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Shinhan Financial Group on Thursday reported record first-quarter net profit of 1.62 trillion won ($1.1 billion), as stronger brokerage earnings boosted non-interest income. Net profit rose 9 percent from a year earlier, marking the group’s highest quarterly result and surpassing its previous peak of 1.59 trillion won in the third quarter of 2022. The gain was driven in part by Shinhan Securities, whose net profit jumped 167 percent to 288.4 billion won, supported by stronger equity markets. Gro
KB Financial Group on Thursday announced plans to cancel 14.26 million shares worth 2.3 trillion won ($1.55 billion) in May, one of the largest such moves in the industry, as the firm posted a record first quarter earnings. The cancellation, equal to 3.8 percent of shares outstanding, comes despite a 1 1/2-year grace period under the revised Commercial Act's mandatory treasury share cancellation rule. KB also approved an additional 600 billion won share buyback and cancellation program to be com
Woori Bank said Thursday it signed a memorandum of understanding with Viettel, Vietnam's largest mobile carrier, deepening ties between the two companies. The signing took place Wednesday during a meeting between Woori Bank CEO Jung Jin-wan and officials from Viettel Global, including CEO Nguyen Thi Hoa and Vice President Nguyen Cao Loi. Viettel is a state-owned corporation under Vietnam's Ministry of National Defence, while Viettel Global oversees the group's overseas telecommunications and dig
South Korea’s major financial groups are reworking their headquarters strategies, either consolidating affiliates to boost operational efficiency or monetizing real estate assets to shore up capital and support expansion. Hana Financial Group is set to relocate its headquarters to Cheongna, Incheon, later this year, in a move aimed at bringing together affiliates currently scattered across Seoul — from the central business district to Yeouido — into a single integrated complex. Key subsidiaries
Hana Financial Group said Tuesday it has launched a youth training initiative aimed at fostering next-generation talent to lead innovation in the financial industry. The initiative, unveiled at a ceremony Monday at the group’s headquarters in Myeong-dong, central Seoul, marks the start of the Hana Youth Financial Talent Development Project. Backed by the Financial Supervisory Service, Google, Amazon Web Services and Microsoft, the program is designed as a hands-on training platform to build prac
South Korea’s top lenders are stepping up their push into Vietnam, with the chiefs of the country’s five major commercial banks joining President Lee Jae Myung on a state visit this week. According to industry sources Tuesday, KB Kookmin Bank’s Lee Hwan-ju, Shinhan Bank’s Jung Sang-hyuk, Hana Bank’s Lee Ho-sung, Woori Bank’s Jung Jin-wan and NH NongHyup Bank’s Kang Tae-young will travel to Vietnam from Wednesday to Friday. The coordinated move underscores Seoul’s broader push to deepen ties with
Woori Bank CEO Jung Jin-wan visited New Delhi on Monday as the only banking chief accompanying President Lee Jae Myung on his trip to India, the bank said Tuesday. Jung attended the Korea-India Business Forum in the capital, where he met officials from local companies, exchanged views on market conditions and explored potential areas of cooperation. He also visited Akshya Pratisthan, a school in Gurugram, just southwest of New Delhi, where he delivered donations for children from disadvantaged f
Export-Import Bank of Korea said Monday it has provided 100 million euros ($117.5 million) in financing for the Kinali-Malkara Motorway Construction and Operation Project led by Korea Expressway Corporation in Turkey. The project covers the construction and operation of a 127-kilometer motorway linking key transport corridors in the northwestern Marmara region. The route runs from Kinali, west of Istanbul, to the Canakkale Bridge and its adjoining motorway — infrastructure completed in 2018 by a
Standard Chartered Bank Korea said it is strengthening its “next-generation private banking model” for affluent clients, alongside the launch of a global lifestyle program. The revamped model targets clients with assets of 1 billion won ($678,000) or more, incorporating asset management systems from key global hubs including Singapore, Hong Kong and the United Arab Emirates, tailored to the Korean market. At the core of the offering is a “thought leadership” program featuring masterclasses with
Hana Financial Group held an awards ceremony for the Hana Artverse contest Friday, honoring artists with developmental disabilities. Hana Artverse is an annual art competition launched by Hana Financial in 2022 for artists with developmental disabilities, aimed at raising awareness about disabilities and fostering greater inclusivity. The program, one of the group’s flagship corporate social responsibility initiatives, seeks to support participants’ social integration and foster economic indepen
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