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Wed, July 6, 2022 | 04:08

Woori Bank under probe for irregular foreign currency transactions: sources

Korea's financial regulator has launched a probe into Woori Bank for its alleged involvement in irregular foreign currency transactions worth billions of won, industry sources said Monday.

2022-06-27 10:02

Woori joins race to attract Citibank customer loan transfers

Woori Bank has joined the race to attract customers from Citibank Korea's closing retail banking business, launching a loan repayment product targeting those who seek to transfer their loans from Citi to another lender. With Citibank Korea's retail banking business going through a phased shutdown, the lender picked KB Kookmin Bank and internet-only Toss Bank recently as two m...

Lee Min-hyung | 2022-06-27 08:56

Hana Financial Group launches young honorary ambassador program

Hana Financial Group launched a team of honorary ambassadors composed of college students, who will be promoting the financial group under the theme of sports. The 50 young representatives belong to the 16th team of SMART Ambassadors, a program Hana launched for college students in 2012. The honorary ambassadors promote the banking group's brand for four months, during which ...

Yoon Ja-young2022-06-26 14:34

Employees, employers at odds over changing work norms

A recent international survey has shown that employees and employers have vastly divergent attitudes on work policies that have emerged during the COVID-19 pandemic. While 64 percent of employees believe their productivity has increased with the change to more flexible work patterns during the pandemic, 41 percent of employers think work productivity has dropped due to those ...

Anna J. Park | 2022-06-24 18:20

Politicians call on banks to ease borrowers' interest burden

Commercial banks are facing calls to lower lending rates as part of efforts to ease the burden placed on low-income borrowers, amid soaring inflation and a spike in the benchmark interest rate. Some in political circles joined in criticism recently against lenders that profit “excessively” from interest income, while borrowers are struggling to make repayments due to higher i...

Yi Whan-woo | 2022-06-24 17:13

Insurers see profitability decline amid increased forex hedging costs

A period of rising interest rates has normally been a boon for insurance companies, yet this long-held notion looks to be changing now. Increased market volatility, in addition to soaring foreign exchange (forex) rates, has been disrupting local insurers' efforts to hedge their assets, which are held in foreign currencies, projecting their declining profitability in the comin...

Anna J. Park | 2022-06-24 16:51

Investors cry foul over Hybe's stock fall

Hybe, the nation's most valuable entertainment company, is mired in yet another controversy regarding possible information leakage over BTS' suspension of activities. The company's stock plummeted after the K-pop powerhouse shared its video in mid-June where it informed fans that it would temporarily stop group activity. The message left Hybe with a loss of more than 2 trilli...

Lee Min-hyung | 2022-06-23 16:47

Securities firms enjoy hefty dividend profits despite earnings fall

Korea's major securities firms enjoyed hefty dividend profits in the first quarter of this year by generating stable rewards from their assets. The companies will use them as a source of risk management amid the stock market doldrums. According to data from the Korea Financial Investment Association, the nation's 59 securities firms chalked up 501 billion won ($384.6 million)...

Lee Min-hyung | 2022-06-23 16:16

Deloitte Korea acquires PRGATE to strengthen marketing capacity

Deloitte Korea officially signed a deal earlier this week to acquire PRGATE, a local communications and consulting company with expertise in setting up brand strategies. The move aims at strengthening its consulting and marketing capabilities so as to accelerate innovative growth potential.

Anna J. Park | 2022-06-23 15:47

Shinhan Bank to set up joint venture for SME-focused digital platform

Shinhan Bank has signed a deal to set up a joint venture aimed at a tailor-made banking platform for small and medium-sized enterprises (SMEs) in partnership with an information and communications technology (ICT) firm, the lender announced on Wednesday. It said the deal with Douzone Bizon is anticipated to offer financing assistance to prospective SMEs, which struggle with r...

Yi Whan-woo | 2022-06-22 16:55

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