The Korea Herald is publishing a series of articles spotlighting the stories and opinions of female executives in Korea’s finance-banking industry, where the glass ceiling remains. - Ed.In the early 1990s, South Korea’s corporate landscape had a distinct characteristic: Men made up and led the country’s primary workforce. The banking-finance industry was no exception. During this time, Korean banks had separate hiring and wage systems for men and women. Female employees were al

With Hanwha Group having dropped out, Hana Financial Group has emerged as a strong bidder for ownership of Lotte Card -- a development that portends major shifts in South Korea’s credit card business.Last week, Hana Financial and two private equity funds officially joined the bidding process to acquire Lotte Card. Hanwha, which had shown an interest in the deal, did not enter the bidding, leaving Hana as the sole big-name financial corporation in the race.If Hana Financial ends up acquirin

JYP Entertainment founder and Chief Communications Officer Park Jin-young topped the list of stock-rich entertainment agency owners in Korea, data showed Sunday, amid the industry’s struggle to recover from an ongoing sex scandal involving multiple K-pop stars. The value of JYP stocks held by Park had increased 1 percent, or 1.9 billion won ($1.7 million), from the end of 2018, to 192.2 billion won as of Thursday, according to conglomerate research firm Chaebul.com. Park is the largest sha

South Korean shares are likely to trade in a tight range next week as investors digest a series of corporate earnings reports from major firms, analysts said Saturday.The benchmark Korea Composite Stock Price Index closed at 2,216.15 points on Friday, down 0.77 percent from a week earlier. Earlier this week, the main bourse extended its winning streak to 13 trading sessions but lost ground as investors opted to cash in recent gains.On Thursday, the KOSPI plunged more than 1 percent after the Ban

South Korea's exports are likely to improve in the second half as demand for semiconductors picks up gradually, a senior government official said Friday.Lee Ho-seung, the first vice minister of economy and finance, made the forecast in a regular meeting with officials from the central bank and other relevant financial authorities.South Korea's outbound shipments fell 8.2 percent on-year to US$47.1 billion in March due to falling global prices of chips. It marked the fourth straight month that ex

Hana Financial Group, a major South Korean banking group, said Friday its first-quarter net profit fell 16.8 percent on-year, hit by one-off costs related to severance payments. 　Net profit stood at 556 billion won ($489 million) for the January-March period, compared with a profit of 668.6 billion won a year earlier, Hana Financial said in a statement. 　Hana Financial said it spent 126 billion won in severance payments in February, when it cut 241 jobs.  　Its interest income and earnings f

South Korea’s financial regulator is seeking to bolster the business of local firms in Southeast Asia, widely considered the “next China.”　The Financial Supervisory Service hosted an event Friday in light of the Moon Jae-in government’s “New Southern Policy” which strives to elevate diplomatic and economic ties with the Association of Southeast Asian Nations, as well as India. Yoo Kwang-yeol, first senior deputy governor of the FSS, called on Korean firms to b

Following the death of Hanjin Group Chairman Cho Yang-ho last week, the inheritance tax his bereaved family will have to pay is in the spotlight, with estimates suggesting as much as 200 billion won ($175 million).According to analysts, the lofty taxes could shrink the owner family’s stake. However, they also note that it is unlikely, reminding that the high inheritance tax rate is actually what drives the obsessive culture of family-monopolized management among conglomerates here. South K

Central bank judges Seoul’s growth to be lower than ministry target and IMF prediction

South Korea's central bank held its policy rate unchanged at 1.75 percent for April on Thursday amid persistent concerns over an economic slowdown, despite a decline in inflationary pressure. The monetary policy board of the Bank of Korea voted to leave the bellwether call rate steady for the fifth straight month after raising it by a quarter percentage point in November last year.The BOK's wait-and-see stance had been widely expected as South Korea's economy shows some signs of a downturn in ex

The financial regulator said Wednesday it has halted its review of a plan by KT Corp. to raise its stake in Internet-only K bank, citing an anti-trust inspection into the telecom firm. 　KT, the nation’s biggest fixed-line Internet operator, asked the Financial Services Commission to review its plan last month as it seeks to a larger stake in K bank, which was launched in 2017 by a KT-led consortium. 　K bank has planned to raise 592 billion won ($522 million) later this month via a rig

South Korea’s financial regulator on Wednesday designated nine financial technology services as the first participants in the newly enacted “regulatory sandbox” policy for the finance sector.The Financial Services Commission’s special panel selected nine services based on the “strength of their innovation, envisioned consumer benefits, and user protection and security measures.” As a result, these services will operate as part of a regulatory sandbox -- a mech

Hyundai Capital, the financing arm of South Korea’s Hyundai Motor Group, and Santander Brasil celebrated the launch of their joint venture, Banco Hyundai Capital Brasil S.A., in Sao Paulo on Wednesday, pledging tailored auto financing services for customers and dealers in Brazil.The joint venture marks Hyundai Capital’s first foray into the Latin American market and forms the first exclusive consumer financing service provider in Brazil for Hyundai Motor, the firm said.Banco Hyundai

Leniency for fintech firms brings both expectations for innovation and concerns for safety

South Koreans holding office jobs spend over 1.4 million won ($1,235) annually on cash gifts for special occasions, a poll showed Monday. The research, conducted by job research portal Saramin, involved 435 local office workers. Cash gifts cost about 73,000 won on average per event, the survey revealed, and respondents attended an average of 1.6 events per month, so their monthly expenses on such gifts totaled about 117,000 won. Of the respondents, 74.3 percent cited “maintaining conn