Articles by Song Seung-hyun
Song Seung-hyun
ssh@heraldcorp.com-
KB, Citibank launch first joint branch in Daejeon
KB Kookmin Bank, South Korea's leading commercial bank, and Citibank Korea inaugurated a joint branch in Daejeon on Monday, according to the Korean lender. Typically, when a bank's branch faces challenges in sustaining its operations while demand still exists in the area, the option of establishing a joint branch is contemplated, an official from KB Kookmin Bank explained. The joint branch will consist of a KB Kookmin Bank branch on the second floor of Citibank's current Daejeon J
Industry Aug. 22, 2023
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Yeouido to go English-friendly to attract investment
The Seoul Metropolitan Government said Monday that it has begun turning Yeouido, home to finance and investment banking businesses in Seoul, into a more English-friendly area in a bid to transform it into a global financial hub. “In the long term, we are considering the possibility of making English the official language of Yeouido to attract foreign investment,” Seoul Metropolitan Government official Kim Guk-jin said. “However, this cannot be accomplished in the short term, so
Industry Aug. 21, 2023
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A third of global GDP covered by Korea-US-Japan partnership
The leaders of South Korea, the US and Japan reached an agreement to establish a trilateral economic security partnership, during a summit held at the Camp David presidential retreat in Maryland on Friday. The trilateral summit was held between Korean President Yoon Suk Yeol, US President Joe Biden and Japanese Prime Minister Fumio Kishida. "We anticipate enhanced stability within our supply chains, financial markets and foreign exchange markets, along with seamless collaboration in cutti
Industry Aug. 20, 2023
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FSC vows to tackle overheated themed stocks
Kim So-young, vice chairman of the Financial Services Commission, stressed the agency's commitment to shielding investor trust from volatile themed stocks. “During the second half, we will strengthen our efforts to address the issue of excessive investment concentration in themed stocks,” Kim said during a press conference held at the Central Government Complex in Seoul on Thursday. The FSC's stance on themed stocks follows a recent surge in volatility in Korean seconda
Industry Aug. 17, 2023
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Government to boost exports with W23tr financial support plan
In a bid to bolster the competitiveness of the country's exports, which form the foundation of Korea's economy, the government has introduced an additional 23 trillion won ($17.18 billion) financial support plan, building upon a prior 16.7 trillion won initiative in funds for export enterprises. The "Comprehensive Export Finance Support Plan" comes after the fourth meeting on export strategy convened by President Yoon Suk Yeol in February. "Korea's exports have face
Industry Aug. 16, 2023
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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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