Journalist

Kim Yoon-seop
  • Hana Financial, Standard Chartered Sign Pact on Global Business and Digital Assets
    Hana Financial, Standard Chartered Sign Pact on Global Business and Digital Assets Hana Financial Group said March 15 it has signed a memorandum of understanding with Britain’s Standard Chartered Group to cooperate in global financial business and digital assets. The companies said the agreement is aimed at strengthening global competitiveness and pursuing new growth opportunities by combining their overseas networks and financial capabilities amid rapid changes in the global financial environment. The signing ceremony was held March 13 at Hana Bank’s headquarters in central Seoul, attended by Hana Financial Chairman Ham Young-joo, Standard Chartered Group Chairman Bill Winters and other executives. They discussed cooperation in global financial markets and digital assets, the company said. Under the pact, the two groups plan to broaden collaboration across international finance, including investment banking, money markets and foreign exchange. They also said they will explore ways to create synergies in future-oriented areas such as digital assets. “The partnership between Hana Financial and SC Group, built on broad global networks and diverse financial know-how, will be a strong competitive advantage in global finance,” Ham said. “We will create new growth opportunities by generating synergies in future financial areas, including digital assets.” Winters said, “Korea is a key hub in Asia’s financial markets, and cooperation with Hana Financial, which has strong global capabilities, will be an important milestone for our global network business.”* This article has been translated by AI. 2026-03-15 10:51:40
  • Shinhan Bank to Open Regional Finance Support Hubs in Busan and Gwangju
    Shinhan Bank to Open Regional Finance Support Hubs in Busan and Gwangju Shinhan Bank said Sunday it will set up a regional finance-support platform, the Shinhan SOL Cluster, in Busan and Gwangju as it aligns with the government’s national balanced-growth strategy. The Shinhan SOL Cluster is the bank’s regional hub designed to provide both growth-oriented and inclusive finance tied to local specialized industries. It consolidates corporate screening, consulting and financing functions into a headquarters-level support unit and assigns staff with expertise tailored to each region’s industries. In the southwest, Shinhan will establish the “Gwangju AI Specialized Cluster” to support artificial intelligence and convergence-focused industries. The bank plans to place specialized staff for screening and business development and to provide customized lending to meet companies’ funding needs. In the southeast, it will set up the “Busan Naval Vessel MRO (maintenance, repair and overhaul) Cluster” to support the shipbuilding and defense value chain. Shinhan said it will strengthen financing linked to the naval vessel MRO industry and expand supply-chain finance for regional anchor companies and their partner small and midsize firms. Shinhan also said it will expand consumer protection and community support alongside the regional hubs, including a customer counseling center to help prevent voice-phishing scams and a hiring preference for local talent. It plans to broaden digital financial education by creating a new “Haki-jae” site in Gwangju and upgrading existing programs, and to expand support for local small businesses and regional universities through its delivery app “Ttaenggyeoyo” and the student platform “HeyYoung Campus.” A Shinhan Bank official said the bank will build on the group’s financial hub in Jeonbuk Innovation City and the new southwest and southeast hubs to gradually expand support to areas with relatively limited access to financial services, including Gangwon and Jeju, to promote industrial growth and revitalize local economies. 2026-03-15 10:06:00
  • South Korea’s Top 5 Banks Boost SME Lending by 4 Trillion Won as Tech Finance Rebounds
    South Korea’s Top 5 Banks Boost SME Lending by 4 Trillion Won as Tech Finance Rebounds Small-business lending at South Korea’s five biggest banks is rising quickly, in line with the government’s push for so-called productive finance that steers funding toward promising companies.  As of last month, the outstanding balance of small and medium-sized enterprise loans at KB Kookmin, Shinhan, Hana, Woori and NH NongHyup totaled 678.7439 trillion won, the financial sector said Thursday. That was up 2.8385 trillion won from the previous month’s 675.9054 trillion won. Compared with the end of last year, the balance rose 4.3177 trillion won from 674.4262 trillion won. The increase is attributed to expanded lending to advanced strategic industries and innovative companies, in step with government policy. In September, the Financial Services Commission held a “productive finance transformation meeting” and announced plans to expand productive finance. The core goal is to reduce policy guarantees tied to real estate and strengthen support for technology and innovation-driven firms. As banks broaden corporate lending under that policy direction, technology credit loans — often called technology finance — have also turned upward for the first time in three years. An analysis of Korea Federation of Banks data showed the technology finance balance stood at 319.1068 trillion won at the end of last year, up more than 16 trillion won from 302.7538 trillion won at the end of 2024. Technology finance had fallen for two straight years after reaching 325.9611 trillion won in 2022, slipping to 304.5353 trillion won in 2023 and 302.7538 trillion won in 2024. It shifted back to growth after topping 307 trillion won in the first half of last year. The five major banks’ technology finance balance was 161.6287 trillion won at the end of last year, up more than 2.4 trillion won from 159.2071 