Hur Yin, KB Kookmin Bank’ incumbent CEO, was officially tapped by board members to lead the lender for another year, the bank said Thursday. Earlier in October, KB Financial Group’s committee for CEO nominations had selected Hur as the sole candidate for the bank’s next leader. Hur is the first KB Kookmin chief to serve three consecutive terms. His third term will begin on Nov. 21. Since joining KB Kookmin Bank in 1998, the 59-year-old CEO has held key po

The Financial Supervisory Service said Wednesday that Optimus Asset Management, a local hedge fund house involved in an alleged fraud case, has incurred at least 436.3 billion won ($393 million) in financial losses that effectively went nowhere. The loss stems from the hedge fund manager’s botched real estate development project financing and failed investments in stocks and bonds, as well as its embezzlement and Ponzi scheme, according to the watchdog. The revelation comes as four month

Hana Bank is set to allow employees to wear business-casual attire to create a relaxed working environment, industry sources said.  The lender has recently decided to adopt a more casual dress code as more than 80 percent of its employees surveyed were in favor of the plan. It has not decided yet when to implement the new dress code. The dress code transition is part of the financial company’s move to prove itself as an innovative bank. “To achieve innovation, the bank must c

Less than 1 percent of all banking transactions across the country were made in person, data showed Tuesday, suggesting an apparent change in the retail banking landscape favoring non-face-to-face services. In the first half of this year, the proportion of banking transactions carried out in person at bank branches accounted for 0.75 percent of the total. This was sharply down from 1.08 percent in 2019, continuing a downtrend that began in 2015, when the figure was 2.12 percent, said Rep. Yoon

    Park Sung-hyun, the incumbent chief strategy and sustainability officer of Shinhan Financial Group has been appointed as a new member to the prestigious Global Steering Committee under the United Nations Environment Programme Finance Initiative, the banking group said Sunday.  Launched in 1992, UNEP FI is a strategic public-private association set up by the UNEP and the global financial sector with the purpose of sustainable management. It is working with more than 300

Related firms’ stocks continue to remain strong amid anticipation

Ahead of its initial public offering, South Korea’s leading internet-only bank Kakao Bank said it logged its highest net profit in the third quarter this year, mainly due to a turnaround in noninterest business. Net profit came to 40.6 billion won ($35.96 million) in the July-September period, up by 600 percent from a year earlier, when it marked 5.6 billion won. The third quarter‘s figure grew by 1.5 times from the second quarter’s result of 26.8 billion won. The company a

Woori Financial Group said Tuesday it would implement an employee training program starting this month, to enhance its digital capabilities. For the program, the group will publish storyboards online about how to create digital financial services, make a good use of e-marketing methods and study consumer trends, officials said.  Employees from digital finance units across the banking group’s affiliates -- Woori Bank, Woori Card, Woori Finance Research Institute and Woori FIS, a fina

Standard Chartered Bank Korea said Tuesday it had launched an online sales channel on Naver, South Korea’s biggest search portal, to support social ventures operated by young entrepreneurs.  The lender has partnered with Naver’s donation platform, called “Happybean,” and opened up an online market there, which will be run until Nov. 30.  As of Tuesday, six social enterprises were selling a wide variety of products ranging from food to clothing, while introdu

Banking groups stun onlookers with earnings surprises driven by retail investors’ buying binge, increased loan demand

South Korea’s public pension fund, the National Pension Service, said Friday that it has reaped a 5.07 percent return on its total investments from January to August this year. The nation’s largest institutional investor, overseeing 789.9 trillion won ($695.3 billion) worth of assets, also unveiled measures to pursue additional gains by wooing more hedge fund partners and enhancing its foreign currency management. At a meeting Friday of the NPS’ Fund Management Committee, We

MARKETING AWARDS / GOLD PRIZE SHINHAN CARD By Yoon Seung-won General manager of planning team I would like to extend my gratitude to customers for giving steadfast love to Shinhan Card. I am also honored that Shinhan Card’s Shinhan Pay Fan “Sobi Mama” winning the Gold Prize at the Korea Herald Marketing Awards. As we are on verge of entering the “new normal” era, we are witnessing quick changes in our lives in regard to the digitalization of industries. Customer

Brokerages, not banking units, see greatest gains over stock market rally

Woori Bank said Wednesday it has launched a Korea desk at its branch in Dhaka, Bangladesh, to help South Korean companies extend their business into the South Asian country. Through the service desk, the lender will provide useful market information, including local financial regulations, along with special offers like hotel reservations and airport pickup for customers on business trips to Bangladesh. Also, the officials will conduct financial counseling programs targeting those who are plan

Yoo Myung-soon, the new CEO of Citibank Korea -- the local branch of New York-based Citigroup -- urged the bank’s leaders as well as employees to ramp up efforts to counter potential managing risks for consumer protection in her inaugural speech Wednesday, officials said.  “New risk factors evolve as our operating environment changes. Risk management and internal controls are a key responsibility for all of us,” Yoo said.  Also, she vowed to enhance the lender&rsq