my timesThe Korea Times
BusinessBanking & Finance

Banking & Finance

Korea Times
About Us
Introduction
History
Contact Us
Products & Services
Subscribe
E-paper
RSS Service
Content Sales
Site Map
Policy
Code of Ethics
Ombudsman
Privacy Policy
Youth Protection Policy
Terms of Service
Copyright Policy
Family Site
Hankookilbo
Dongwha Group
FacebookXYoutubeInstagram
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.

KB to sell 'Victory Korea funds'

gettyimagesbankBy Jhoo Dong-chanKB Financial plans to introduce equity fund products similar to the “NH-Amundi Victorious Korea Equity Fund,” the companies said Friday.The NH-Amundi Victorious Korea Equity Fund bets on domestic firms the government is supporting amid its ongoing trade bout against Tokyo. The fund has received local investors' attention since President Moon Jae-in joined the fund to invest unspecified amounts to help domestic firms on Aug. 26. The fund had formerly attracted only 100 million won ($82,569) per day from domestic investors when it was introduced on Aug. 14. Since Moon joined the fund, however, investors' rush has reached more than 2 billion won every day.Following the NH-Amundi's lead, KB Financial Group is reviewing their plan to introduce similar financial products jointly with their affiliates.“Not only financial firms but also the government and lobby organizations are working together to strengthen monitoring of the impacts of the Korea-Japan trade dispute,” said a Korea Financial Investment Association official.“Domest

Aug 30, 2019By Jhoo Dong-chan

Banks face hiring pressure from gov't

The file photo shows ATMs of major banks / Korea Times fileBy Kim Bo-eunShinhan, KB and other banks are in a difficult position because they face decreasing demand for workers but the government is pressuring them to hire new employees to maintain the workforce at the current level, according to industry officials Friday.Commercial banks, which recruited at job fairs earlier this week, are mulling over the scale of recruitment for the latter half of the year. This takes place as financial authorities are in the process of compiling and inspecting data on job creation at banks. The Financial Services Commission (FSC) is set to unveil the results of the inspection next month. The FSC did not respond to calls about the matter.The Financial Supervisory Service is also involved in the process of collecting data, but declined to comment on the matter.The FSC in June stated the need for the finance sector to contribute to job creation, and said it would conduct the evaluation. Eight commercial banks ― Shinhan, KB Kookmin, KEB Hana, Woori, NH NongHyup, Suhyup, Standard Chartered and Citi ― a

Aug 30, 2019By Kim Bo-eun

Hyundai Card issues W240 bil. in green bonds

By Kim Bo-eunHyundai Card issued 240 billion won ($198.23 million) in green bonds, the firm said Friday. It is the first card firm here to issue Korean won-denominated green bonds.According to the card issuer, it raised funds from institutional investors through the bonds with a maturity of two to seven years.Green bonds are issued to raise capital and investment for new and existing projects with environmental benefits.The funds will be used for financial services related to Hyundai Motor and Kia Motors' electric, hydrogen and hybrid vehicles, the card firm said. Hyundai Card plans to provide card payment services for purchases of Hyundai and Kia's eco-friendly vehicles.According to the card issuer, it has implemented a system that can estimate demand for green bonds. It said it was meaningful in that it raised more than the 200 billion won it had planned to raise through the bond, despite uncertainties in the market.Hyundai Motor Group's financial affiliates are expanding their role as suppliers in the domestic environment, social and governance (ESG) bond market. In April, Hyundai

Aug 30, 2019By Kim Bo-eun

Woori's mobile ATM bus

Woori Bank's WeBus is parked at a local highway rest area, Friday. The Woori WeBus is Woori Bank's mobile ATM bus to provide banking services for homecoming customers during the Chuseok holiday next month. A Woori Bank official said the bank will operate the WeBus at the Yeoju and Songsan Podo highway rest areas during the holiday. / Courtesy of Woori Bank

Aug 30, 2019By Jhoo Dong-chan
Woori's mobile ATM bus

Card firms accelerate overseas expansion

Shinhan Financial Group Chairman Cho Yong-byoung, fourth from left, poses with Shinhan Card CEO Lim Young-jin, fifth from left, and other Korean and Vietnamese officials, at Shinhan Vietnam Finance's launching ceremony in Ho Chi Minh City, July 2. / Courtesy of Shinhan CardBy Kim Bo-eunCard firms are gearing up to expand their overseas businesses, especially in Southeast Asia, as their subsidiaries have begun seeing profits.They are expanding their businesses into retail banking, installment financing and digital services.Subsidiaries in the region have become increasingly important for the card issuers as they face tough circumstances here, including a government-led cut in fees.Shinhan Card's Vietnamese subsidiary Shinhan Vietnam Finance Company (SVFC) recorded 6.79 billion won in net profit in the first half of this year.SVFC launched in July after Shinhan received approval from Vietnam's financial authority to acquire Prudential Vietnam Finance Company in January 2018.As the fourth-largest player in Vietnam's finance firm market, SVFC plans to expand its business to retail bankin

