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October 11, 2023
Shinhan to bet big on insurance tech startup
Shinhan Financial Group announced Tuesday that it will invest 6.5 billion won ($4.82 million) into Habit Factory, an advanced data analysis insurance technology start-up, through the group’s strategi...he results, its insurance agents provide tailored consultant services. Through this i...
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October 08, 2023
[KH Explains] Foreigner-friendly ID verification service to make mobile banking easier
...ected to follow suit in the coming months. KB Kookmin Bank is currently testing the new verification service at some of its offline branches as a pilot and plans to apply it as early as October. Shinhan Bank also has applied the service at offline branches and plans to apply the servi...
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September 22, 2023
Finance Minister Choo warns of 'higher for longer' rates
...ly that the BOK will maintain high rates for longer. The monetary policy board is likely to keep the terminal rate at 3.75 percent for a considerable period of time,” economist Ha Keon-hyeong from Shinhan Securities said. “Though Korea’s economic growth is weaker than that of the US...
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September 19, 2023
[KH Explain] KB's chair candidate hopes to break out of pod
...ng for just 11 percent of the group’s overall net profit share. Hana Financial Group had the highest global net profit share, at 19.5 percent, followed by Woori Financial Group (14.3 percent) and Shinhan Financial Group (12.2 percent). When measured against global corporations, the d...
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September 18, 2023
Deutsche Bank to inject 150m euro into Seoul branch
...sion aimed to showcase the potential of Korea's financial hub cities and the robustness of its financial sector. Six major financial leaders from Korea who attended this promotion session include Shinhan Financial Group Chairman Jin Ok-dong, Woori Financial Group Chairman Yim Jong-yong...
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August 23, 2023
KB, Citibank launch first joint branch in Daejeon
...decisions made regarding the location of a second joint branch with Citibank. This also represents the fourth joint branch for KB Kookmin Bank. In May of last year, it opened joint branches with Shinhan Bank in Yangju, Gyeonggi Province, and Yeongju, North Gyeongsang Province. In the...
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August 22, 2023
Yeouido to go English-friendly to attract investment
...uido. English-language counters at commercial banks in Yeouido will be expanded as well. "Woori Bank is already operating its English-language counter in Yeouido. We are also in discussions with Shinhan Bank, among other commercial banks, to expand this service," Kim said. Plans are ...
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August 17, 2023
Government to boost exports with W23tr financial support plan
...nitiative involves the active participation of commercial banks. Five major banks — KB Kookmin, Shinhan, Woori, Hana and NongHyup — are introducing a total of 5.4 trillion won in support for export e... varies, with Woori and Hana committing 1.5 trillion won each, Kookmin offering 86...
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August 16, 2023
Lotte chairman highest-paid chaebol leader in H1
...d 2.89 billion won, including severance pay of 2.26 billion won he received when he stepped down in May, following stock fraud allegation involving SG Securities Korea. Among Korea's top four major financial groups -- Shinhan, KB, Hana and Woori -- Hana Financial Group Chairman Ham You...
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August 06, 2023
Hyundai Card tops brand reputation among credit cards in August
Hyundai Card topped the brand reputation chart in August, followed by Shinhan Card and Samsung Card, in a monthly ranking announced by Korea Corporate Reputation Research Institute on Friday. The in... 5,642,994. The brand has maintained the top spot for 10 consecutive months since last ...
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August 03, 2023
KB hopes to turn around loss-making Indonesian unit
...r escalated to a significant 802.1 billion won last year. KB's Indonesian unit is also a crucial factor in the neck-and-neck competition for the top financial group position in Korea. Last year, Shinhan Financial Group's net profit marked 4.64 trillion won ($3.68 billion), surpassing ...
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July 28, 2023
Hyundai Elevator, LG, KT team up for smart building solutions
...vity between elevators and robots or smart devices. Several joint projects have already been implemented in locations such as the Westin Josun Busan, Seoul National University Bundang Hospital and Shinhan Bank's headquarters in Seoul. The new memorandum will unite these efforts under o...
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July 28, 2023
KB reclaims top financial group, bank titles in first half
...d acquisitions also contributed to the high noninterest income. Following KB is crosstown rival Shinhan Financial Group, which posted a 2.1 percent on-year drop in net profit, totaling 2.62 billion w... the net profit decreased because of bad debt reserves that have been conservatively...
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July 12, 2023
Lenders throw W6tr lifeline to KFCC to ease liquidity concerns
...to the country's primary mutual financial institution that has been hit by liquidity shortage concerns, according to industry sources on Tuesday. Five major Korean commercial banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup -- as well as the Industrial Bank of Korea and the Korea...
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July 10, 2023
[KH Explains] Can Daegu Bank shake industry oligopoly?
...a’s top financial regulator, said Wednesday that it will allow more banks to break the existing oligopolistic structure of the commercial banking industry, led by the top five banks -- KB Kookmin, Shinhan, Hana, Woori and NongHyup. As of last year, the five banks account for 63.5 perc...
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July 06, 2023
[KH explains] More card issuers jump on Apple Pay bandwagon
...ng new local partners. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collaborate with Apple...his surpasses KB Kookmin Card, which previously held the third spot with 11.72 milli...
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July 05, 2023
SK Square, SK hynix set up investment unit in Singapore
...e, the investment arm of SK Group, said Tuesday that it has set up a semiconductor investment company in Singapore, with a total investment of 100 billion won ($77 million) together with SK hynix, Shinhan Financial Group and LIG Nex1 and others. The new firm, TGC Square, aims to financ...
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July 04, 2023
Hyundai, Kia to outpace chaebol rivals in Q2 profits
...tment, securing their EVs' marketability and reducing production costs. (Hyundai Motor Company’s investment plan) clearly shows a drive to strengthen automation,” said Jung Yong-jin, an analyst at Shinhan Securities. Jung was referring to Hyundai Motor Company’s recently announced pl...
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July 02, 2023
Shinhan, Woori chairmen celebrate 100 days in office
Chairman Yim’s appointment followed financial authorities' persistent pressure on Yim’s predecessor Son Tae-seung to resign and accept the penalty that he received for mis-selling funds run by now-defunct Lime Asset Management. This is why Yim, a former career bureaucrat, has been prioritizing f...
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June 30, 2023
Apple Pay sees 26m transactions in Korea in first 100 days
... ranked next in popularity among Korean Apple Pay users. Hyundai Card is the only Apple Pay partner in Korea, as of June. According to industry sources, three leading credit card issuers here -- Shinhan Card, KB Kookmin Card and BC Card -- have submitted letters of intent to collabora...
November 24, 2024
