The bid by a former head of the country’s top financial regulator for the chairmanship of Woori Financial Group has stoked controversy and rekindled concerns of bureaucratic involvement in the highly regulated banking industry. Lim Jong-ryong was chairman of the Financial Services Commission from 2015 to 2017 under the Park Geun-hye administration. He also served as chairman of NongHyup Financial Group from back in 2013 to 2015. On Wednesday, Woori Financial Group’s union held

Industry Jan. 26, 2023

Woori Bank’s overseas subsidiaries received the most penalties last year among South Korea's top four commercial banks, according to DART, the Financial Supervisory Service's electronic disclosure board, on Wednesday. In 2022, Woori Bank that operates 11 overseas branches received a total of six penalties -- two in China, two in Indonesia, one in Russia and one in India. China's financial watchdog issued a warning and a fine of 200,000 yuan ($29,000) to Woori Bank China in A

Industry Jan. 25, 2023

South Korean financial authorities have announced a set of new rules, including abolishing the decades-old investor registration system, in a move to create a welcoming environment for foreign investors. According to the Financial Services Commission, foreign investors hold around 30.7 percent of the local stock market as of the end of June 2022. The new revisions are also a part of the country's efforts to get its stock market included in the top grade of global market indices. The governm

Industry Jan. 24, 2023

KB Financial Group on Thursday announced that it has made the Global 100 Most Sustainable Corporations in the World list in recognition of its environmental, social, and corporate governance (ESG) efforts. It was ranked 68th on the list by Canada-based global research firm Corporate Knights. “Making the top 100 global sustainable companies list is the result of all executives and employees putting their minds into practicing ESG management for a sustainable future,” a KB Financial Gr

Economy Jan. 19, 2023

Woori Financial Group Chairman and CEO Son Tae-seung will step down from office when his second term ends in March. Son told the group’s next chairman selecting committee on Wednesday morning that he will not seek his third term, according to the Woori Financial Group. The chairman’s decision came before the committee’s meeting on Wednesday afternoon to finalize a “long list” of candidates for chairman of Woori Financial Group. Son on Wednesday also announced that h

Industry Jan. 18, 2023

Arup Ghosh, Standard Chartered Bank’s co-head of Asia (excluding China) rates research and global research, sees that the Bank of Korea now has room to pause its rate hike and focus more on reviving the Korean economy. “Now, the domestic economy -- particularly the housing market, private consumption and falling exports -- matters more to the BOK,” Ghosh said during an interview with The Korea Herald on Friday. The Singapore-based researcher was in Korea to take part in the Glo

Industry Jan. 17, 2023

As Woori Financial Group is set to hold its meeting for selecting the next chairman candidates on coming Wednesday, eyes are now on whether the current head Son Tae-seung will be able to secure a reappointment for a third term. Son’s second term ends in March. A Woori Financial Group official told The Korea Herald on Friday that Son is included in the “long list” as a candidate for chairman of Woori Financial Group. “After the meeting on Wednesday, final candidates will b

Industry Jan. 15, 2023

While staying in the US to attend the 2023 Consumer Electronics Show, Hana Financial Group Chairman Ham Young-joo took time to visit Google Bay View Campus on Friday. According to the group, Ham intended to get some inspiration for digitalization through communicating with employees of the global IT firm. “It was a meaningful time to think about the future path of the group together with young talented people," Ham said. When meeting with the global company’s employees, Ham st

Industry Jan. 12, 2023

With Woori Bank joining crosstown rivals Shinhan Bank and Hana Bank in lowering lending rates, those hoping to take out loans can breathe a little easier. Woori Bank on Tuesday announced on its website that it is expanding its prime rates --which are applied to credit worthy loyal customers -- for housing mortgage loans from Friday. Currently, a prime rate of 0.10 percentage point per year is applied to those who use the bank's credit cards or those using Woori Bank accounts to receive s

Industry Jan. 11, 2023

Even though the government lifted tough social distancing rules last year, local banks are keeping their adjusted business hours, which were shortened to 9:30 a.m. to 3:30 p.m. in 2021. As this shortened service time has been causing some inconvenience to local banks' clients, South Korea’s top financial regulator urged banks to return to normal business hours of 9 a.m. to 4 p.m. Thursday. “Banks can stay in business only through building trust with the clients by responding to

Industry Jan. 10, 2023

KB Financial Group Chairman Yoon Jong-kyoo on Friday asked employees to prepare to endure the coming winter of the financial market with the group’s core competitiveness during a business strategy meeting for the first half of 2023. More than 270 executives from the holding company and its 12 subsidiaries, including KB Kookmin Bank, attended the meeting at the Grand Walkerhill Seoul. “KB must preemptively respond to new trends such as digital transformation and green transformation

Industry Jan. 9, 2023

The notion that South Korea’s banking sector guarantees “lifetime” job security is becoming a thing of the past. All four top commercial banks -- Shinhan Bank, KB Kookmin Bank, Woori Bank and Hana Bank -- are in process of conducting voluntary retirement schemes, with aims to shed some 3,000 workers combined by the end of this month. Up to 500 million won ($398,000) is being offered as lump-sum severance pay, while relatively younger employees in their 40s are allowed to ap

Industry Jan. 8, 2023

Hana Financial Group said Sunday that Chairman Ham Young-joo took time to look around different booths at the Consumer Electronics Show 2023 in Las Vegas on Thursday. Along with more than 20 young managers from the group’s affiliates, Ham tried out different products at booths of local conglomerates such as SK and LG Electronics, as well as global firms, according to Hana Financial Group. “It is meaningful to be able to attend the world's largest innovative future technology e

Industry Jan. 8, 2023

Kim Min-ju, a woman living in Mapo-gu, Seoul, visited two local banks -- KB Kookmin Bank and Woori Bank -- for a printed calendar in mid-December, but she could not find one. "I should have lined up at a bank on Dec. 1 when they started distributing them,” Kim said. Kim is among those who regret their hesitation. Many people on Naver's blogs have shared a similar experience of leaving banks empty-handed and also asked for information on local banks with calendars in stock. &l

Industry Jan. 7, 2023

The new CEO of Hana Bank, one of South Korea's top four commercial banks, vowed that the bank will become a leading lender that is stronger in times of crisis. To reach this goal, new CEO Lee Seung-lyul, 60, stressed that he will “enable honest communication and build solid trust within the organization” during an inauguration ceremony held at Hana Bank’s headquarters in Seoul on Monday. Lee also said the bank only exists because there are clients and asked employees to co

Industry Jan. 2, 2023