Aug 30, 2019By Kim Bo-eun

Serving Vietnamese customers

Shinhan Bank Vietnam CEO Shin Dong-min, third from right, holds an MOU with Health and Welfare Deputy Minister Kim Kang-rip, second from right, and other guests during an MOU-signing ceremony at the InterContinental Hotel in Ho Chi Minh City, Vietnam, Thursday. Shinhan's overseas body in Vietnam signed the deal to provide its Vietnamese customers with Korea's medical services when they visit the country. / Courtesy of Shinhan Bank

Aug 29, 2019By Jhoo Dong-chan
Serving Vietnamese customers

Shinhan Bank alerted by rising corporate delinquencies

By Jhoo Dong-chanConcerns are growing over Shinhan Bank's mounting corporate delinquencies, data suggests Monday. This is in stark contrast to other commercial banks which have managed to reduce bad loans granted to large firms.According to data released by the Financial Supervisory Service, the big four commercial banks' bad loans granted to large enterprises that were overdue by more than one month totaled 130.9 billion won ($107.8 million) in June, down 221.9 billion won, or 62.9 percent, from a year earlier.Of them, the outstanding balance of such loans at KB Kookmin Bank stood at 3.2 billion won, down 96.9 billion won, or 96.8 percent, from the previous year's 100.1 billion won.Woori Bank also managed to cut its bad loans to large firms to 21 billion won in June, down 40 billion won from the same period last year.The figure for Hana stood at 32 billion won in the period, down 118 billion won, or 78.7 percent, from the year before.Shinhan Bank saw its loans to big companies more than one month overdue jump 79.1 percent year-on-year to 74.7 billion won in the first half of the yea

Aug 29, 2019By Jhoo Dong-chan
Shinhan Bank alerted by rising corporate delinquencies

Samsung's financial units hit by earnings setback

By Jhoo Dong-chanSamsung Group's financial units ― Samsung Life, Samsung Fire & Marine Insurance and Samsung Securities ― posted disappointing earnings in the first half of the year due to the ever-worsening business environment in Korea. Reflecting growing skepticism about their second-half earnings, Samsung Group Vice Chairman Lee Jae-yong held an in-house meeting earlier this month with CEOs of the group's financial units, including Samsung Life CEO Hyun Sung-chul, Samsung Fire CEO Choi Young-moo and Samsung Securities CEO Jang Seok-hoon, to discuss solutions to their deteriorating earnings and future growth engines.“They discussed the current low interest rate trend and its influence on earnings of the group's financial subsidiaries,” a Samsung Group official said.According to data released by the Financial Supervisory Service (FSS), Samsung Life posted a 756.6 billion won ($623.2 million) net profit in the first half of the year, down 47.7 percent from the 1.44 trillion won posted during the same period last year. Samsung Fire also suffered a 36 percent year-on-y

Aug 29, 2019By Jhoo Dong-chan
Samsung's financial units hit by earnings setback

Shinhan Card issues ESG bonds

Shinhan Card CEO Lim Young-jinBy Lee Kyung-min Shinhan Card issued 100 billion won ($82.4 million) of ESG bonds in cooperation with SK securities, the firm said Wednesday. An ESG bond is a type of debt offering aimed at financing corporate activities in environmental and social responsibility and governance improvement. The funds will be used to help the underprivileged and for job creation and eco-friendly initiatives including green energy sources development, the firm said. The bonds have an average maturity date of 4.6 years and carry a coupon rate of 1.4 percent.Shinhan Card is the second subsidiary of Shinhan Financial Group to issue ESG bonds, following Shinhan Bank. The bank issued $500 million of the bonds on July 30. The aggressive move to issue ESG bonds is part of efforts to boost eco-friendly projects apart from healthy management of the group's financials. This is a major initiative of the group's Chairman Cho Yong-byoung, whose priority is on inclusive growth.“The funds will help us with continued, sustainable growth,” a Shinhan Card official said.

Aug 28, 2019By Lee Kyung-min
Shinhan Card issues ESG bonds

Woori Bank refurbishes mobile banking app

Woori Bank's new mobile banking app Woori Won Banking / Courtesy of Woori BankBy Jhoo Dong-chanWoori Bank has released Woori Won Banking, its new mobile banking app, in a bid to provide more convenient service for customers, the bank said Wednesday.The Woori Won Banking app also features an easy-to-use screen and menu structure with timely non-face-to-face banking services. Customers can also customize each service pop-up according to their preferences.“The new app symbolizes Woori Bank's efforts to turn itself into a total digital financial platform,” a Woori Bank official said.The app also simplified customers' registration processes by half.Utilizing the Naver artificial intelligence technology, customers can also pay their bills more conveniently. Apple's Siri and Google's voice assistance technology are also applied to the app's voice banking service. It also analyzes each customer's transaction patterns, ages and estimated salaries to recommend financial products accordingly. Woori Bank rolled out a special fixed deposit account that offers preferential interest rat

Aug 28, 2019By Jhoo Dong-chan
Woori Bank refurbishes mobile banking app
previous page
451452453454455
next page

Most Read in Business