Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Foreign investment banks lukewarm on Korea’s near-term growth
Global investment banks offered a lukewarm outlook for South Korea’s near-term growth, with their average projection for 2024 remaining at 1.9 percent as of July, according to a report from the Korea Center for International Finance on Monday. If the Korean economy aligns with these forecasts and achieves 1 percent growth for two consecutive years, it would be the first time since collecting a growth rate statistic in 1954. The Korean economy's growth rate has fallen below 2 percent o
Industry Aug. 14, 2023
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[70th Anniversary] Citibank director counts on The Korea Herald's restless reinvention
In the eyes of Jason Batman, the managing director responsible for Citibank's treasury and trade solutions division, there's a remarkable parallel between Citibank Korea and The Korea Herald. Both entities function as essential conduits that forge connections between Korea and the rest of the world. "Korean conglomerates look at Citibank and see access to the global infrastructure of banking. A one-stop shop that can cater to their needs in 95 markets worldwide," Batman said
70th anniversary Aug. 13, 2023
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Toss Bank logs first monthly profit in July
Toss Bank, the internet-only banking arm of fintech giant Viva Republica, has reported its first monthly profit of approximately 1 billion won ($755,000) in July since its launch in October 2021, according to the lender on Friday. Toss Bank traditionally discloses its net profits and losses only on a quarterly basis. The turnaround was first announced to Toss Bank employees through an internal company bulletin on Wednesday. With the improving performance, both industry insiders and Toss Bank its
Industry Aug. 11, 2023
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Foreign Ministry hopes for smooth resolution on Iran's frozen funds
South Korea’s Ministry of Foreign Affairs on Friday expressed hope for a "seamless resolution" after the release of news reports that Iran has secured assurances from the US that it would be able to unfreeze its funds in Korea. "Our government has been closely collaborating with relevant countries such as the US and Iran to address the frozen fund issue,” an official from Korea’s Ministry of Foreign Affairs added during a meeting with local press Friday. Accord
Industry Aug. 11, 2023
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[Herald Interview] ‘Empowering women goes beyond representation’
Achieving diversity and inclusion within a company goes beyond merely increasing the quantity and presence of female employees, said Tanuj Kapilashrami, the head of human resources at Standard Chartered Bank. In a country that often ranks near the bottom of global gender equality indices, SC Bank Korea has achieved approximately 30 percent representation of senior female leaders. “In Korea, we've made great progress. I'm incredibly proud of the fact that 30 percent of our senio
Industry Aug. 10, 2023
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Hana teams up with Incheon, FSS to support SMEs on ESG efforts
Hana Financial Group said Thursday it signed a fresh agreement with the city government of Incheon and the Financial Supervisory Service to support small- and medium-sized businesses to better respond to calls for environmental, social and governance management. The signing ceremony was held at Hana Global Campus, the financial group’s human resource development center, in Incheon. Chairman Ham Young-joo, Incheon Mayor Yoo Jeong-bok and FSS Governor Lee Bok-hyun attended the event. "A
Industry Aug. 10, 2023
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Carrot Insurance hires ex-Apple AI specialist as CTO
Carrot General Insurance, the nation’s largest digital insurer, said Monday it has hired Lee Jin-ho, a former Apple specialist in artificial intelligence and machine learning, as its new chief technology officer. "Incorporating my expertise and experience gained in Silicon Valley, I am committed to supporting Carrot General Insurance in its transformation into a data-driven platform business," Lee said in a statement. Carrot General Insurance is a joint venture set up by Hanwha G
Industry Aug. 7, 2023
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KB chief decides not to seek reappointment
KB Financial Group Chief Yoon Jong-kyoo has decided not to seek his fourth term, the group said on Sunday, just days before the conglomerate's planned announcement of its shortlist of candidates for the head position. Yoon said he made the decision for the group's "new future and transformation." The incumbent chairman has held the post since 2014 and his three-year-long third term is set to expire on Nov. 20. Yoon also hoped to see a new chief driving sustainable growth, ena
Industry Aug. 6, 2023
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KB gets final nod to launch new unit in Cambodia
KB Kookmin Bank said on Sunday that it has received final approval to merge its two affiliates in Cambodia ― Prasac Microfinance and Kookmin Bank Cambodia ― on Friday. This announcement came after the bank sought the green light from Cambodian authorities to merge its two affiliates and launch a new commercial bank, KB Prasac Bank, in early 2022. Preliminary approval for this new commercial bank was granted July 16. In 2009, KB Kookmin Bank made its initial entry into the Cambodian market with t
Industry Aug. 6, 2023
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Hana joins hands with State Bank of India to bolster global business
Hana Financial Group announced on Sunday that it had signed a contract with the State Bank of India to establish a strategic partnership, aiming jointly to expand their global business. The SBI is India's largest government-owned commercial bank, operating in 25 different regions worldwide, including the US and China. This partnership came after the two financial firms conducted a sideline business meeting during the 56th annual meeting of the Asian Development Bank Board of Governors in Ma
Industry Aug. 6, 2023
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KB hopes to turn around loss-making Indonesian unit
Bank KB Bukopin, the Indonesian subsidiary of Korean lender KB Kookmin Bank, has continued its loss-making run in the first half of the year, with its losses reaching over 1.49 trillion rupiah ($98.1 million) as of the end of May, according to data Wednesday. It also showed a notable surge from the loss of 26.82 billion rupiah recorded in the first quarter, indicating a dramatic increase in losses over just the two-month period. The incurred loss holds significance for KB Kookmin Bank, as Indone
Industry Aug. 2, 2023
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FSS orders Morgan Stanley, Merrill Lynch to enhance internal accounting practices
Korea's Financial Supervisory Service has requested the Seoul branch offices of two securities firms -- Morgan Stanley and Merrill Lynch -- to enhance their internal management in response to identified deficiencies in their books. Morgan Stanley had two instances of such management caution cases, while Merrill Lynch had one case identified during the inspections conducted by the financial regulator. Although these deficiencies do not involve legal violations, both securities firms are obli
Industry July 31, 2023
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English service offered for electronic disclosures
The Financial Supervisory Service's electronic disclosure board has gotten a new update from Monday, providing foreign investors with more English information on financial disclosures. With the update, when firms file disclosures on DART, the name of the company, report title and name of the attached files will be available in English on the English version of the website at the same time as the Korean one. Previously, English disclosures were only available when Kospi and Kosdaq-listed c
Industry July 30, 2023
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KDB seeks gov't approval for HQ's Busan relocation
The state-run Korea Development Bank has decided to push for "a full relocation" of its headquarters from Seoul to Busan and submitted a plan to the country's financial regulator for approval, according to industry sources on Friday. According to KDB's plan, the bank intends to retain a minimal workforce of approximately 100 employees in Seoul while transferring the entire headquarters to Busan. Under the existing law, KDB is required to be located in Seoul. In order to proce
Industry July 28, 2023
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KB reclaims top financial group, bank titles in first half
KB Financial Group reclaimed its position as the top financial group in Korea with a net profit of 2.99 trillion won ($2.34 billion) in the first half, surpassing other players. The group's flagship KB Kookmin Bank also regained the leading bank title with a net profit of 1.85 trillion won in the same period. Although KB set aside more than 1.31 trillion won for bad debt reserves in the first half of 2023, the expansion of net interest income and robust profits from nonbanking businesses dr
Industry July 27, 2023
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