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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.

KCGI to sue Korean Air Chairman Cho

Korea Corporate Governance Improvement CEO Kang Sung-booBy Jhoo Dong-chanThe Korea Corporate Governance Improvement (KCGI) said it requested board members of Hanjin KAL to sue Korean Air Chairman Cho Won-tae for damages.The homegrown private equity fund (PEF) is Hanjin KAL's second-largest shareholder as its subsidiary Grace Holdings owns a 15.98 percent stake in Hanjin Group's holding company. Korean Air is Hanjin KAL's air carrier unit.According to the KCGI, Chairman Cho and two Hanjin KAL executive officials, including CEO Suk Tae-soo, borrowed 160 billion won ($131.7 million) worth of short-term debt to avoid an external audit with the audit committee system in December last year.Under related laws, a listed firm with the total assets of less than 2 trillion won is subject to an external audit, where the audit committee is appointed by the firm's board member.In a bid to more closely monitor Hanjin Group's businesses, the PEF requested Hanjin KAL to appoint Jinsung Accounting Corp. Park Ji-seung as an external audit director in December.Korean Air Cho and the two Hanjin KAL manag

Aug 16, 2019By Jhoo Dong-chan
KCGI to sue Korean Air Chairman Cho

Shinhan opens 4 more branches in Vietnam

Shinhan Bank CEO Jin Ok-dong, sixth from right, Shinhan Bank Vietnam's General Director Shin Dong-min, first from left, alongside officials from the Southeast Asian country cut a tape at an opening ceremony of the bank's four new branches there, Aug. 15. Courtesy of Shinhan BankBy Lee Kyung-min Shinhan Bank Vietnam has opened four new branches in Vietnam Aug.15 (local time), cementing itself as the largest foreign bank with a network of 36 branches in the Southeast Asian nation, it said Friday. The new branches ― set up in Da Nang, Hanoi, Hai Phong and Binh Duong ― were among six that have opened this year. A total of 20 branches near Ho Chi Minh City are in operation in the southern part of the nation, and 15 near Hanoi in the northern part. Shinhan was the first foreign bank to have opened the branch in Da Nang, the central part of the country. “The new branches will help us maintain a more closely integrated business network in Vietnam. We will continue to expand our business channels there to compete not as a foreign bank but as an equal player with local banks,” a Sh

Aug 16, 2019By Lee Kyung-min
Shinhan opens 4 more branches in Vietnam

Shinhan-KAIST partnership

Shinhan Financial Group Chairman Cho Yong-byoung, left, and Korea Advanced Institute of Science and Technology (KAIST) President Shin Sung-chul shake hands while holding a signed memorandum at the bank's headquarters in Seoul, Aug. 16. The two agreed to boost cooperation in joint research concerning artificial intelligence-related financial algorithms. Courtesy of Shinhan Financial Group

Aug 16, 2019By Lee Kyung-min

Savings banks to launch unified banking system

The logo of the Korea Federation of Savings BanksBy Lee Kyung-min A coalition of savings banks in Korea will launch a unified online banking platform in September to improve customer service, an industry official said Wednesday. The move is part of efforts to facilitate a long-term image makeover and boost customer loyalty amid fast-declining profitability compounded by the protracted economic slowdown. According to the Korea Federation of Savings Banks (KFSB) representing 79 banks, the platform will provide frequently sought-after banking services, including seeking and canceling loans and requests on loan-rate cuts. Payment and cash wiring services also will be included. The upgrade of the previous platform reflects criticism that its limited services hindered the banks from becoming digitally savvy financial services entities. More money has been allocated to strengthen the digital service, including software development, with a final review underway to remove technical glitches. “The earlier platform launched in 2016 had many shortcomings, which we acknowledge required a ma

Aug 15, 2019By Lee Kyung-min
Savings banks to launch unified banking system

Net profits for Citbank, SC Korea jump in H1

By Kim Bo-eunTwo major foreign banks here ― Citibank Korea and Standard Chartered (SC) Bank Korea ― saw their net profits increase in the first half of 2019 on the back of their continued efforts to reduce costs and improve productivity. Citibank Korea enjoyed a decent growth in its net profit for the first half of 2019, amid tougher circumstances surrounding banks here. Its net profit for the first half of the year totaled 169.6 billion won, up 45 percent from 117 billion won for the same period last year.The bank said that one of the main contributions was the bank's sale of its headquarters building in central Seoul that took place in the second quarter.Excluding this factor, the net profit of the second quarter was up 25 percent year-on-year.Higher trust fees and income from investment and insurance products sales contributed, according to the bank.It also said expenses for the second quarter decreased from the same period a year earlier due to continued re-engineering efforts."We are very pleased with the positive operating leverage in the second quarter of 2019 under a continue

