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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 strengthening ties between subsidiaries

Woori Financial Group Chairman Sohn Tae-seungBy Jhoo Dong-chanWoori Financial Group will establish four different taskforces to strengthen ties between its subsidiaries' global, digital, wealth management (WM) and commercial investment bank (CIB) businesses, the group said Monday.Designating the four businesses as the group's future growth engines, the holding company said each taskforce will play a control tower role to maximize synergy between its subsidiaries.“Woori Financial Group expects these taskforces will set up a basic framework to stretch the group's business portfolio through cooperation between subsidiaries,” a Woori Financial Group official said.“Under the newly established taskforce system, the group expects to enhance each subsidiary's ties in global, digital WM and CIB business. This will also create new business opportunities while more properly meeting customers' demands.”Woori's WM taskforce will monitor and bridge each subsidiary's asset management business to enhance the group's competitiveness in the sector.Under Woori Financial Chairman

Jul 1, 2019By Jhoo Dong-chan
Woori strengthening ties between subsidiaries

Hana aims to be digital platform company

This is the second in a series of articles highlighting major financial groups' strategies for digital transformation. ― ED.By Lee Kyung-min Hana Financial Group has a clear objective that differentiates the holding company from its competitors: becoming a fully data-based entity to fundamentally transform itself from a traditional financial services provider to a digital platform company.Under the new vision created by Chairman Kim Jung-tai to reinvent the group as a digital information services provider, a group-wide effort is ongoing to help workers set new goals prioritizing a customer-oriented mindset and embracing new challenges through cooperation among subsidiaries. “We set new goals prioritizing customer-oriented mindset, challenge, cooperation, action and taking initiatives,” chairman Kim said during a ceremony to unveil the group's digital vision in November. “These values will be integrated into a new governance structure whereby separate departments are merged in an organic manner to help improve agility to become more flexible and faster in the rapidly

Jul 1, 2019By Lee Kyung-min
  • Hana TI: digital center and beyond

War on financial scams

Shinhan Bank CEO Jin Ok-dong puts up a poster promoting the bank's campaign to eradicate various financial crimes, including voice phishing fraud, at the bank's head branch in central Seoul, Thursday. Jin said the bank will form a taskforce, the Fraud Detection System Lab, next month to uncover such financial irregularities. / Courtesy of Shinhan Bank

Jun 30, 2019By Jhoo Dong-chan
War on financial scams

KB to invest in Southeast Asia's car-sharing service

KB Financial Group Chairman Yoon Jong-kyooBy Jhoo Dong-chanKB Financial Group has decided to invest in Singapore-based car-hailing service Grab through its venture capital subsidiary, the company said Sunday.KB has been looking to find opportunities to invest in emerging businesses abroad to deal with Korea's saturated financial services market. In a bid to invest in promising firms, the group established the KB Global Platform fund worth 220 billion won ($190.3 million) last month. KB solely financed the 220 billion won via its subsidiaries, including KB Kookmin Bank, Card and Capital, without external investors to establish the fund. KB Investment, the group's venture capital unit, will be in charge of the fund's management. Due to related laws, KB said 40 percent of the fund is expected to be invested in domestic startups.“KB has been seeking new growth engines at home and abroad,” said a KB Financial Group official.“The group will aggressively invest in not only the nation's startups but also promising firms abroad. KB's move will incubate promising startups in

Jun 30, 2019By Jhoo Dong-chan
KB to invest in Southeast Asia's car-sharing service

Student volunteers

Hana Financial Group Chairman Kim Jung-tai, center, pose with university student volunteers at the KEB Hana Bank in Seoul, June 28. Until August, 50 students will engage in promotional events related to the improvement of the bank's financial services as part of the group's social responsibility program. Courtesy of KEB Hana Bank

