Shinhan Financial Group on Friday unveiled a corporate value enhancement plan detailing specific targets and strategies to boost profitability. According to the plan, the financial giant aims to achieve a 10 percent return on equity, a 50 percent shareholder return rate and reduce its shares by 50 million by 2027. To reach a 50 percent shareholder return rate, Shinhan plans to decrease the number of shares through ongoing stock buybacks and cancellations. Last year, the company's shareholde

Industry July 26, 2024

After a four-year legal battle, Hana Financial Group Chairman Ham Young-joo has escaped regulatory punishment imposed for internal control failure involving the misselling of derivatives-linked funds. On Thursday, the Supreme Court upheld the appellate court's decision to cancel the major disciplinary action taken by financial authorities on Ham over the losses from the overseas interest rate-linked derivative fund incident in 2019. The top court confirmed the lower court’s ruling, wh

Industry July 26, 2024

South Korea unveiled its tax code revision bill Thursday, featuring a major overhaul of the outdated inheritance tax system and new measures to boost investment and encourage marriage. Featuring tax cuts and incentives, the plan is expected to reduce tax revenue by approximately 4.4 trillion won ($3.17 billion) over the next five years. However, the government projects that economic recovery later this year will improve revenue conditions and offset this reduction. "This year's tax rev

Economy July 25, 2024

In Korea, there's a saying that farmers raise a cow to send their children to college, reflecting the long-standing value of cattle. Once exclusive to farmers, livestock has recently become an investment option for the public, allowing individuals to invest without the burden of managing a farm. Bankcow, a fractional investment platform, recently achieved a milestone by completing Korea's first public offering of securities backed by live assets — 100 Korean beef cattle. Despite

Industry July 23, 2024

Goldman Sachs has tapped Ahn Jae-hoon, a veteran dealmaker and a former vice president of SK Bioscience, to head its investment banking business in South Korea. The bank announced Monday that Ahn has been appointed as the head of its investment banking in Korea and co-country head. The positions have been vacant since the departure of David Chung in early June. Ahn will join the Wall Street bank as a managing director in mid-August from SK Bioscience, where he served as head of strategic plannin

Industry July 22, 2024

MG Non-Life Insurance's third attempt to find a new owner has failed amid concerns over its financial stability. Samjong KPMG, the lead advisor for the insurer's sale, conducted the final bidding on Friday, but no participants showed up, according to sources in the financial sector. Local private equity fund Dayli Partners and US-based JC Flowers were likely contenders, having participated in the preliminary bidding. However, neither showed up for the final round. Under current law, on

Industry July 21, 2024

Shinhan Bank CEO Jung Sang-hyuk called on the international subsidiaries to enhance customer trust and strengthen internal controls to boost global expansion, the bank announced Tuesday. "For Shinhan Bank to maintain steady growth and achieve lasting global recognition, we must earn unwavering trust from our customers. Please focus on rigorous compliance with local regulations and meticulous internal controls to further enhance customer confidence," Jung said Monday during an event gat

Industry July 16, 2024

Kakao Bank announced Friday that it is donating 1 billion won ($726,000) to the United Nations International Children's Emergency Fund to aid in tackling the global climate crisis and supporting future generations. The internet-only bank and the Korean Committee for UNICEF conducted a ceremony Thursday to deliver the donation. Kakao Bank CEO Yun Ho-young and Cho Mi-jin, Secretary General of the Korean Committee for UNICEF, attended the event. The donation will fund programs to address and a

Industry July 12, 2024

The South Korean economy is poised to continue its recovery in the latter half of this year, yet the country must address its "existential issue," which stems from problems such as low productivity, a declining population and climate change, the Organization for Economic Cooperation and Development said Thursday. "We publish surveys every two years, but this one is about an existential issue for Korea," said Vincent Koen, the OECD's country studies division chief in the

Economy July 11, 2024

Kyobo Life Insurance is stepping into the asset trusts business, marking the latest milestone in its evolution to become a comprehensive asset management company. Kyobo Life, a major South Korean life insurer, announced Monday it recently secured a license in the asset trusts business from the Financial Services Commission. This marks the company's first move in the trusts sector since obtaining a license for the money trust business in 2007. With this new license, Kyobo Life can now offer compr

Industry July 8, 2024

A woman in her late 40s and mother of two recently enrolled in a will-substitute trust at a local bank. Despite her relatively young age, she was doing her estate planning due to terminal cancer, which can progress rapidly and unpredictably. Her primary concern has been ensuring the proper distribution of her assets to her two children after her death, particularly to her 10-year-old youngest who has a disability. She stipulated that her oldest should receive the majority of his inheritance at a

Industry July 7, 2024

First Vice Finance Minister Kim Byoung-hwan has been nominated to lead the Financial Services Commission, South Korea's top financial policy-making unit, the presidential office announced Thursday. In nominating Kim, the office noted, "With his exceptional insights into finance and macroeconomics, the nominee is well-suited to effectively advance policy tasks such as modernizing the financial industry and ensuring stability in financial markets." A 53-year-old expert in macroecono

Economy July 4, 2024

Global investment bank Credit Suisse affiliates have been fined a record amount for violating Korea's short selling regulations. The Securities and Futures Commission under the Financial Services Commission announced that it had decided to impose fines totaling 27.17 billion won ($19.5 million) on two affiliates of UBS AG -- formerly Credit Suisse -- for illegal short selling amounting to 100 billion won discovered earlier this year. This is the largest fine imposed since the penalty system

Economy July 3, 2024

The South Korean government has unveiled a set of economic measures for the second half, focusing on helping small business owners grappling with debt as the economy continues to show uneven recovery. President Yoon Suk Yeol introduced a 25 trillion won ($18 billion) support package for small business owners and the self-employed burdened by loans, and called for structural measures during a meeting to discuss the direction of economic policy in the second half held at Cheong Wa Dae on Wednesd

Market July 3, 2024

Hana Bank’s foreign exchange trading room in Seoul, the largest in South Korea, completed its first extended trading session on Tuesday. Starting Monday, Korea extended its foreign currency trading hours, pushing the closing time from 3:30 p.m. to 2 a.m. the following day. This move is part of Korea’s strategy to enhance its financial market and attract more foreign capital, with won-dollar trading now available until 5 p.m. in London and 1 p.m. in New York. Additionally, foreign fin

Economy July 2, 2024