The Korea Herald

Shinhan to launch ‘bank plus brokerage’ business

CEO says lender leading Korean banks’ globalization with 59 network channels in 14 nationsShinhan Bank plans to offer high-end financial products by launching an upgraded business sector this year that connects the commercial bank and its brokerage affiliate.“We are about to introduce the independent business sector. It is designed to elevate synergy between Shinhan Bank and Shinhan Investment Corp.,” bank president & CEO Suh Jin-won told The Korea Herald.While the bank and the securities firm o

Jan. 24, 2012

Shinhan to launch ‘bank plus brokerage’ business

Korando C wins Dutch motor race

Ssangyong Motor Co. said Friday its flagship sports utility vehicle, the Korando C, has won the ScanCovery Trial 2012 held in the Netherlands, demonstrating its high driving performance.The team Voorthuizen, arranged by Ssangyong Motor’s official Dutch dealer Ssangyong Benelux, finished first to beat some 60 rival teams, which drove popular models by companies such as Mercedes-Benz and Volvo, the company said.In the competition, all cars were required to race the 7,000 kilometer course from the

Mobility Jan. 20, 2012

Officials to discuss sale of Woori Finance this month

Low stock prices of the financial group could be hurdle for speeding up privatizationPolicymakers will hold their first official meeting of this year at the end of this month to revitalize the government’s stalled project to privatize Woori Financial Group.Newly formed members of the Public Fund Oversight Committee are scheduled to have a workshop on the state-controlled Woori Financial sale plan this month, according to government officials.The six members of the PFOC, under the wing of the Fi

Jan. 20, 2012

Officials to discuss sale of Woori Finance this month

Hyundai Motor names vice chairman for labor

Hyundai Motor’s manufacturing factory manager Kim Eok-jo has been promoted to the post of vice chairman in charge of the company’s labor sector.Since January 2011, Kim has worked for Hyundai Motor as a president and the chief of the carmaker’s Ulsan plant.Before that, he played a significant role in boosting the automaker’s overseas sales as head of Hyundai Motor’s Czech Republic corporation.Hyundai has been striving to enhance its internal strength amid global uncertainties, in part through act

Mobility Jan. 19, 2012

Hyundai Motor names vice chairman for labor

Regulators refer CNK to prosecution

Financial regulators filed a complaint against the chief of CNK International and three other persons with the prosecution in connection with a growing financial scandal. The Securities & Futures Commission said it took the measure as they are suspected of having engaged in unfair stock trading practices.The SFC said it also informed the prosecution of the alleged wrongdoings of a former diplomat and minister for the Prime Minister’s Office Cho Joong-pyo and five other persons. After he retired

Jan. 18, 2012

IBK to expand overseas operations

CEO says bank’s new targets include India, Indonesia and ThailandThe Industrial Bank of Korea said it will expand its overseas business in Asia for this year by opening more branches in the region.Apart from China and Vietnam, the state-owned bank is considering making inroads into India, Indonesia and Thailand, IBK president & CEO Cho Jun-hee told The Korea Herald.“We are seeking to open a liaison office in India this year. We also plan to tap the markets, such as Indonesia and Thailand, where

Jan. 18, 2012

Chung foundation to support 13,000 college students

The Chung Mong-koo Foundation will provide 13,000 college students from underprivileged households with financial support, Hyundai Motor said Tuesday.The foundation, set up by Hyundai Motor chairman Chung, plans to issue tuition fee loans with low or zero percent interest rates.“Over the next two years, about 13,000 college students will enjoy the educational support. Lending rates range between 0 and 3 percent,” the automaker said in a statement.About 5,000 students could be beneficiaries of th

Mobility Jan. 17, 2012

Chung foundation to support 13,000 college students

KB Financial not to bid for Woori Financial

Euh stresses banks’ role change for upgrade of Korea’s financial marketKB Financial Group clarified its position that it will not bid to take over the state-run Woori Financial, at least for 2012.“This year, we have no plan to acquire any financial company including Woori Financial Group and the group’s subsidiaries,” KB Financial chairman Euh Yoon-dae told The Korea Herald on Monday.His stance comes as government officials and Woori Financial chairman Lee Pal-seung are striving to revitalize th

