JB Financial honored with ESG award

JB Financial Group has been honored with the ESG Excellent Company Award by the Korea Institute of Corporate Governance and Sustainability (KCGS) at the Korea Exchange in Yeouido, Seoul, on Friday. “We see this recognition as an opportunity to further strengthen our responsibility and role in taking the lead in sincere and advanced ESG management,” the financial group said in a statement. Since 2011, the KCGS has been evaluating local companies' performance in environment, soc

Dec. 5, 2022

South Korea's foreign reserves up in November on dollar's fall

  South Korea's foreign reserves increased in November as the dollar-converted value of holdings rose thanks to the greenback's fall, central bank data showed Monday. The country's foreign reserves stood at $416.1 billion as of end-November, up $2.09 billion from the previous month, according to the data provided by the Bank of Korea. It marked the first growth in four months. The rise came as the value of its non-dollar holdings increased when converted into the dollar thanks to the greenb

Dec. 5, 2022

Seoul shares open lower amid US rate hike woes

Seoul shares opened lower Monday as investors are concerned that a stronger-than-expected US jobs report may lead to aggressive tightening by the Federal Reserve. The benchmark Korea Composite Stock Price Index fell 2.34 points, or 0.10 percent, to 2,431.99 in the first 15 minutes of trading. The index gained 1.08 percent last week to end at 2,434.33 Friday as the Fed suggested the central bank is heading for a slowdown of rate hikes after four successive 75 basis-point increases to tame inflati

Dec. 5, 2022

[Photo News] Healing concert for Hana family

Hana Financial Group Chairman Ham Young-joo (front, center left) and celebrity psychiatrist and author Oh Eun-young (front, center right) pose for a picture following a "healing concert" in Seo-gu, Incheon, Friday, for family members of Hana employees to share their various concerns. Some 500 attendees participated in the event in person, while 2,000 others joined via video links. (Hana Financial Group)

Dec. 4, 2022

How wealthy is 'wealthy' in Korea?

Wealthy Koreans with seed money of 820 million won ($630,000) by the age of 42 was determined as the minimum condition of "being wealthy" here, a report showed Sunday. The 2022 Korean Wealth Report compiled by a think tank under KB Financial Group was based on a study conducted in June and July, including a face-to-face survey with 400 respondents with more than 1 billion won in financial assets. It defined “wealthy” as having financial assets over 1 billion won. There were

Dec. 4, 2022

Hahn & Co. acquires SKC's industrial film biz for $1.2b

South Korea’s largest private equity firm Hahn & Company said Friday it has completed the acquisition of the industrial film business of SK Group affiliate SKC in a deal worth 1.6 trillion won ($1.2 billion). The latest deal is the largest merger and acquisition closed in the country this year amid M&A jitters globally. The company said SKC’s industrial film business has full potential as its products are widely used in advanced technologies for the display, mobile and se

Dec. 2, 2022

Seoul shares open lower after Fed-driven rallies

South Korean stocks opened lower Friday, as investors took a breather after recent rallies fueled by optimism that the US Federal Reserve may slow the pace of interest rate hikes. The benchmark Korea Composite Stock Price Index fell 21.94 points, or 0.88 percent, to 2,457.90 in the first 15 minutes of trading. Latest US data showed its manufacturing contracted last month for the first time in 2 1/2 years, with a measurement of consumer spending having risen at a slower-than-expected pace in Octo

Dec. 2, 2022

Korean won strengthens after US Fed hints at smaller rate hike

The South Korean won rose to a four-month high on Thursday, as the US Federal Reserve hinted at a possible slowdown of its aggressive rate hikes. The Korean currency strengthened to 1,299.7 won against the greenback as of closing time, back below 1,300 won for the first time in four months. “The time for moderating the pace of rate increases may come as soon as the December meeting,” Federal Reserve Chair Jerome Powell said Wednesday at an economic forum. The Fed has hiked interest r

Dec. 1, 2022

Seoul shares open sharply higher on Powell remarks

South Korean stocks opened sharply higher Thursday, boosted by US Federal Reserve Chair Jerome Powell's remarks signaling smaller rate hikes. The benchmark Korea Composite Stock Price Index rose 24.23 points, or 0.98 percent, to 2,496.76 shortly after the opening bell. It briefly breached the 2,500-point mark. Speaking at a Brookings Institution event Wednesday, Powell indicated the Fed could slow down the pace of its rate hikes, cementing the view that the central bank will go with a 50 ba

Dec. 1, 2022

Seoul shares open lower ahead of Fed chief's speech

South Korean stocks opened lower Wednesday, as investors were cautious ahead of an upcoming speech by US Federal Reserve Chair Jerome Powell, which may offer clues on the future direction of interest rate hikes. The benchmark Korea Composite Stock Price Index slid 11.68 points, or 0.48 percent, to 2,421.71 in the first 15 minutes of trading. Powell is scheduled to speak on the economic outlook at a Brookings Institution session later this week, at which he will likely give a guideline on when th

