial health

The K bank head office in Seoul / Courtesy of K bankBy Jhoo Dong-chanConcerns are growing over the deteriorating financial health of the nation's two internet-only banks ― K bank and Kakao Bank.According to the Financial Supervisory Service (FSS), the Switzerland-based Bank for International Settlements (BIS) capital adequacy ratio of the two stood at 10.62 percent and 11.74 percent, respectively, at the end of June, down 1.86 and 1.66 percentage points from the previous month.The FSS data suggested the average BIS ratio of the nation's 19 commercial and state-run banks stood at 15.34 percent as of the end of June, down 0.07 percentage points from the previous quarter.The BIS ratio is key barometer of financial soundness measuring the proportion of a bank's capital to its risk-weighted credit. It requires lenders to maintain a ratio of 8 percent or higher.“Both banks have aggressively granted loans to customers since they were established. This hurt their financial soundness,” said an FSS official.“I believe, however, this won't be a big issue for Kakao Bank. Kakao'

Sep 2, 2019By Jhoo Dong-chan
K bank, Kakao Bank alerted for worsening financial health

What will change with open banking?

By Kim Bo-eunQuestions are arising as to how banks' introduction of “open banking” will affect their customers. The government will have banks run a trial of the new system from October and officially implement it from December.Under the system, customers with accounts at multiple banks will be able to check them through just one bank's mobile banking application, as well as what types of financial products they have signed up for.They will also be able to compare various loans and their interest rates to get the best option.This is designed to heighten competition among financial firms to attract more customers.For banks, the new system is set to pose new challenges, as before its introduction they could rely on customer loyalty.However, under the new system customers will be able to select which banking app they will use based on their experience, which means they could abandon the application of one bank to use more convenient services offered by another.Fintech players such as Toss and Banksalad already offer such services.Banks are rushing to introduce their applicat

Sep 2, 2019By Kim Bo-eun
What will change with open banking?

JB recognized by BSI for anti-bribery management

JB Financial Group Chairman Kim Ki-hong, left, receives ISO 37001 certification from BSI Korea lead auditor Song Kyung-soo at the JB Building in Seoul, Friday. / Courtesy of JB Financial GroupBy Park Jae-hyukJB Financial Group has become the nation's first financial group to obtain ISO 37001 certification from the British Standards Institution (BSI), the company said Monday.ISO 37001 is an anti-bribery management system that identifies a management standard to help organizations in the fight against corruption.BSI, the U.K. national standards body founded in 1901, published the BS 10500 anti-bribery management system in 2011, which was replaced by ISO 37001 in 2016.JB said it has prevented bribery with its anti-corruption manager and internal auditing, since it enhanced compliance management and adopted the anti-bribery management system in 2018.The financial group vowed to train its employees regularly and continue monitoring, so that its anti-bribery management system takes root.“Ethical management is the key for sustainable growth of a financial company,” JB Financial

Sep 2, 2019By Park Jae-hyuk
JB recognized by BSI for anti-bribery management

For Shinhan's future

Shinhan Financial Group Chairman Cho Yong-byoung speaks during the group's 18th anniversary ceremony at the group headquarters in Seoul, Monday. Cho urged employees to prioritize their customers in order for Shinhan to be known as the financial group representing Korea. / Courtesy of Shinhan Financial Group

Sep 2, 2019By Park Jae-hyuk
For Shinhan's future

Korean banks suffer setback in non-ASEAN regions

US subsidiaries face worsening profitability over tougher regulationBy Park Jae-hyukThe nation's commercial banks are facing declining earnings in the U.S. and European markets, while enjoying solid growth both in sales and profits in Southeast Asia, data showed Tuesday.Shinhan Bank America, a U.S. subsidiary of Shinhan Bank, posted a 475 million won ($391,000) net profit in the first half of 2019, down 84 percent from a year earlier. Shinhan Bank Europe, the bank's European subsidiary, turned to a loss, suffering a 120 million won net loss, due to the cost for moving its office in June.KEB Hana Bank, which runs three U.S. subsidiaries, posted a 581 million won net profit for KEB Hana New York Financial and a 1.49 billion won net profit for KEB Hana LA Financial. Their net earnings dropped by 71 percent and 29 percent, respectively, from a year earlier.Hana Bancorp, the bank's another U.S. subsidiary which suffered a 2.62 billion won net loss in the first half of 2018, showed a 3.51 billion won net loss again in the first half of 2019. Its German subsidiary posted a 2.37 billion won

Sep 1, 2019By Park Jae-hyuk
Korean banks suffer setback in non-ASEAN regions

Manpower essential for Shinhan's digitization

Shinhan Financial Group Chairman Cho Yong-byoung, third from right, applauds with the group's digital experts, during the opening ceremony of Shinhan Digital Campus in Shinhan L Tower in Seoul in this March 2018 file photo. / Courtesy of Shinhan Financial GroupBanking group trains 27,000 employees as 'digital warriors'This is the fourth in a series of articles highlighting major financial groups' strategies for digital transformation. ― ED.By Park Jae-hyukA company's digital transformation is often regarded as a business strategy that destroys jobs, as it allows the company to operate with fewer employees.Shinhan Financial Group, however, may be proof that such a common belief is not always true.The country's leading banking group, which has aggressively pushed ahead with digitization to be Asia's leading financial firm, said its digital transformation strategy is “people-oriented.”“The core of our digital transformation is our customers and employees, not digital technology,” Shinhan Financial Group Chairman Cho Yong-byoung said. “People should be at th

Sep 1, 2019By Park Jae-hyuk
Manpower essential for Shinhan's digitization
  • INTERVIEW 'Shinhan Future's Lab to be global accelerator'

INTERVIEW 'Shinhan Future's Lab to be global accelerator'

Cho Young-suh, chief digital officer of Shinhan Financial GroupFinancial group helps Korean startups go abroadBy Park Jae-hyukShinhan Financial Group is working to ensure its Future's Lab startup nurturing program grows into a global accelerator supporting the founders and employees of new enterprises who have also engaged in the group's “people-oriented” digital transformation, its chief digital officer (CDO) said Friday.Cho Young-suh, who joined the group in 2017 after serving as a partner in Bain & Company, told The Korea Times that his company will help Korean startups venture overseas, so as to achieve growth of both the startups and Shinhan.“Affiliations with companies owning original technologies is essential, because the financial industry's business model is changing,” said the executive who is in charge of the group's digitization. “Financial firms have begun focusing more on customer experience and offering various products and services, following the Fourth Industrial Revolution.”Under this belief, Future's Lab has discovered 43 bus

Sep 1, 2019By Park Jae-hyuk
[INTERVIEW] 'Shinhan Future's Lab to be global accelerator'
  • Manpower essential for Shinhan's digitization

KB joins hands with BBQ

KB Kookmin Bank CEO Hur Yin, fourth from left, and Genesis BBQ Chairman Yoon Hong-geun, fifth from left, pose at the fried chicken franchise's restaurant on Yeouido in Seoul, Friday. The two companies agreed to form a partnership to enable mobile payments at Genesis BBQ stores nationwide. / Courtesy of KB Kookmin Bank

Sep 1, 2019By Park Jae-hyuk
KB joins hands with BBQ
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