Business - The Korea Times

Good idea

BC Card CEO Lee Mun-hwan, center, applauds at the card firm's headquarters in Seoul, Thursday, after rewarding college students who came up with excellent ideas to promote the company's QR code payment system. / Courtesy of BC Card

Aug 9, 2019By Park Jae-hyuk

Helping multiracial children

Children from multiracial families pose at Korea Job World in Seongnam, Gyeonggi Province, Aug. 7, after attending KB Financial Group's Rainbow Love Camp, a corporate social responsibility program launched in 2007 to support multicultural families. Over 50 children participated in the event. Courtesy of KB Financial Group

Aug 8, 2019By Lee Kyung-min

Who will lead K bank?

The K bank head office in Seoul / Courtesy of K bankBy Jhoo Dong-chanK bank, one of the nation's two internet-only banks, is seeking to appoint a new CEO as the bank's incumbent CEO and President Shim Sung-hoon's term ends next month.According to industry sources, K bank convened the candidate recommendation committee for the bank's next CEO Wednesday. The committee is a subgroup of the bank's board that recommends the firm's executives and outside directors.Under K bank's management terms and conditions, it should initiate the CEO succession process at least 30 days prior to the end of incumbent CEO's three-year term. Shim's term ends on Sept. 23. The five-member committee has already nominated seven men, including Shim, as its first candidate group. The bank's interest groups, including its stakeholders and outside consulting agencies, can also recommend candidates for the second candidate group.The committee then carries out various screenings, including a shortlist interview, to single out one final candidate to report to the bank's board members.Sources said Shim's reappointment

Aug 8, 2019By Jhoo Dong-chan

Sharing Shinhan culture

Shinhan Bank CEO Jin Ok-dong, center, poses with the bank's new employees at its training center in Yongin, Gyeonggi Province, Wednesday. The bank recruited new employees in July, and carried out a workshop this week. / Courtesy of Shinhan Bank

Aug 8, 2019By Jhoo Dong-chan

Financial groups see opportunities in real estate

Shinhan Financial Group Chairman Cho Yong-byoung, fourth from right, and company executives gather during a ceremony at the group's headquarters in Seoul, Wednesday. The ceremony celebrated the launch of a consultative body for the group's real estate businesses. / Courtesy of Shinhan Financial GroupBy Park Jae-hyukReal estate financing has emerged as a new growth engine for giant financial groups here.The nation's four largest banking groups ― Shinhan, KB, Hana and Woori ― have sought to devise various services and products related to real estate financing to strengthen their non-banking sector businesses.Shinhan Financial Group said Wednesday it formed a consultative body for its real estate businesses. In May, the financial group acquired Asia Trust as its 15th subsidiary.Shinhan said it has consulted experts over the past three months to enhance the group's real estate businesses and provide customers with products and services that satisfy their demand for real estate. The new consultative body has a committee for real estate business strategies, a council for real estate f

Aug 8, 2019By Park Jae-hyuk

Financial groups see opportunities in real estate

Chiefs of financial groups head for overseas IRs

By Kim Bo-eunChiefs of the nation's major financial groups are heading for overseas investor roadshows in August and September to attract foreign investment and find new business opportunities.Woori Financial Group Chairman Sohn Tae-seungTheir travel came as banking stocks here are suffering a prolonged slump due to rising foreign capital flight amid growing uncertainties caused by Korea's trade feud with Japan and deepening trade conflict between the U.S. and China.They are also looking for business opportunities abroad as business environments in Korea have been deteriorating due to narrowed net interest margin and government regulations.Woori Financial Group Chairman Sohn Tae-seung will visit the U.S. and Canada later this month, the bank said, Wednesday.Shinhan Financial Group Chairman Cho Young-byoungShinhan Financial Group Chairman Cho Young-byoung will leave Aug. 25 for a trip to Europe, according to the group. Cho will hold meetings in Amsterdam, London, Zurich and Paris.KB Financial Group Chairman Yoon Jong-kyoo is scheduled to visit countries in Europe including the U.K. in

Aug 8, 2019By Kim Bo-eun

Chiefs of financial groups head for overseas IRs

Banks capitalize on patriotism

A model promotes Woori Bank's events held to commemorate the 74th anniversary of liberation on Aug. 15. / Courtesy of Woori BankBy Park Jae-hyukThe nation's banks have been ramping up their efforts to use patriotism as a marketing tool, amid the intensifying tension between Korea and Japan following Japan's restrictions on exports to Korea.Ahead of the 74th anniversary of Korea's liberation on Aug. 15, banks have begun advertising various special offers to attract more customers.On Thursday, Woori Bank came up with a special fixed deposit account that offers preferential interest rates.The bank said it released the product to celebrate the 74th anniversary of liberation and the 120th anniversary of Woori Bank's foundation.It will also give tickets for the movie “The Battle: Roar to Victory” until Aug. 13 to customers who apply for unsecured loans and those who agree on the bank using their personal information for marketing the bank and its affiliates.The movie tells the story of the first victory of Korean independence fighters who were part of a massive battle against t

Aug 8, 2019By Park Jae-hyuk

IBK Capital, Mercedes-Benz Financial fined for flouting regulations

The Financial Supervisory Service headquarters in Seoul. / Korea Times fileBy Park Jae-hyukIBK Capital, Mercedes-Benz Financial Services Korea and nine other lenders were fined in early August for violating the Specialized Credit Financial Business Act, according to the Financial Supervisory Service (FSS), Wednesday.IBK Capital, a subsidiary of the state-run Investment Bank of Korea (IBK), was fined 76.5 million won ($63,000) for not following a procedure required when acquiring shares issued by its major shareholder.From April 4, 2016, to June 28, 2017, the company acquired shares worth 9.13 billion won that were issued by IBK Capital Myanmar, an affiliate company of IBK. The amount exceeded the maximum limit of 1 billion won.IBK Capital, however, did not notify the FSS governor of its acquisition or make a public announcement via its website.The FSS also issued warnings to two IBK Capital employees.Mercedes-Benz Financial Services Korea, a local subsidiary of Daimler Financial Services, was slapped with a 23.2 million won fine for not making a public announcement on its extension o

Aug 7, 2019By Park Jae-hyuk

IBK Capital, Mercedes-Benz Financial fined for flouting regulations

Think tanks in banking groups play key roles

Shinhan Future Strategy Research Institute head Sunny YiBy Park Jae-hyukThe nation's financial groups are enhancing their think tanks amid intensifying competition to discover future growth engines, according to industry officials, Tuesday.The four largest banking groups ― Shinhan, KB, Hana and Woori ― have increased the size of their research institutes and hired outside experts.Previously, the institutes focused on analyzing the economy and market trends.But as financial groups have paid more attention to overseas expansion and fintech, the think tanks have begun studying their groups' business strategies and employee training trends.Shinhan Financial Group's Future Strategy Research Institute, for example, is devising a plan for the company's next 10 years.Sunny Yi, who was the senior global director in Bain & Company and CEO of the Accion consulting and investment advisory firm, has led the institute since Chairman Cho Yong-byoung recruited him late last year.Yi has said that “Shinhan should switch to an IT firm from a financial company,” and he has been making ef