Banks seek to pay interim dividends following earnings surprise
Posted : 2021-04-25 16:06
Updated : 2021-04-25 17:02
Seen above are headquarters of Korea s four major financial holding firms including KB, Shinhan, Hana and Woori. Courtesy of each firm
By Park Jae-hyuk
The nation s four major financial holding companies expressed their intentions last week to pay interim dividends to shareholders this year following better-than-expected quarterly earnings.
The move is widely viewed as an effort to win back investors who were disappointed by the relatively low dividend payments last year. Domestic financial firms were forced by regulators last year to cut their dividends ratio to below 20 percent to bolster their financial soundness amid the COVID-19 pandemic
Banking groups divided over internet banking services
Posted : 2021-04-14 16:05
Updated : 2021-04-14 21:30
Financial Services Commission Chairman Eun Sung-soo, left, speaks during a conference with leaders of associations in the nation s financial circle, at the headquarters of the Korea Federation of Banks in Seoul, on March 26. Yonhap
By Lee Min-hyung
Korea s major financial groups are divided internally over the possible launch of their own internet-only banking services amid fears that this may weaken their corporate identities just for the sake of jumping on the global bandwagon.
It has been only recently that discussions started picking up steam in financial circles after the Korea Federation of Banks (KFB) conducted a survey to figure out whether banking groups here were willing to start internet-only bank businesses if they get a license to do so.
By Park Jae-hyuk
The financial authorities will review the banking groups plans to establish their own internet-only banks as early as July, after completing an assessment of the domestic banking industry s competitiveness in preparation for Viva Republica opening Toss Bank. Based on the assessment, we will discuss whether to issue additional internet-only bank licenses and allow financial holding companies to establish their own internet-only banks, a Financial Services Commission official said.
This remark came as several banking groups started preparing the procedures to ask regulators to enable the opening of their own app-based banks. Only tech firms have been allowed so far, with Kakao running Kakao Bank, KT operating K bank and Viva Republica preparing to launch Toss Bank.
Urging support for customer protection law
Posted : 2021-04-01 16:51
Updated : 2021-04-01 16:51
Financial Services Commission Chairman Eun Sung-soo, center, poses with participants in a meeting at the Korea Federation of Banks headquarters in Seoul, Thursday. He urged bank executives to make efforts to help the Financial Customer Protection Act take root as soon as possible. From left are Financial Supervisory Service (FSS) Senior Deputy Governor Choi Seong-il, FSS Financial Customer Protection Bureau Chief Kim Eun-kyung, Eun, Industrial Bank of Korea CEO Yoon Jong-won and Hana Bank CEO Park Sung-ho. Yonhap
Banking groups fearful of unilateral punishment from financial regulator
Posted : 2021-03-09 16:52
Updated : 2021-03-10 01:09
Korea Federation of Banks Chairman Kim Gwang-soo speaks during an online press conference at its headquarters in Seoul, Tuesday. Courtesy of Korea Federation of Banks
By Lee Min-hyung
The head of a federation representing the interests of Korean banks said lenders have grown fearful of unilateral punishment by financial regulators, which has apparently heightened uncertainties for top management. Korea Federation of Banks (KFB) Chairman Kim Gwang-soo said Tuesday that the punitive measures were aimed at chastising bank chiefs who fail to maintain control over their businesses, but the rationale used by regulators remains unclear.