Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
Woori Financial Group chairman relents, will step down in March
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
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[Herald Interview] BOK likely to turn attention to growth: SC Bank strategist
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
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Will Woori Financial chief seek third term?
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
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Hana Financial chief visits Google amid big digital push
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
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After record earnings, banks feel pressured to lower lending rates
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
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FSC chief rekindles debate over banks' business hours
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
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KB Financial chief urges employees to prepare for coming winter
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
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[KH Explains] Why are banks cutting staff amid record profits?
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
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Hana Financial chief attends CES for inspiration
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
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[Weekender] Still looking for a calendar? Don't bank on it
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
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New Hana Bank CEO Lee Seung-lyul vows to make bank stronger in time of crisis
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
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Korea to see steep hike in power bills in Q1
The government on Friday decided to raise the electricity rate in the first quarter of 2023 by 13.1 won per kilowatt hour, the largest on-quarter hike ever carried out. This means that four people household that uses around 307 kilowatt hours will have to pay around 4,022 won more per month on average. “From the second quarter on, we plan to decide whether or not to increase rates further by comprehensively reviewing global energy prices, inflation, domestic economic s
Industry Dec. 30, 2022
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Oasis Market passes preliminary IPO screening
Online grocery delivery platform Oasis Market passed the preliminary approval for its planned initial public offering on the Korean stock exchange. In September, Oasis Market applied for a preliminary review for its IPO with lead managers Korea Investment & Securities and NH Investment & Securities. The Korean e-commerce company is planning to debut on the secondary tech-heavy KOSDAQ markets during the first half of 2023. Established in 2011, Oasis Market entered the online delivery mark
Industry Dec. 30, 2022
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Major banks offer voluntary redundancies
As the end of the year approached, local commercial banks have started accepting voluntary retirement applications from employees. In the past, voluntary retirement has been considered a bitter pill banks had to swallow during times of financial stress. However, over the last few years, many banks here have started regularly accepting voluntary retirement applications mainly due to a digitalized environment which led to a decline in clients visiting its branches. Despite record earnings fr
Industry Dec. 29, 2022
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Inappropriate senior management practices surge among firms
The inappropriate behavior of senior management and a lack of financial control saw the largest increases among causes of Korean companies' internal control problems in 2022, according to the K SOX Audit Review published by Samjong KPMG, a Seoul-based consulting firm, Wednesday. A total of 46 cases of inappropriate behavior or negligence of senior management were spotted among Korean companies, surging from 18 cases last year, the report said. Companies that did not have proper financial co
Industry Dec. 28, 2022
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