trillion won at the end of 2024 — the first increase since 2022. Technology credit loans provide funding based on technology assessments for small and venture firms that have strong technical potential but lack collateral or financial capacity. Banks and technology credit bureaus evaluate applicants’ technology and may offer benefits such as higher loan limits or lower interest rates. The industry expects the trend to continue this year as banks keep expanding lending to companies with technology and growth potential. KB Kookmin Bank, through an organizational overhaul this year, created a Growth Finance Promotion Division to expand corporate lending centered on productive finance and is operating a dedicated review team for advanced strategic industries. Shinhan Bank said it will supply 72 trillion to 75 trillion won in group-funded loans to general small and mid-sized companies excluding real estate, through the “Ultra-Innovative Economy Growth Support Task Force” it set up last year. Hana Bank also reorganized its investment banking group, reshaping its investment finance unit into a “productive investment” unit. Woori Bank said it created dedicated investment and financing teams in its IB and corporate groups late last year and will strengthen support for regional growth companies and innovative venture firms. Shin Yong-sang, a senior research fellow at the Korea Institute of Finance, said the lending expansion is likely to continue as the government keeps emphasizing productive finance. “To keep it as a sustainable policy, banks need supporting efforts such as improving systems for venture capital and business feasibility assessments, and expanding staffing,” he said. 2026-03-12 15:12:00
  • Woori Bank to Create Financial Consumer Protection Committee Under Board
    Woori Bank to Create Financial Consumer Protection Committee Under Board Woori Bank will create a Financial Consumer Protection Committee under its board of directors as it seeks to make consumer protection a core management value. According to the Financial Supervisory Service on Wednesday, the bank plans to establish the committee on March 20 as a specialized subcommittee under the board. The move is intended to proactively implement best practices for financial consumer protection governance announced by the watchdog in September last year. The committee will have at least three members, including a director specializing in consumer protection, and will meet regularly at least once every six months. It will review key matters such as management strategies and policies related to consumer protection, as well as the enactment and revision of internal rules. Woori Bank said the new committee will strengthen internal controls so that consumer protection is reflected throughout the process, from product planning to post-sale management. The bank will also introduce a system in which its chief consumer officer, or CCO, can exercise exclusive prior-agreement rights and the right to request improvements on the design of performance compensation systems, including key performance indicators, to ensure consumer protection functions in practice during product sales. In addition, Woori Bank will run a professional training program to bolster consumer protection capabilities, creating courses to respond to changes in relevant laws and policies and to develop in-house experts. A Woori Bank official said the steps are aimed at embedding consumer protection as a core management value, adding that the bank will establish a consumer-centered financial culture across the entire process from product planning through post-sale management. 2026-03-12 10:21:00
  • Shinhan Bank CEO visits Seoul Cosmetics, pledges expanded tailored financing
    Shinhan Bank CEO visits Seoul Cosmetics, pledges expanded tailored financing Jeong Sang-hyeok, CEO of Shinhan Bank, visited a cosmetics manufacturer to review its research and development work and discuss ways to support the company, in line with the group’s push to expand “productive finance.” Shinhan Bank said Jeong on March 10 toured Seoul Cosmetics, an OEM (original equipment manufacturing) and ODM (original development manufacturing) company in Namdong-gu, Incheon, and met with Chairman Han Gwang-seok and CEO Han Jeong-su to discuss growth support measures. The visit was part of Shinhan Financial Group’s broader strategy to expand productive finance. The group held a “Group Productive Finance Steering Committee” meeting on Feb. 11 at its headquarters in Jung-gu, Seoul, to discuss ways to improve the execution and effectiveness of productive finance, which it said will be implemented in earnest starting this year. During the meeting, Jeong heard the company’s plans to expand production capacity as it grows in global markets, along with its mid- to long-term growth strategy. He then toured the company’s research institute and production facilities to review equipment operations and the overall process for pursuing new businesses. In an on-site discussion, the sides talked about strengthening supply capabilities, strategies for developing new product formulations, and financial and nonfinancial support needed to enter overseas markets. “We will further expand tailored cooperation and financial support so companies with strong technology and growth potential can secure competitiveness in global markets,” Jeong said. “We will continue to strengthen field-focused partnerships so corporate innovation and growth can proceed smoothly.”* This article has been translated by AI. 2026-03-10 16:30:00
  • IBK Industrial Bank of Korea Approves $1.35B Support for National Growth Fund Investments
