Woori Bank taps corporate banking expert as next CEO

Woori Financial Group has nominated Jeong Jin-wan, Woori Bank's vice president overseeing banking for small and medium enterprises, to be the bank's next chief executive officer, Friday. The decision follows a two-month management succession process initiated in late September, in line with financial authorities' governance regulations. The group’s subsidiary CEO recommendation committee selected the vice president leading Woori Bank's Small and Medium Enterprises Group

Nov. 29, 2024

[Contribution] Preparing for future with strategic public procurement

By Baek Seung-bo South Korea's public procurement has grown to a market worth 210 trillion won (about $150 billion). Each year, central government agencies, local governments, and other public institutions spend this staggering amount procuring goods, services, and infrastructure. This represents nearly 10 percent of Korea’s GDP. With such an immense scale, it’s no surprise that the public procurement market involves numerous participants -- approximately 600,000 companies and

Nov. 29, 2024

LX Pantos to collaborate with China’s Guiyang Logistics

Korean logistics company LX Pantos has signed a memorandum of understanding with Guiyang Logistics, a state-owned enterprise in southwestern China, to strengthen transport networks and enhance logistics services. LX Pantos CEO Lee Yong-ho and Hu Zhongxiong, secretary of the Communist Party of China Guiyang Municipal Committee, finalized the deal following their meeting in Seoul on Thursday. Discussions centered on expanding logistics collaboration between South Korea and China, the company said.

Nov. 29, 2024

Global Youth Powerhouse Summit in HK explores innovation, economic growth

The Global Youth Powerhouse Summit 2024 brought together leaders, innovators and young professionals in Hong Kong to tackle pressing global challenges and create new momentum for economic growth and innovation. Under the theme “Empowering professionals for a Global Initiative: A Voice from Hong Kong,” more than 200 participants attended in person at the Hong Kong Maritime Museum, along with 4,500 virtual attendees from over 30 countries. The inaugural summit, hosted by the Hong Kon

Nov. 29, 2024

Hanwha Ocean forges partnership with UK’s Babcock International

Hanwha Ocean has forged a strategic partnership agreement with Babcock International, a London-based defense company, aiming to expand its footing in the global shipbuilding market. Hanwha Ocean CEO and President Kim Hee-cheol, Babcock International CEO David Lockwood and other executives, including UK’s Second Sea Lord Nick Hine and Mark Goldsack, managing director of business growth and AUKUS at Babcock, attended the signing ceremony Thursday at the Korean shipbuilder’s headquarter

Nov. 29, 2024

Korean Air gets European nod to become Northeast Asia’s largest airline

Korean Air’s 1.8 trillion won ($1.4 billion) merger with its smaller rival Asiana Airlines has secured approval from Europe’s antitrust regulator, bringing Korea’s flag carrier one step closer to becoming the largest airline in Northeast Asia. The European Commission announced on Thursday that it has decided to give the nod to the high-profile merger, 10 months after it granted conditional approval in February when it required Korean Air to further reduce overlapping routes to

Nov. 28, 2024

Samsung, SK hynix in rush to secure chip subsidies in US

Samsung Electronics and SK hynix, the nation’s top two chipmakers, are apparently in a rush to secure subsidies for their massive facility spending in recent years in the US, following a fresh threat from President-elect Donald Trump that he could cancel the promised Chips Act federal funding. On Monday, Vivek Ramaswamy, one of the leaders selected by Trump to head the proposed Department of Government Efficiency alongside Tesla founder Elon Musk, hinted at the possibility of subsidy cuts,

Nov. 28, 2024

[Photo News] Freedom of Expression

Innocean, a marketing agency affiliated with Hyundai Motor Group, said Thursday it has completed a campaign in the US, titled “Villains Against Evil.” A collaboration with the National Coalition Against Censorship, the campaign aims to oppose to a recent move to ban children's books on specific issues such as LGBTQ+ and racism in school libraries. In the AI-powered short-form videos, fairy tale villains voice their concerns, stating, “Banning books is the ultimate evil.&

Nov. 28, 2024

Samsung veteran on chips, displays to lead Samsung SDI

Samsung Display CEO Choi Joo-sun will be relocating as the new chief of Samsung SDI, the battery-making unit said Thursday. Choi has a Ph.D in electrical engineering from the Korea Advanced Institute of Science and Technology. He has served in key positions at Samsung Electronics, including head of DRAM development in the memory division, head of strategic marketing and head of the America for the device solutions division. He later became head of the large display business unit and CEO of Samsu

Nov. 28, 2024

IBK to launch Korea's first banking subsidiary in Poland

The Industrial Bank of Korea is nearing the final steps to open a subsidiary in Poland next year. The state-run lender said Thursday that the Polish Financial Supervision Authority, or KNF, had authorized its application to set up a corporate entity, making it the first Korean bank to mark such a milestone. IBK in May 2023 opened its first office in Wroclaw, in a venture to establish Poland as the bank's foothold for European expansion. In March, it filed its application for the local subsi

