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Mon, October 2, 2023 | 10:04
Building childcare center
KEB Hana Bank CEO Ham Young-joo, right, and Goyang City Mayor Lee Jae-jun show a contract at the city office, Thursday, in which Hana Financial Group and the bank agreed to help the city build a childcare center in Changneung, Goyang, Gyeonggi Province. The two-story center will be opened in March 2021.
Financial tech cooperation
Joo Jae-sung, fifth from right, head of NongHyup Bank's digital finance, and Andrey Makarov, fifth from left, director of Gazprombank, pose for a photo with others from the Korean and Russian banks at NongHyup Bank headquarters in Seoul, Thursday. The two banks and their partners held a conference to discuss ways to cooperate in financial technology. Courtesy of NongHyup Bank
KB chief pushes to widen gap with Shinhan
KB Financial Group and its 12 subsidiaries need to further maximize synergy to widen its gap with the market's second player Shinhan Financial Group, said Yoo Jong-kyoo, the group's chairman Friday. Celebrating the 10th anniversary of the group's founding at KB Kookmin Bank headquarters in Yeouido, Seoul, Yoo added that the group needed to move ahead by “huddling” closely tog...
Korea isolated in job recovery
Korea seems to be one of the very few countries of the Organization for Economic Cooperation and Development (OECD) facing rising joblessness. Developed countries such as the United States, Japan and Germany, on the other hand, have reached full employment. Korea's unemployment rate stood at 4 percent in August, the highest in 18 years. It rose 0.4 percentage points from a ye...
More tech firms to move into internet banking
Kakao and KT are expected to inject more capital into their internet banks as lawmakers passed a revision Thursday, enabling tech giants to increase their ownership in mobile lenders, according to analysts and industry sources.The National Assembly voted in favor of a partially amended version of the Banking Act, that will allow nonfinancial companies, or industrial capital, to exercise voting rights of up to 34 percent in shares they hold in internet banks, drastically up from 4 percent.
'Time to change economy now'
A window of opportunity is narrowing for Korea to restructure and change its economy to make it less vulnerable to external and internal shocks such as its declining output and population. Asia's fourth largest economy needs to act fast for market reforms before it is too late. Otherwise, it will end up like Japan's lost decade, said Rajiv Biswas, chief economist at IHS Marki...
Shinhan's IT firm in Vietnam
Yu Dong-uk, right, CEO of Shinhan DS, the financial ICT services provider of Shinhan Financial Group, cuts the tape with his employees at an opening ceremony of the company's Vietnam subsidiary in Ho Chi Minh City, Tuesday. Shinhan DS Vietnam General Manager Lee Kwang-sik, fifth from right, said the system integrator will support the group's subsidiaries and their partners to...
Slower growth becomes 'new normal' for Korea
Korea needs to accept the reality that the economy is going to grow “older” and slower going forward, said Kim Jung-ho, a professor of economics at Ajou University in Suwon, Gyeonggi Province. Asia's fourth-largest economy cannot turn this predetermined fate around and keep making policies, hoping the market here will grow strong, young and big like in the old days. The reali...
Boosting local markets
Employees of Shinhan Bank Incheon branch pose for a photo after visiting a local traditional market to purchase goods on Sept. 11. About 500 employees of the bank will be heading to markets nationwide to help boost their sales this week, ahead of the Chuseok holiday, which falls on Sept. 24.
New IFC director seeks more ties with Korean investors
The World Bank Group's International Finance Corp. (IFC) further seeks to forge ties with Korean companies to invest in underdeveloped and developing markets in Asia, said Cho Hyun-chan, the new director of the IFC's Asia infrastructure and resources. “IFC can further collaborate with Korean investors and invest in equities of companies in those markets, or in projects to dev...