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NH Investment enjoys solid growth abroad

The NH Investment & Securities head office on Yeouido, Seoul. / Yonhap By Jhoo Dong-chanNH Investment & Securities, which has enhanced its overseas business networks over several years, has enjoyed solid growth in earnings abroad for the first three months of this year.According to the Financial Supervisory Service (FSS), NH Investment & Securities posted a 1.83 billion won ($15.3 million) operating profit in overseas markets for the first quarter. The securities firm's net profit was 12.4 billion won, up 330 percent from a year ago and a quarterly record.Earnings from overseas markets stood at 15.66 billion last year, but NH Investment has already achieved about 79 percent of those earnings in the first three months.In a bid to strengthen its competitiveness, NH Investment's corporate body in Hong Kong issued new stock to attract 140 billion won in September. In March, the Hong Kong entity's capital stood at 436.5 billion won.Utilizing its enhanced cash reserves, N

Jun 2, 2019By Jhoo Dong-chan
NH Investment enjoys solid growth abroad

Rising bad loans hit internet banks

By Kim Bo-eun The nation's two internet-only banks ― K bank and Kakao Bank ― are experiencing a steady increase in bad loans amid the economic slowdown.As a result, their non-performing loan ratios have jumped over the past few months. In particular, K bank's ratio has been growing at a faster pace. A bad loan refers to one that is unlikely to be repaid.According to data from the Financial Supervisory Service (FSS), K bank's bad loan ratio was 0.8 percent in March, up from 0.67 percent a year ago.It was one of the highest among the 14 commercial banks and second only to Daegu Bank, whose ratio was 0.94 percent. This was the highest growth rate among private-sector banks.The commercial banks' average for the first quarter was 0.55 percent.Kakao Bank also saw an increase in its problem loan ratio, but the numbers appear well under control.Kakao's percentage was 0.18 percent, up from 0.14 percent in the same period a year ago.K bank earlier halted loan services due to a lack of capital. This is one reason the bank

May 31, 2019By Kim Bo-eun

Three contenders vying for CREFIA chief position

By Kim Bo-eunFrom left, Kim Joo-hyun, Lim Yoo, Jeong Su-jinThe Credit Finance Association of Korea (CREFIA) has narrowed the pool of candidates for its new chairman to three. They are Kim Joo-hyun, former president of the Korea Deposit Insurance Corporation; Lim Yoo, former senior executive of CREFIA; and Jeong Su-jin, former KEB Hana Card CEO.They are all considered strong candidates given their backgrounds. Kim passed the civil service examination the same year as the Financial Services Commission Chairman Choi Jong-ku. Lim, meanwhile, may have an advantage due to his knowledge of affairs concerning CREFIA, as a former executive of the association. Jeong's experience as the chief of a credit card firm is expected to earn him credit.Ten candidates had initially applied for the position.A candidate with a background in the public sector had been considered likely to be elected. However, the union representing workers in the finance sector protested against this at a press conference last month.Members said former chiefs of the association that had served in the public sector had come

May 31, 2019By Kim Bo-eun
Three contenders vying for CREFIA chief position

Banks rush to launch AI programs

gettyimagesbankBy Lee Kyung-min Banks are rushing to adopt artificial intelligence (AI)-based programs to help facilitate digital transformation.The collective initiative pursued among many financial services firms is part of long-term efforts to relieve workers from menial yet necessary tasks, thereby sparing them time and effort to better focus on higher-value creative work.The computerized program will improve banks' work processes through fast and accurate reviews with lowered possibility of careless mistakes.Shinhan Bank said Thursday that it will launch AI Moli project, a virtual chatbot-assisted communication channel platform.Moli, one of the bank's online banking service platforms, will function as a “personal secretary” by showing advanced search results on related information required to carry out certain tasks. By entering a few keywords, AI Moli will show relevant results in a speedy manner, helping boost work productivity and efficiency.Search history will be preserved for future reference to help with similar requests later. The program will be available on

May 30, 2019By Lee Kyung-min
Banks rush to launch AI programs

Stocks face turbulence but remain resilient

getty ImagesbankBy Jhoo Dong-chanConcerns are growing among investors that the benchmark KOSPI could dip below the 2,000 point mark amid a weak economic outlook.The index dipped over 1 percent last Wednesday. The nation's stock market enjoyed a bullish run for the first four months this year thanks to foreign investors' steady purchases.But they suddenly turned their backs on local stocks as the United States and China upped the ante on trade.According to the Korea Exchange (KRX), foreign investors bought 6.88 trillion won ($5.75 billion) worth of shares in the first four months. Thanks to their rush to the bourse, the KOSPI rose above the 2,200-point level last month.The uptrend, however, failed to continue its momentum as foreign investors dumped 2.35 trillion won worth of shares this month.Due to their exit from the bourse, the KOSPI closed at 2,023.32 on the Wednesday session, down 25.51 points, or 1.25 percent, from the previous session.The secondary Kosdaq also failed to sustain the 700-point level as it was down 11.29 points, or 1.61 percent, from a day ago to reach 691.47.Ske

May 30, 2019By Jhoo Dong-chan
Stocks face turbulence but remain resilient

Cho, Sohn share love for fintech

By Park Hyong-kiShinhan Financial Group Chairman Cho Yong-byoung and Woori Financial Group Chairman Sohn Tae-seung are aggressively moving to restructure their organizations by using external resources, industry sources said Wednesday.Sohn Tae-seungThis comes as both have said there was a limit to achieving innovation with internal human resources deeply ingrained with finance DNA.Woori chief Sohn has said he has been frustrated every time the company has merely reshuffled its own employees without employing outside professionals. Shinhan Chairman Cho Yong-byoung has also said the company will need to seek human resources outside of the banking sector if it wants to change and become sustainable. To this end, they have set up new divisions concentrating on digital transformation, as well as both in-house venture teams and external startup centers. Woori Financial has brought in Noh Jin-ho, former chief executive of Hancom, as the group's new chief information officer and the head of the new ICT unit.Cho Yong-byoungShinhan and Hancom, a local Korean word processor developer, have stra

May 30, 2019
Cho, Sohn share love for fintech

Eximbank supports SMEs' entry into global procurement market

Officials of seven institutions including Export-Import Bank of Korea (Eximbank) hold a meeting aimed at helping small firms find business opportunities in the international procurement market, at the bank in Seoul, May 9. / Courtesy of EximbankThe Export-Import Bank of Korea (Eximbank) held a meeting with local institutions to help small- and medium-sized enterprises (SMEs) find business opportunities in the global procurement market.Six institutions took part in the meeting, held May 8 at the bank, to share information on the results of overseas business feasibility studies and discuss how to support small firms in an efficient manner.The institutions were the Korea International Cooperation Agency (KOICA), International Contractors Association of Korea, Korea Engineering and Consulting Association, Korea Environmental Industry and Technology Institute, National IT Industry Promotion Agency and Korea Medical Devices Industrial Cooperative Association.They also discussed cooperation with the Economic Development Cooperation Fund (EDCF), an aid fund run by Eximbank.Established in 198

May 29, 2019
Eximbank supports SMEs' entry into global procurement market
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