Nov. 28, 2024

S-Oil honors 8 firefighters for lifesaving efforts

South Korean oil refiner S-Oil hosted an awards ceremony in Seoul on Thursday to honor the contributions of eight “Hero Firefighters,” together with the Korea National Council on Social Welfare. At the 2024 Hero Firefighters Award Ceremony, a panel of firefighting experts named Fire Lt. Yoo Seung-geol as the “Top Hero Firefighter.” Yoo received a cash prize of 20 million won ($14,300) for acts of bravery. In June, he rescued a person trapped in a flood during an underwate

Nov. 28, 2024

Samsung SDS names network specialist as new CEO

Samsung SDS, the South Korean IT solutions affiliate of Samsung Group, said Thursday that it has appointed Lee June-hee, corporate executive vice president of the Network Business Division at Samsung Electronics, as its new CEO. Lee is recognized as an expert in information technology. He has played a key role in leading the commercialization of Samsung’s flagship smartphone Galaxy series and 5G networks at the tech giant. After graduating in electrical and computer engineering at Seoul Na

Nov. 28, 2024

Samsung Display taps mobile display chief as new CEO

Samsung Display announced Thursday that it has appointed Yi Chung, head of mobile display business at the display maker, as its new chief executive officer. Yi has a Ph.D. in chemical engineering from Pohang University of Science and Technology. He is a seasoned expert in display technology, having accumulated extensive experience in liquid crystal display and organic light-emitting diode development and process technologies during his tenure at Samsung Electronics’ LCD Division and Samsun

Nov. 28, 2024

Mirae Asset sets up Indian brokerage with Sharekhan acquisition

South Korean brokerage Mirae Asset Securities announced on Thursday that it has completed the acquisition of Indian brokerage house Sharekhan Limited, marking a significant milestone in its Indian operations. It marks the first time a Korean company has acquired an Indian brokerage firm. Mirae Asset achieved this in just six years since entering the Indian market in 2017. The acquisition follows the Korean brokerage's stake purchase agreement with Sharekhan Limited, signed last December. Si

Nov. 28, 2024

Lotte Group to provide Lotte World Tower as collateral for Lotte Chemical amid liquidity woes

Lotte Group, one of South Korea's largest conglomerates, said Wednesday it will provide Lotte World Tower in Seoul as collateral for the corporate bonds of its financially-strapped chemical unit in an effort to address market concerns about a potential liquidity crisis. In a regulatory filing, the group said it will use the 123-story supertall skyscraper, one of its key assets worth 6 trillion won ($4.31 billion), as additional collateral for bonds issued by Lotte Chemical Corp. A bondholde

Nov. 27, 2024

[Global Finance Awards] Viva Republica transforms financial ecosystem

  Viva Republica, operator of the mobile financial service Toss, has been paving the way in shifting the dynamics of the traditional financial environment with its innovative services. With the goal of providing a full range of financial solutions through a single super app, Toss, Viva Republica has introduced a wide array of cutting-edge services, from banking and brokerage to insurance and beyond. Toss made its name in August 2021 by not charging commissions for transfers, a feat that sho

Nov. 27, 2024

[Global Finance Awards] Hanhwa Life secures bigger footing in overseas markets

As insurance companies grapple with finding new growth drivers, Hanwha Life has shifted its focus overseas, exploring new markets and sectors while expanding partnerships. A key milestone has been reached in Vietnam, where Hanwha Life’s local subsidiary achieved its first cumulative profit since entering the market in 2008. This marks the first such accomplishment among fully owned overseas subsidiaries of a Korean insurer. Building on this momentum, Hanwha Life aims to become the fifth-la

Nov. 27, 2024

[Global Finance Awards] Kakao Bank bolsters SE Asia foray with Superbank partnership

Kakao Bank, a major online lender in Korea, is bolstering its presence in Southeast Asia with reinforced partnerships with Indonesian digital bank Superbank. The bank on Wednesday announced it has signed a contract to collaborate on developing new financial products with Superbank, a digital bank in which Kakao Bank is one of the major shareholders. According to the new contract, Kakao Bank will provide consulting for Superbank’s new financial products, leveraging its expertise in mobile

Nov. 27, 2024

[Global Finance Awards] Mirae Asset bolsters global presence with W370tr under management

Mirae Asset Global Investments has continued to expand its presence in global markets. Of its total assets under management at 370 trillion won ($265 billion), almost 40 percent are now managed overseas. When Mirae Asset first ventured into overseas markets back in 2003, it was met with considerable skepticism. Critics doubted whether the company could compete with established giants such as Goldman Sachs and Merrill Lynch. However, Mirae Asset Founder Park Hyeon-joo recognized the long-term p

Nov. 27, 2024

[Global Finance Awards] Shinhan chief pushes to boost corporate value

Shinhan Financial Group is intensifying efforts to enhance its corporate value, with Chairman Jin Ok-dong leading initiatives both domestically and internationally. In November, Jin attended a joint investor relations event in Hong Kong, organized by South Korea's Financial Supervisory Service, following a similar event in New York in May. He presented Shinhan's corporate value enhancement plan, outlined strategies for strengthening South Korea's capital market, and discussed glob

Nov. 27, 2024