Aug 15, 2019By Kim Bo-eun
Net profits for Citbank, SC Korea jump in H1

Legal battle over Kiwoom Securities' report begins

By Kim Bo-eun Kiwoom Securities' building in Yeouido, Seoul / Korea Times file A legal battle has begun between investors of Soulbrain, a manufacturer of hydrogen fluoride, and Kiwoom Securities which issued a report on the company.A group of 30 investors filed a compensation suit against the securities firm with the Seoul Southern District Court, Aug. 9, claiming the report on Soulbrain was misleading.The price of Soulbrain's shares shot up in early July as the company gained attention for possibly being able to substitute for Japan's exports of hydrogen fluoride, which came under new restrictions.However, on July 19, Kiwoom issued a report that Soulbrain's share prices were inflated as it would not be a beneficiary of Japan's export restrictions on hydrogen fluoride.The report claimed “Because the company deals with liquid hydrogen fluoride, it does not have much to do with gaseous hydrogen fluoride, for which export has been restricted.”The report downgraded expect

Aug 15, 2019By Kim Bo-eun
Legal battle over Kiwoom Securities' report begins

Eugene Investment faces lawsuit for system failure

Eugene Investment & Securities in SeoulBy Park Jae-hyukEugene Investment & Securities is facing a lawsuit from a group of customers for a system failure that disrupted its home trading system (HTS) and mobile trading system (MTS) for three hours on Aug. 9, according to industry officials, Wednesday.Although the brokerage house came up with a compensation plan Monday, customers have claimed the company is trying to minimize the amount of compensation.According to the company, investors who failed to make a sell order during the system failure are entitled to the planned reimbursement. Those who tried to contact the firm during the breakdown also can demand compensation.“The securities firm will be able to interpret the conditions for compensation claim arbitrarily, so the amount of compensation is expected to be minimized,” said lawyer Suh Jin-young of Sun law firm, who is leading the suit. “The complaint will be filed by the end of August.”The customers said they will also file a complaint with the Financial Supervisory Service.

Aug 14, 2019By Park Jae-hyuk
Eugene Investment faces lawsuit for system failure

JB Financial enjoy W10 bil. net profit in Cambodia in H1

The Phnom Penh Commercial Bank head branch in Phnom Penh, Cambodia / Courtesy of JB Financial GroupBy Jhoo Dong-chanJB Financial Group said Phnom Penh Commercial Bank (PPCBank), the group's subsidiary bank in Cambodia, posted over a 10 billion won ($8.17 million) net profit in the first half of 2019.It was the first time for a Korean bank to post above the 10 billion won net profit in the country.Jeonbuk Bank, the group's banking unit in Korea, acquired a 50 percent stake in PPCBank three years ago, citing the country's high growth potential in finance. PPCBank posted a 3 billion won net profit in the second half of 2016, and has since displayed a steady growth in earnings.Along with its surging earnings, PPCBank's asset has also grown rapidly over the past three years. The bank's assets totaled 944.8 billion won as of the end of June, up 20.4 percent from a year ago.The bank granted a total of 686.7 billion won worth of loans as of the end of June, up 32.5 percent from the same period last year's figure of 518.3 billion won. “The bank has continuously demonstrated its strong g

Aug 14, 2019By Jhoo Dong-chan

Shinhan Bank joins hands with blockchain firms for better customer security

Shinhan Bank Digital R&D Center head Jang Hyun-ki, center, holds an MOU with Ground X CEO Han Jae-sun, right, and Hexlant CEO Noh Jin-woo at the Ground X head office in Seoul, Tuesday. / Courtesy of Shinhan BankBy Jhoo Dong-chanShinhan Bank said Wednesday the bank inked an MOU with fintech firm Ground X and blockchain developer Hexlant to jointly develop blockchain security technology.Blockchain technology has gained attention from the nation's commercial banks as a future tool to safely secure customers' personal information and their transaction records.Under the deal, Shinhan and two tech firms will jointly develop the Private Key Management System for its banking system.Ground X, Kakao's blockchain tech unit, is expected to provide a blockchain-based platform while Hexlant develops the infrastructure to feature an anti-cracking program for the platform.The three parties are expected to test run the service by October.“Blockchain technology has gained attention from the financial sector for its advantages, but financial firms have experienced difficulties in applying the

Aug 14, 2019By Jhoo Dong-chan
Shinhan Bank joins hands with blockchain firms for better customer security

Major life insurers face perfect storm

Net profits for Hanhwa, NH more than halved in H1By Kim Bo-eunCircumstances have become increasingly tough for life insurers due to a number of unfavorable factors amid declining earnings.Interest rates are expected to continue to go down amid economic downturn. They also have to strengthen their capital base ahead of the introduction of the new global accounting standard, the International Financial Reporting Standard (IFRS) 17.Major local life insurers including Hanwha Life and Nonghyup Life saw their net profits for the first half of 2019 fall by more than 50 percent from the same period a year earlier.Hanwha's net profit came down to 93.4 billion won, a 61.8 percent plunge from the same period last year.Nonghyp's net profit totaled 12.1 billion won, a 75.8 percent dive from the first half of 2018."This was due to costs of foreign currency hedging based on Korea and the U.S.' interest rate reversal, a fall in profit of investments and also falling premium income as the portion of protective-type insurance increases," a Nonghyup Life official said.Insurers have largely decreased th

Aug 14, 2019By Kim Bo-eun
Major life insurers face perfect storm
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