Jan. 16, 2012

KB Financial not to bid for Woori Financial

Hyundai Motor ranks 2nd in Russian market

South Korea’s top automaker Hyundai Motor Co. was the No. 2 seller of vehicles in the Russian imported car market last year, with its affiliate Kia Motors Corp. ranking fourth, industry data showed Sunday.Hyundai Motor sold a total of 163,447 passenger cars and light commercial vehicles in the Russian market last year, trailing only General Motors Co., according to the data.In the overall Russian car market, including foreign and domestic brands, Hyundai Motor placed third, after Russian carmake

Industry Jan. 15, 2012

Foreigners shift to net sellers in Korea: data

Overseas investors became net sellers of South Korean equities last year as they opted to buy safer assets amid global economic uncertainties, the financial watchdog said Sunday.Foreign investors offloaded a net 9.6 trillion won ($8.4 billion) worth of stocks in 2011, compared with a net purchase of 22.9 trillion won in the previous year, according to the Financial Supervisory Service.Overseas investors’ holdings of local stocks stood at 351.5 trillion won, or 30.4 percent of domestic stock owne

Jan. 15, 2012

Insurance M&As to be vitalized

Several insurance firms, such as ING Life and Tongyang Life, will likely be auctioned off this year.Netherlands-based ING recently clarified its business policy to sell its insurance operations in the Asia-Pacific region, citing global economic uncertainties.Market observers state the possibility that the Korean life insurance unit may also be included in the group’s sale target.As ING Life holds the position of fifth or sixth in the local market, heated competition is expected if it is put up f

Jan. 15, 2012

Half of financial firms expect weak results in 2012

Nearly half of all South Korean financial firms are expecting weaker performances in 2012 primarily due to the global economic slowdown and rising household debt, a poll showed Sunday.The survey on 250 financial firms by the Korea Chamber of Commerce and Industry showed 48.8 percent of the respondents saying they are bracing for lower results compared to 2011, with 26.8 percent forecasting conditions would remain unchanged from the year before. Regarding companies that held pessimistic views, 2.

Jan. 15, 2012

Korea’s exports grow nearly 20% in 2011

South Korea’s exports grew nearly 20 percent in 2011 from a year earlier, primarily driven by robust sales of ships, vehicles and oil-related products, customs data showed Sunday.Exports came to a record high of $556.5 billion last year, up 19.3 percent from $466.4 billion a year earlier, according to the data by the Korea Customs Service. It made South Korea the world’s seventh-largest exporter for a second year.Imports also grew 23.3 percent on-year to $524.4 billion, bringing the nation’s ann

Jan. 15, 2012

Foreign investment banks warn of higher bank loan default

Foreign investment banks have warned that domestic banks could see their loan delinquency rates rise this year due to the increased possibility of household defaults on their debts, data showed Sunday.Bank of America, Merrill Lynch and other major global IBs expect the uptrend in South Korean banks’ loan delinquency rate, which started during the second half of last year, to gain further ground this year, according to data by the Korea Center for International Finance.The overall delinquency rat

Jan. 15, 2012

Eximbank to invest more despite global slowdown: CEO

The Export-Import Bank of Korea has unveiled its policy to increase its investment in developing natural resources in overseas markets by 900 billion won ($789 million) this year.The state-run bank will pour 2.8 trillion won into enterprises’ exploitation of overseas natural resources in 2012, its chairman and president Kim Yong-hwan told a news conference on Thursday.The figure for the project is a sharp increase from the bank’s investment of 1.9 trillion won in 2011.“European banks are expecte

Jan. 12, 2012

Eximbank to invest more despite global slowdown: CEO

Articles by Kim Yon-se