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Thu, May 19, 2022 | 21:25

Asset management firm launched led by ex-KOFIA head

The former chairman of the Korea Financial Investment Association (KOFIA) has returned to the financial industry by establishing an asset management firm. The company, named, I Trust Asset Management, was set up in December and recently started sales activities. Hwang Young-key, the former head of KOFIA, will serve as the first chairman of the new asset management firm.

2022-05-19 17:57

KB Financial launches campaign to save bees

KB Financial Group has launched a campaign to save bees, which are vital pollinators for food crops, yet are dwindling in their numbers due to air pollution and other human causes of climate change. The campaign comes on the occasion of World Bee Day on May 20 and the International Day for Biological Diversity on May 22, both observed by the United Nations, and also as a part...

2022-05-19 15:44

Woori Bank steps up ESG efforts with climate governance organization

Woori Bank has clinched a partnership with a local climate governance organization, as part of its efforts to fulfill an advanced level of environmental, social and corporate governance (ESG) activities, the lender said Wednesday. Under the tie-up with the Korea Climate & Environment Network, the bank will carry out a series of joint projects on ESG. They include a social con...

2022-05-18 16:46

Shinhan, Google team up for smart city

Shinhan Financial Group will team up with Google in a startup accelerating program to support those engaged in smart city businesses, the financial holding company said Tuesday. Companies with innovative technologies in the four areas of smart living, city infrastructure, the sustainable city and the biotech industry or digital health will apply for the program, according to ...

2022-05-17 16:37

Banking group chiefs rush to enhance investor relations abroad

The leaders of the nation's four major banking groups are rushing to enhance investor relations abroad, as travel restrictions are being eased after years of the COVID-19 pandemic crisis. Two chairmen - Cho Yong-byoung of Shinhan Financial Group and Son Tae-seung of Woori Financial Group - are currently visiting Europe and Singapore, respectively, seeking to promote their res...

2022-05-17 16:26

5 Woori Bank branches open exclusively for foreign customers every Sunday

Woori Bank is now open to foreign national customers exclusively every Sunday at five branches nationwide, according to the lender, Tuesday. This move comes despite the continuing shortening of operating hours in the banking industry for offline operations, with the turn towards digitalization. The nation's fourth-largest lender said foreign nationals who find it tough to use...

2022-05-17 15:52

K bank continues solid growth in Q1

K bank, Korea's first internet-only bank, posted a quarterly net profit of 24.5 billion won ($19 million) for the first quarter, exceeding the entire annual net profit of 22.5 billion won logged last year. According to the bank on Monday, it has witnessed enhancement in almost every area of its business, ranging from the number of customers to management efficiency, which res...

Anna J. Park | 2022-05-16 15:39

Citibank Korea reports earnings fall amid phased shutdown of retail banking

Citibank Korea reported a double-digit earnings decline in the first quarter of this year amid weak profit growth in wealth management, as the lender is in the phased shutdown of retail banking. According to the company, its net profit between January and March came in at 40.1 billion won ($31.23 million), down by 16.8 percent from the previous year. Even if the Korean subsid...

2022-05-15 16:31

Samsung Life Insurance Q1 net profit down 72.9 pct. to 302.2 bln won

Samsung Life Insurance reported a first-quarter net profit of 302.2 billion won ($234.5 million), Friday, down 72.9 percent from a year earlier. The company said in a regulatory filing that it posted 323.8 billion won in operating profit for the quarter, compared with 1.33 trillion won a year ago. Sales fell 7 percent to 9.3 trillion won.

2022-05-13 14:32

Local brokerage firm stocks hit 52-week lows amid pessimistic outlook

Due to the deteriorating market outlook as well as worsened year-on-year Q1 earnings, local brokerage firms' stock prices hit new 52-week lows on Thursday. As both the domestic and global stock markets continue to plunge with the U.S. Federal Reserve's squeeze on liquidity, the forecast for the brokerage sector is unclear, casting shadows on future upward movements of the sto...

Anna J. Park | 2022-05-13 09:00

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