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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.

Citibank workers build housing for needy

Citibank Korea workers pose during the bank's volunteer activity at a construction site in Cheonan, South Chungcheong Province, July 23. / Courtesy of Citibank KoreaCitibank Korea workers built homes for the needy as part of its partnership with Habitat for Humanity Korea, a nonprofit charity organization, a Citibank Korea official said Sunday.Citibank Korea workers have continued “Shelter for Hope,” the bank's home-building volunteer program, since 1998. This is the 22nd year where not only the bank workers but also their families participated. This year, about 100 Citibank workers and their family members visited a charity construction site in Cheonan, South Chungcheong Province, for four days from July 23. They also donated money to Habitat for Humanity Korea.“We are very happy to participate in the charity event to help the needy in rural areas,” a Citibank Korea official said. “We have also expanded our home-building volunteer activities abroad this year.”A total of 1,700 employees and their family members have joined the charity program since

Jul 28, 2019By Jhoo Dong-chan
Citibank workers build housing for needy

Banks' net interest income drops in 2Q

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min The net interest income of Korea's major commercial banks shrank in the second quarter, posing a risk to the record-breaking profits seen by their holding companies in the same period, data showed Sunday.Interest-based income ― traditionally the easiest way for banks to make money ― is likely to face further setbacks in the coming months as central banks in Korea and the U.S. are set to implement more “accommodative” monetary policies ― meaning key rate cuts. Adding to the bleaker prospect is strengthened lending rules over the past few months, overseen by the Financial Services Commission (FSC) to curb the overheated housing market. Korea's four leading banks ― Shinhan, KB Kookmin, KEB Hana and Woori ― saw their net interest margin (NIM) drop in the April-June period from the previous three months. NIM, the difference between the rate a bank receives from loans and what it pays for deposits, is considered a measure of profitability. Shinhan's NIM stood at 1.58 percent in the second quarter, a 0.03 percentag

Jul 28, 2019By Lee Kyung-min
Banks' net interest income drops in 2Q

Staying healthy in summer

Officials from Shinhan Card pose for a photo after packing boxes of food and daily necessities to be delivered to low-income households in Seoul, July 28. Courtesy of Shinhan Card

Jul 28, 2019By Lee Kyung-min

Korean banks strengthening foothold in India

getty imagesbankBy Jhoo Dong-chanThe nation's commercial banks are now eyeing India after managing a successful entry into the Southeast Asian market.Keeping up the Moon Jae-in administration's New Southern Policy to strengthen ties with the Association of South East Asian Nations (ASEAN), they are expanding their presence abroad to overcome the saturated domestic financial market.The banks are now targeting India, reflecting the country's rapid and steady growth over the past decade.KEB Hana Bank said Thursday it had assigned an executive to prepare the establishment of a new branch in Gurugram, in the northern Indian state of Haryana.The bank set up its first office in New Delhi in 2008, switching it to a branch in Chennai in 2015.During his inauguration, KEB Hana Bank CEO Ji Sung-kyoo vowed to strengthen the bank's overseas earnings to 40 percent of its total by 2025, from the current 15 percent.On July 22, KEB Hana Bank paid over 1 trillion won ($875 million) to buy shares in the Bank for Investment and Development of Vietnam, the country's largest bank by assets.KB Kookmin Bank

Jul 28, 2019By Jhoo Dong-chan
Korean banks strengthening foothold in India

Daishin in hot seat over alleged workplace bullying

By Park Jae-hyukDaishin Securities' labor union has accused the brokerage of violating the law banning workplace bullying.The union said Thursday that the company held a four-month contest among low-performing employees, which it claimed is harassment or insult.According to the union, 125 low performers were initially ordered to participate in the contest.“After the union raised questions about the company's decision, the management then started saying that the contest is open to all private bankers,” the union said. “It is obvious that the company's decision to hold the contest is a violation of the Labor Standards Act banning workplace bullying.”The revised act, which took effect on July 16, defines workplace bullying as an act by an employer or an employee inflicting physical or mental suffering on another employee “beyond the appropriate scope of work,” or one that degrades the work environment through a person taking advantage of their position and status.But Daishin denied the union's claim, saying the purpose of the contest is to share the k

