Korean banking groups at risk of losing governance autonomy
Posted : 2021-02-19 08:45
By Lee Min-hyung
Financial holding firms here will have less and less leeway in setting key agendas, as their largest shareholder ― the National Pension Service (NPS) ― is on track to widen its influence on their top management.
The NPS is the largest shareholder of the nation s top four financial firms ― KB, Shinhan, Hana and Woori ― according to the latest data. The pension fund obtained more than 9 percent stakes in each of the companies as of the end of September 2020. This figure is slightly below the legal limit of 10 percent. Under the local financial law, a single investor cannot purchase more than a 10 percent stake in a single financial holding firm.
Financial groups pressured to cut dividend payouts
Posted : 2021-02-07 16:41
Updated : 2021-02-07 16:48
From left are NongHyup Financial Group Chairman Son Byung-hwan, KB Financial Group Chairman Yoon Jong-kyoo, Shinhan Financial Group Chairman Cho Yong-byoung, Woori Financial Group Chairman Son Tae-seung and Hana Financial Group Chairman Kim Jung-tai.
By Lee Kyung-min
A number of Korea s leading financial groups have reduced dividend payouts for 2020 amid suspicions that they are caving in to growing pressure from the financial authorities that are increasingly influenced by public sentiment.
Many Koreans feel that the all-time high net incomes of domestic financial groups did not result from superior growth strategies, but from an unexpected boom in loans some of which fueled a stock-investment craze amid the spread of the COVID-19 pandemic.
CEOs of Shinhan, Woori face punishment over fund fiasco
Posted : 2021-02-04 15:46
Updated : 2021-03-18 15:36
Woori Financial Group Chairman Son Tae-seung, left, and Shinhan Bank CEO Jin Ok-dong / Courtesy of each firm
By Lee Min-hyung
The leaders of Woori Financial Group and Shinhan Bank are facing a serious problem as they could receive harsh punishments for their role in the mishandling of fund sales last year. This is raising concern that a final decision by the state regulatory agency may end their plans to extend their terms.
The Financial Supervisory Service (FSS) said Thursday that it had sent prior notice of tough sanctions to Woori Financial Group Chairman Son Tae-seung and Shinhan Bank CEO Jin Ok-dong ahead of its sanctions committee meeting slated for Feb. 25.
Woori to provide exceptional support for digital banking
Posted : 2021-01-10 15:47
Updated : 2021-01-10 17:12
Woori Financial Group Chairman Son Tae-seung holds an online meeting with top executives at the group s headquarters in Seoul, Jan. 8. Courtesy of Woori Financial Group
By Lee Min-hyung
Woori Financial Group will provide unwavering financial support for its digital business this year by increasing its budget, the company said in a statement Sunday.
The financial holding firm said it would provide an exceptional level of benefits for group-wide digital transformation throughout 2021.
Chairman Son Tae-seung shared the plan during a recent online meeting with a group of 50 ranking executives of its key affiliates.