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IBK seeks to offer comprehensive financial services

By Kim Jae-won Staff reporter The Industrial Bank of Korea (IBK) has been committed to bolstering small- and medium-sized enterprises (SMEs) since its establishment in 1961. The state-run lender now seeks to emerge as a leading financial services group providing a comprehensive range of financial services to individual customers. IBK has helped many small firms weather economic crises over the past decades ― it extended 58 percent of its total loans to SMEs last year, while other banks were hesitant to provide loans to them. IBK overcame the lingering effects of the financial crisis backed by its preemptive risk management in 2009. Despite the high amount of loan products offered, its risk management system was able to operate efficiently. Its delinquency rate dropped 35 basis points to 0.5 percent at the time. Interest income also climbed 13.2 percent year-on-year achieving both soundness and profitability. The government-controlled bank declared its intention to overhaul its portfolio and profit structure by entering the retail banking market. The bank aims to extend

KDB aims to become Asia’s leading bank

By Kim Jae-won Staff reporter The Korea Development Bank (KDB) has played a major role in advancing the nation's economy providing loans for local companies since it was launched in April 1954, just nine months after the Korean War ended. The state-run lender has focused on corporate banking for the last five decades, but now is turning its eyes beyond Korea to move forward as a global commercial investment bank. In line with the government's policy to transform Korea into a financial hub, KDB has adopted the vision of becoming a leading bank in Asia. To broaden its business presence beyond the nation's borders, it decided to focus on four core financial services ― corporate, investment and international banking, and corporate restructuring and consulting ― targeting customers both at home and abroad. So far, KDB has a total of 14 overseas offices ― seven branches, five subsidiaries and two representative offices ― all in main cities in Asia, Europe, the U.S. and South America. KDB plans to add more overseas offices and branches to expand its presence globally. The e

Supplying capital to real economy key to prosperity

By James Rooney Seoul Financial Forum Vice Chairman Over the last thirty years, the financial systems in many developed countries have been undergoing profound changes driven by innovation, relaxation of regulatory constraints, and greater global economic and financial integration. The benefits have undoubtedly been to create wider and deeper funding of real economic activities, increased economic efficiency with capital as the catalyst, and greater rewards to providers of capital and the intermediaries who can attract them. Natural consequences of these changes have also been greater complexity, increased systemic risk, and the breakdown of regulatory oversight and traditional corrective mechanisms. Over the last two years, many of these consequences have come violently to the surface, erupting like unfriendly volcanoes, particularly in the United States, and the U.K., and individual economies have found themselves overexposed and overleveraged. And it is fair to observe that for some countries, 2010 will not represent the end of the process, nor even the beginning of

Korea sets global trend on e-Government service

By Choi Yoo-sung With the click of a mouse, residents in Gangnam, Seoul, can request the issuance of and track their civil application documents. They can pay taxes and fines, participate in various surveys regarding policies, watch various educational programs and receive up-to-date local news. The Gangnam District Office has developed the Internet civil applications issuance system to alleviate citizens' inconvenience of having to visit government and public offices in person and to enhance administrative efficiency. Moreover, the Internet Tax Payment System allows citizens to track and pay their regional taxes, or fines for parking and stopping violations through the net without having to visit a bank. This case shows what the Korean people benefit from with e-Government in their everyday life. The Korean e-Government is evaluated as one of the world's best by organizations worldwide and its effectiveness is widely acknowledged by the international community. Actually, Korea has succeeded in ranking first in both the e-Government Development Index and e-Participa

HSBC Korea CEO Matthew Deakin center, sells ...

From left, Ryoo Ryong, professor at the Korea Advanced ...

Tighter security ensures national development

By Jung Sung-ki Staff reporter Even for many of the former and incumbent U.S. commanding generals and enlisted soldiers who have served in South Korea, the names of Korean military leaders might largely be unknown or a dim image at least. But the name of Paik Sun-yup, the country's first four-star Army general who fought major battles during the Korean War 60 years ago, is well-known and part of vivid memories. As such, Paik, who led all the major campaigns during the 1950-53 war, is literally living history, in light of all the famous generals and people that he has interacted with over the past six decades and his incredible combat experience during the fratricidal war that has divided the Korean Peninsula. In an interview with The Korea Times on May 25, a month ahead of the 60th anniversary of the outbreak of the war, the 90-year-old war veteran, who served as the ROK Army Chief of Staff twice during and after the war, recounted his experience with details and reiterated the importance of the support from the U.S.-led U.N. forces during the war. "Defending South Kore

National Tax Service Commissioner Baek Yongho center...

Choongwae Pharma Corp. employees show environmentally...

Star figure skater Kim Yu-na, fourth from right, feeds lettuce ...