    IBK Industrial Bank of Korea Approves $1.35B Support for National Growth Fund Investments IBK Industrial Bank of Korea said Tuesday it has approved W1.35 trillion in support this year for advanced strategic industries as part of its plan to participate in the W10 trillion National Growth Fund. The bank said it will supply a total of W1.35 trillion to advanced strategic industries and related ecosystems alongside the fund, including W850 billion for corporate investment and W500 billion for infrastructure. In the corporate investment segment, the bank will provide W850 billion in tailored risk capital across the life cycle of innovative small and venture firms, supporting technology development and commercialization. Investments in innovative small and venture companies will be made through managers with experience and expertise in running fund-of-funds, while the bank will select managers directly to make customized investments in scale-up and mature-stage companies, it said. In infrastructure, the bank will invest W500 billion in expanding energy-related facilities such as power, water and artificial intelligence data centers, as well as projects tied to national strategic industries. The fund will be managed by IBK Asset Management and will be financed entirely with group capital, the bank said. "Financial support for advanced strategic industry companies and infrastructure is both IBK's core role and a key strength," a bank official said. "We will actively recommend strong projects identified by IBK to the National Growth Fund to support its successful operation." 2026-03-10 10:30:00
  • NH NongHyup Bank CEO Kang Tae-young visits AgTech firm Davio to discuss growth
    NH NongHyup Bank CEO Kang Tae-young visits AgTech firm Davio to discuss growth NH NongHyup Bank said on the 9th that CEO Kang Tae-young visited the headquarters of Davio, a spatial data and agricultural technology company, to review the growth of a firm backed by the bank’s agri-food fund and discuss ways to support it. Davio, founded in 2012, runs a smart agriculture monitoring business based on spatial data and artificial intelligence technology. The company is expanding its business areas with investment from NongHyup Bank’s agri-food fund. NongHyup Bank said it operates a “life-cycle value-up support system” for companies in the agri-food and AgTech sectors, providing assistance from the investment stage through growth and maturity. During a meeting with Davio CEO Park Ju-heum and other executives, Kang discussed the company’s progress since the investment, support through management consulting and network connections, plans to expand financial support such as loans and guarantees, and future growth strategies including an initial public offering. “Venture capital investment in K-food and AgTech is a key task to strengthen the future competitiveness of South Korean agriculture,” Kang said. “NongHyup Bank will be a reliable financial partner that supports the growth of innovative companies and helps drive industry development.” 2026-03-09 15:27:00
  • Why South Korean Banks Aren’t Raising Deposit Rates as Money Moves Into Stocks
    Why South Korean Banks Aren’t Raising Deposit Rates as Money Moves Into Stocks South Korean banks are facing a growing dilemma. As a strong stock market pulls money out of bank accounts, lenders are still reluctant to raise deposit rates, constrained by the government’s household-loan management stance and heightened uncertainty tied to the Middle East. According to the Korea Federation of Banks on March 9, deposit rates at the five major commercial banks — KB Kookmin, Shinhan, Hana, Woori and NH NongHyup — stood at about 2.60% to 3.05%. Base rates excluding preferential terms were around 2.05%, pushing the lower end down further. Installment savings rates were also in the 2.60% to 3.40% range at their maximum levels. Banks typically respond to rapid fund outflows by raising rates on deposits and savings products. But with policy pressure to curb growth in household lending and external risks including the Middle East situation, increases in deposit and savings rates have remained limited. Raising deposit rates would increase banks’ funding costs and could add pressure for higher loan rates. With financial authorities trying to restrain household lending, banks are wary that greater volatility in loan rates could clash with that policy direction. Some banks are marketing products with high “maximum rates,” but the base rates are low or the top rates require meeting specific conditions. The approach is seen as a way to maintain competitiveness in attracting deposits without broadly lifting rates. Woori Bank’s “Dugeun Dugeun Haengun Savings,” launched last year, advertises a maximum annual rate of 12.50%, but its base rate is only 2.50%. The remaining interest is paid only if customers win a monthly drawing for a “luck card.” Shinhan Bank’s “One Month Savings (Weekly) X Hyundai Motor” offers a base annual rate of 1.80% and a maximum of 8.80% including partnership preferential rates, but customers must meet conditions such as confirming a Hyundai Motor purchase contract, designating a card payment account, or reaching required payment rounds. The same pattern applies to deposits. NH NongHyup Bank recently raised the one-year maximum rate on key time-deposit products — “NH All One e-Deposit” and “NH Waltz Rotating Deposit II” — into the 3% range. Other large banks are still keeping rates in the 2% range. Woori Bank raised the rate on its “WON Plus Deposit (12-month maturity)” last month, and KB Kookmin Bank and Hana Bank also made small increases, prompting expectations of broader competition. But aside from NH NongHyup Bank, no bank is offering a 3% rate. As banks’ rate moves remain muted, money has continued to flow into stocks. Even as volatility has increased due to the Middle East situation, some investors have treated the swings as a buying opportunity. As of the previous day, time deposits at the five major banks totaled 944.1025 trillion won, down 2.7872 trillion won from the end of last month. Demand deposits, often viewed as funds waiting to be invested, fell to 676.2610 trillion won from 684.8604 trillion won over the same period, a drop of 8.5993 trillion won. Market participants say deposit outflows could persist if the stock rally continues. Still, the financial sector also expects that if external uncertainty grows — including tensions in the Middle East — investors could shift back to bank deposits as a safer asset. A commercial bank official said, “With external volatility so high, including Middle East risks, the top priority is to manage funding costs in a stable way,” adding, “Rather than forcing deposit rates higher to chase market moves, banks are likely to proceed cautiously, considering overall soundness and profitability.”* This article has been translated by AI. 2026-03-09 15:06:00