Jul 26, 2019By Park Jae-hyuk
Daishin in hot seat over alleged workplace bullying

Shinhan retains leading status in Q2

By Park Jae-hyukShinhan Financial Group has defended its “leading financial group” title as expected, beating out its competitor KB Financial Group by a narrow margin in second-quarter earnings.According to their regulatory filings, Friday, Shinhan, the nation's largest financial holding company by assets, posted a 996.1 billion won ($841 million) net profit in the second quarter of 2019, up 6.19 percent from a year earlier.KB's quarterly net income was 991.1 billion won, a 4.7 percent increase from a year ago.In terms of half-yearly earnings, Shinhan has defeated KB as well.It posted a record-high 1.91 trillion won net profit in the first half of the year, while its rival earned 1.83 trillion won.Before the announcement of their second-quarter results, estimations of the quarterly earnings of Shinhan and KB stood at 976.3 billion won and 943.2 billion won, respectively.Some observers therefore expected Shinhan might lose to KB, when KB unveiled its quarterly earnings report on July 18, a week earlier than Shinhan's announcement.With the better-than-expected performance,

Jul 26, 2019By Park Jae-hyuk
Shinhan retains leading status in Q2

Cooperation in investment banking

KEB Hana Bank's head of corporate banking Park Ji-hwoan, left, poses with E-Sun Commercial Bank's CEO of corporate banking James Chen, after signing an agreement on boosting cooperation in the investment banking sector, at the Taipei-based bank, Thursday. / Courtesy of KEB Hana Bank

Jul 26, 2019By Kim Bo-eun
Cooperation in investment banking

Woori acquires Kukje Asset Trust

Woori Financial Group Chairman Sohn Tae-seung, right, poses with Kukje Asset Trust Chairman Yoo Jae-eun at Shin & Kim law firm in Seoul, Thursday, after signing a share purchase agreement to acquire a controlling stake in the real estate management firm. The financial group said the acquisition will allow it to expand its non-banking sector. / Courtesy of Woori Financial Group

Jul 26, 2019By Park Jae-hyuk
Woori acquires Kukje Asset Trust

Financial firm CEOs to be schoolteachers

Mirae Asset Daewoo Executive Vice Chairman Choi Hyun-manBy Park Jae-hyukChief executives of the nation's major financial companies will teach finance classes at Yeouido High School in Seoul, in the second semester, the Korea Council for Investor Education (KCIE) said Wednesday.The CEOs include Mirae Asset Daewoo Executive Vice Chairman Choi Hyun-man, NH Investment & Securities CEO Chung Young-chae, Meritz Asset Management CEO John Lee and Korea Investment Management CEO Cho Hong-rae.NH Investment & Securities CEO Chung Young-chaeAccording to the KCIE, they will deliver lectures to freshmen of the high school, during a course titled “the Digital Innovation and Creative Financial Prodigies.”Choi and Chung are expected to give lectures on the securities business, while Lee and Cho will be lecturing on asset management.Choi also plans to attend the opening ceremony of the course Sept. 6.Meritz Asset Management CEO John LeeIn addition to their lectures, a full-time lecturer from the KCIE will teach students the basics of finance and the importance of asset management.T

Jul 25, 2019By Park Jae-hyuk
Financial firm CEOs to be schoolteachers

Mobile platform for SMEs

Financial Supervisory Service Governor Yoon Suk-heun, sixth from right, poses with KB Kookmin Bank CEO Hur Yin, sixth from left, and Boston Consulting Group Seoul Managing Director Kim Yeon-hee, third from right, during an event to demonstrate the new mobile platform KB bridge at the lender's head office on Yeouido, Seoul, Wednesday. The KB bridge mobile app provides information about the government's policy funds supporting the small- and medium-sized enterprises as well as startups. / Courtesy of KB Kookmin Bank

Jul 25, 2019By Jhoo Dong-chan
Mobile platform for SMEs
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