Nov. 30, 2022

[Global Finance Awards] ‘Invigorating the economy with creative, innovative financial engineering models’

By Yoo Chang-jo Professor of marketing at Dongguk University The Korea Herald presents the Global Finance Awards upon recognition that, for the Korean economy to grow in this age of cutting-edge technology, it is essential to build a financial ecosystem that meets global standards and raises the competitiveness of the country’s financial industry. The purpose of these awards is to encourage financial institutions that continue to challenge themselves and innovate to provide better financ

Nov. 29, 2022

[Global Finance Awards] Kyobo Life Insurance tops sustainability ranking for 13 straight years

Kyobo Life Insurance has been continuously incorporating sustainable development concepts into its business strategies and the effort has been acknowledged in an industry-wide index for its socially responsible efforts. The firm topped the 2022 Korean Sustainability Index among local insurance companies on Thursday, marking its 13th consecutive year of securing the top place since 2010. The KSI is a standard for measuring corporate sustainability based on ISO 26000, a global social responsibilit

Nov. 29, 2022

[Global Finance Awards] SC Bank Korea accelerates sustainable management drive

Standard Chartered Bank Korea has become the only commercial bank in South Korea to receive an A+ rating in corporate governance for four consecutive years, the firm said. The latest A+ rating was given last week by the Korea Institute of Corporate Governance and Sustainability, an expert nonprofit group founded in 2002 that carries out ESG evaluations and policy research. “A healthy corporate governance system is the foundation of what makes sustainable management possible, and it is the

Nov. 29, 2022

[Global Finance Awards] KB Kookmin Bank increases accessibility for disabled

KB Kookmin Bank has been bolstering the accessibility of its branches for people with disabilities in the first half of 2022, as part of its initiative focusing on diversity and inclusivity. The bank said it surveyed 878 of its branches nationwide in June, measuring each facility’s readiness to greet disabled customers. Based on the survey, the bank installed ramps at the entrances of branches that lacked them. It also put a bell in place that customers could press for assistance, accordin

Nov. 29, 2022

[Global Finance Awards] Woori Financial Group ready to lead future global financial market

After gaining momentum from structural changes and the privatization process in recent years, Woori Financial Group has been actively making changes to become the global leader of the future financial market. The most evident change was made recently in November when the group launched a new Data Intelligence department with a goal to pursue development in areas of data and artificial intelligence. At the beginning of this year, the group also announced its goal to increase its combined monthly

Nov. 29, 2022

[Global Finance Awards] Qraft Technologies forays onto Wall Street with AI prowess

South Korean startup Qraft Technologies is one of the companies that has spearheaded the introduction of artificial intelligence in finance here. Since it was founded in 2016, the Seoul-based startup has proved the efficiency of AI when it comes to executing optimal equity asset allocation. The SoftBank-backed company operates four exchange-traded funds -- QRFT, AMOM, NVQ and HDIV. These funds are currently trading on, and have exposure to, North American stock bourses including the New York Sto

Nov. 29, 2022

[Global Finance Awards] Mirae Asset Securities stands tall against global peers

Mirae Asset Securities became the first in the Korean financial services and investment management industry to post an operating profit of more than 1 trillion won ($754 million) and over 10 trillion won in owned capital last year. It was a dream come true moment for Mirae Asset Group Chairman Park Hyun-joo who said the company will “open an era of 1 trillion won in operating profit and 10 trillion won in owned capital” as it acquired Daewoo Securities in 2016. Having started with a

Nov. 29, 2022

[Global Finance Awards] Mirae Asset Global Investment solidifies int'l market presence

Marking its 19th anniversary of its overseas business operations this year, Mirae Asset Global Investments has earned many titles as a first mover in the global asset management market. The investment firm kicked off its global business in Dec. 17, 2003, when it established a district office in Hong Kong. This foray came six years after the firm was established. Since then, Mirae Asset Global Investments has come a long way. The company has offices in 36 countries and invested more than half o

Nov. 29, 2022

[Global Finance Awards] Shinhan aggressively aiming for global growth

Shinhan Financial Group has been actively expanding its global outreach with its overseas operating network that spans over 20 countries. Its overseas business expansion has been carried out under three major principles -- "strengthening overseas capital market in developed markets, promoting gradual economies of scale in nonbanking sectors of developing countries and promoting digital growth of panbanking sectors of developing countries," according to the banking group. Shinhan first

Nov. 29, 2022

[Global Finance Awards] Woori Card takes deeper tap into Asian market with new subsidiary

Seeking to expand its overseas business portfolio, Woori Card kicked off its global subsidiary Woori Finance Indonesia Tbk, in Jakarta, Indonesia, this month. The subsidiary is the credit card provider’s second global endeavor, following the launch of Tutu Finance-WCI Myanmar in 2016. The card company started negotiations with Indonesian finance firm PT Batavia Prosperindo Finance Tbk in 2019 which led to the signing of a share purchase agreement with its major shareholders in March. It

Nov. 29, 2022