  • Hana Bank, Korea Southern Power to Co-Develop Offshore Wind Projects
    Hana Bank, Korea Southern Power to Co-Develop Offshore Wind Projects Hana Bank said Sunday it signed a memorandum of understanding with Korea Southern Power on March 6 to jointly develop offshore wind power projects. The agreement is aimed at building a full-cycle cooperation framework between a private financial institution and a power producer across development, construction and operations in the broader renewable energy sector. Offshore wind projects typically require large upfront investment and long timelines, making the combination of financing and development capabilities a key factor, the bank said. Hana Bank said it plans to pursue what it called a “productive finance” model by taking part in the entire process, including feasibility reviews, deal structuring and arranging financing, drawing on its infrastructure-focused investment banking capabilities. The bank said the effort is intended to help expand renewable energy infrastructure and support carbon neutrality goals. Among Korea Southern Power’s offshore wind projects, Hana Bank is serving as the financial arranger for the Yawol Offshore Wind Power Complex in Yeonggwang County, South Jeolla Province, and the Dadaepo Offshore Wind Power Complex in Saha District, Busan. The company said the projects are expected to be used as power infrastructure for the Honam and Yeongnam regions, respectively, and to support regional balance and local economic activity. The two sides said they will gradually detail their cooperation through efforts including financial and development collaboration on offshore wind and other renewable projects; jointly identifying and reviewing new power generation projects; sharing infrastructure finance market trends and preparing response strategies; and supporting stronger financial capabilities among project stakeholders. “Going forward, we will continue to accelerate productive finance and take the lead in expanding Korea’s eco-friendly and renewable energy infrastructure,” said Lee Byeong-sik, executive vice president of Hana Bank’s IB Group.* This article has been translated by AI. 2026-03-08 11:12:00
  • Shinhan Financial says stable home prices could narrow wealth gap and lift spending, births
    Shinhan Financial says stable home prices could narrow wealth gap and lift spending, births Rising real estate prices are entrenching wealth inequality, but stabilizing home prices could help revive household spending and improve conditions for marriage and childbirth, according to a new analysis. Shinhan Financial Group's Shinhan Future Strategy Research Institute on 8 released a report, "What Would Change if Home Prices Stabilize," analyzing how housing price stability affects household finances and the financial market. The report said that in South Korea's asset structure — where about 70% of household assets are concentrated in real estate — higher home prices can widen wealth gaps and raise housing costs, weighing on the broader economy through weaker consumption. As of 2025, the top 20% by net assets held 65% of total net assets, while the bottom 40% held 4.8%, the report said. It added that younger generations' share of the contribution to asset inequality reached 44%, indicating deepening inequality in which parents' real estate holdings shape their children's starting point. The net-asset Gini coefficient — an inequality measure in which values closer to 0 indicate more equal distribution — hit 0.625 last year, the highest since records began, the report said. South Korea's PIR, a price-to-income ratio, stood at 24.1, far higher than in major advanced economies. That implies a median-income household would need more than 24 years to buy a home even if it saved all of its income. Housing costs are also directly affecting consumption, the report said. With 76% of household assets tied up in real estate, about 20% of households were classified as "wealthy but liquidity-constrained," meaning that even if home prices rise, their ability to spend remains limited. If home prices stabilize and housing-cost burdens ease, the biggest rebound in consumption is expected among young and middle-aged groups, the report said. It pointed to ages 25 to 39 as showing the sharpest consumption pullback linked to rising home prices, suggesting the strongest potential for a rebound. It also said more stable housing costs could lower barriers for young people to marry and have children and increase spending on education, self-development and investments for job changes. The report also projected changes in financial-market demand. If the burden of buying a home eases, demand could rise among young people and newlyweds for early asset-building products such as savings plans to build seed money, youth individual savings accounts (ISA) and installment funds. Shinhan Future Strategy Research Institute said, "Easing the housing-cost burden can bring positive changes across household life, including a recovery in consumption and improved conditions for marriage and childbirth." 2026-03-08 10:54:00