Jun 30, 2019By Lee Kyung-min

Shinhan strengthens investment banking abroad

Shinhan Financial Group Chairman Cho Yong-byoungBy Lee Kyung-min Shinhan Financial Group is rushing to expand its investment banking business overseas, in a long-term move to enhance the high-risk, high-yield financial service to identify new growth sources, the group said Sunday.The group will set up an investment desk at the bank's Sydney branch in Australia in the first week of July to build a business network in a region with ample growth potential, mostly due to large-scale, state-led project financing deals. At least one official will be sent to the country to help manage relationships with private equity and asset managers and to provide effective finance sourcing vehicles. “The country has a great demand for investment banking deals involving mergers and acquisitions and real estate among others that require competent financing capabilities,” a Shinhan official said.“Experience gained in Sydney will help us learn, grow and become a relevant player in global investment banking.” The expansion is the group's latest effort to diversify global business cha

Jun 30, 2019By Lee Kyung-min
Shinhan strengthens investment banking abroad

Hana TI: digital center and beyond

By Lee Kyung-min Hana TI ― TI being short for “transform IT” ― is the financial group's subsidiary representing its core values in essence: synergy via integration. Modeled after Santander Financial City Boadilla del Monte in Madrid, Spain, Hana TI in Cheongna International City in Incheon seeks to be the IT hub of the group.On a 65,712-square-meter lot sits Hana TI's two earthquake-resistant buildings ― 16-story Vision Center and seven-story Core Center, where 1,800 people work. Vision Center is where IT officials from all of the group's subsidiaries work together, enabling them to have more frequent, casual encounters that can lead to a friendly lunch, dinner or after work get-together. The subsidiaries include bank, life insurance, card, financial investment, savings bank, capital and Hana TI. “Their work overlaps in many ways and their physical proximity with one another helps increase opportunities for interaction to share work-related information and concerns. It is an efficient and effective method of communication,” a Hana TI official said. Also notabl

Jun 30, 2019By Lee Kyung-min
  • Hana aims to be digital platform company

Kakao expected to post surging earnings in 2nd half

Kakao Chairman Kim Beom-sooBy Jhoo Dong-chanKakao, operator of the nation's most widely used messenger app KakaoTalk, is expected to post strong earnings in the second half of the year thanks to the introduction of its new mobile advertising service in the third quarter, market analysts and brokerages said Friday. According to online market research service provider FnGuide, market consensus among domestic securities firms shows that Kakao will post a 95.1 billion won ($82.1 million) operating profit in the second half of the year, up 171.9 percent from a year ago.The firm suffered a 21.3 billion won net loss in the second half of last year, but is expected to mark a 63.9 billion won net profit in the second half of 2019.Kakao said it posted a 27.7 billion won operating profit in the first quarter of the year, up 166 percent from a year ago. Sales were 706.3 billion won in the period, continuing its record-breaking streak for eight consecutive quarters.The firm's strong presence in the nation's platform and content market is believed to lead the momentum, and experts said Kakao's upt

Jun 30, 2019By Jhoo Dong-chan
Kakao expected to post surging earnings in 2nd half

KSD fully ready for electronics securities era

The Korea Securities Depository building in Seoul. / Korea Times file The Korea Securities Depository is preparing for the introduction of an electronic securities system on Sept. 16.Under the system, the issuance, circulation and corporate action associated with securities will be processed electronically.The law on electronic securities was established in March 2016.Physical securities certificates for shares and bonds will lose validity when the electronic system is introduced on Sept. 16.Therefore, holders of physical securities certificates need to visit a securities firm to make deposits by Aug. 21. They will need ID, the securities certificates and the securities firm account to be under their name.If shareholders fail to deposit their securities by the deadline, they need to visit the Korea Securities Depository, KB Kookmin Bank or KEB Hana Bank.Securities issuers that have to switch to electronic securities need to notify holders of physical securities that

Jun 28, 2019By Kim Bo-eun
KSD fully ready for electronics securities era

Awarding young musicians

Shinhan Bank CEO Jin Ok-dong, center, gives a thumbs up as the bank awards young Classical music hopefuls at the Shinhan Music Awards in Gangnam, Seoul, June 28. The bank started the program to help sponsor future musicians. Courtesy of Shinhan Bank

Jun 28, 2019
Awarding young musicians
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