Articles by Choi Jae-hee
Choi Jae-hee
cjh@heraldcorp.com-
FSS chief apologizes for fund fiasco, urges banks to cut dividend payouts amid pandemic
The chief of South Korea’s financial market watchdog said Wednesday he feels sorry for causing public concern over the massive fiasco surrounding Lime Asset Management, which the regulator‘s employee was embroiled in. “As the head of FSS, I feel heavy responsibility for the issue and apologize for our employee’s involvement in the scandal. We will take the recent fiasco as an opportunity to enhance internal control over irregularities through measures to improve employ
Economy Dec. 25, 2020
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Korea's financial market faces risks over surging debts, virus resurgence: BOK
South Korea's central bank on Thursday raised alert about escalating risks to the financial system, pointing out household and corporate loans that have continued to surge in the wake of a protracted economic slump. As of end-September, outstanding loans of local households rose 7 percent on-year to 1,682.1 trillion won ($1.52 trillion). Their debt burden sharply increased with the households’ debt to disposable income ratio reaching 171.3 percent, up 10.7 percentage points from th
Economy Dec. 24, 2020
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NH Financial nominates banking unit CEO as new chairman
NongHyup Financial Group has nominated Son Byung-hwan, CEO of its banking unit as the sole candidate for group chairman, officials said Tuesday. If the nomination is approved at a shareholders’ meeting slated for the end of month, Son is set to take the top post, which has been left vacant since late last month. Former Chairman Kim Kwang-soo resigned to serve as the new chief of the Korea Federation of Banks. Son was nominated for his expertise in digital finance as well as his leadershi
Market Dec. 22, 2020
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JB Financial pushes automated robotics services
JB Financial Group’s commercial banking units -- Jeonbuk Bank and Kwangju Bank -- are strengthening their capacity to integrate robotic process automation technologies within banking services, the group said Monday. RPA uses artificial intelligence and machine learning software to automate repetitive business processes. Jeonbuk Bank has recently extended the use of RPA, from the bank’s headquarters to local branches, in a step to reduce employees working hours and provide better se
Market Dec. 21, 2020
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Pandemic is negatively affecting overseas property fund: FSC
The market watchdog Financial Supervisory Service said Wednesday the novel coronavirus outbreak has been posing a negative impact to the country’s real estate funds that invest in overseas properties. A real estate fund is an investment vehicle designed to pool money from both individual and institutional investors to trade in properties. To profit, the funds usually either purchase commercial real estate for lease or provide loans to companies working on infrastructure and industri
Market Dec. 16, 2020
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1 in 5 married couples childless after 5 years: data
One out of every 5 couples in South Korea who got married in 2015 had no children last year, government data showed Tuesday. According to Statistics Korea, about 18 percent of the 216,008 couples who tied the knot in 2015 and remained married as of 2019 were still childless, marking the highest figure since 2015. The percentage of childless couples married for five years has been on an upward trend, having increased from 12.9 percent in 2015 to 16.9 percent in 2018. The trend appears to
Economy Dec. 15, 2020
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FSC chief says too early to discuss expanding access to short-selling
South Korea’s top financial regulator said Monday it is premature to discuss plans on opening individual investors‘ access to short-selling activities of Korean shares, stressing the danger of small investors taking potentially massive risks. “Considering potential financial damage from short-selling, I personally hope ordinary retail investors don’t participate in it,” said the FSC Chairman Eun Sung-soo during a press conference held online due to the COVID-19 r
Market Dec. 14, 2020
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Woori Bank ditches postal notification service to go paperless
Major South Korean lender Woori Bank said Monday it is set to launch a mobile-based notification service on Tuesday to replace its current postal delivery of documents regarding customer banking activities. After completing a personal identification process in the bank’s mobile application, its users will receive e-notifications of 21 pieces of banking information on deposits or loans, including repayment due dates, which previously have been mailed to their home address. Marking
Market Dec. 14, 2020
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Woori Financial chief buys back group shares to show confidence in future business
Woori Financial Group said Friday its Chairman Sohn Tae-seung recently bought back 5,000 company shares to show his confidence in the banking group’s future growth. Sohn’s stock buyback marks the fifth time this year, following his earlier buying in January, March, April and August. He now holds 88,127 shares in Woori Financial. “By purchasing the firm’s shares in the wake of the COVID-19 crisis, he aimed to build market confidence in the group’s corporate f
Market Dec. 11, 2020
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Shinhan Financial to gain full ownership of Neoplux
South Korea’s financial behemoth Shinhan Financial Group is slated to gain full ownership of its newly-acquired subsidiary Neoplux -- a former venture capital arm under Doosan Group -- as soon as the two sides complete a small-scale stock exchange at the end of this month, a filing showed Wednesday. According to DART, the Financial Supervisory Service’s electronic disclosure board, the banking giant will carry out the small-scale stock exchange with Neoplux on Dec. 30. Starti
Market Dec. 9, 2020
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Mirae Asset’s ETF listed on Vietnamese stock market
An exchange-traded fund operated by the Vietnam branch of South Korea‘s leading asset management firm Mirae Asset Global made a market debut in the Southeast Asian country‘s stock market, the company said Wednesday. The so-called Mirae Asset VN30 Exchange Traded Fund is designed to invest in 30 blue-chip Vietnamese companies, including Vingroup Joint Stock Company, Vietcombank and Vinamilk. Its shares account 76 percent of the total market capitalization of the nation’s public
Market Dec. 9, 2020
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Pandemic pushes major banks to offer early retirement
South Korea’s major banks have been asking employees to accept early retirement to cut costs amid the prolonged coronavirus pandemic, industry sources said Wednesday. More than 1,700 employees at the nation’s five major commercial banks here -- Woori, Hana, Shinhan, KB Kookmin, NH NongHyup -- were offered early retirement between the end of December last year and early this year, industry data showed. To cope with financial setbacks stemming from the pandemic, local banks ar
Market Dec. 2, 2020
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[Global Finance Awards] NH NongHyup takes key role in supporting virus-hit communities
As South Korea’s largest agricultural bank, NH NongHyup has played a key role in supporting local communities that have been hit hard by the prolonged coronavirus crisis with a series of vibrant social contribution activities throughout the year. So far, the key affiliate of NH NongHyup Financial Group spent more than 1 trillion won ($903 million) on its social contribution activities and programs, the largest amount among major lenders here. The lender has put more money than any othe
Market Nov. 29, 2020
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S. Korea to see limited impact on local markets from global food insecurity: vice finance minister
South Korea’s first vice finance minister said Friday the global food insecurity worsened by the ongoing coronavirus pandemic will not have a serious impact on the local food supply chain, but the government will continue to keep an eye on the market condition. “According to the Food and Agriculture Organization of the United Nations, the FAO Food Price Index has continued its upward trend in recent months, signaling food insecurity around the globe,” Kim Yong-beom, first vice
Economy Nov. 27, 2020
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Federation of Korean banks appoints NH Financial chief as new head
NH Financial Group Chairman Kim Kwang-soo has officially been tapped to lead the Korea Federation of Banks, a representative body of commercial banks, officials said Friday. The KFB board of directors unanimously approved Kim’s nomination as its 14th chairman during a general meeting held early in the morning. The appointment came after Kim was picked as the sole candidate to be KFB chief Tuesday, among seven candidates initially recommended for the post. Kim’s three-year te
Market Nov. 27, 2020
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