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Gap Between Rich and Poor South Koreans Increasing

Gap Between Rich and Poor South Koreans Increasing

SEOUL, March 13 (Korea Bizwire) — Income polarization deepened in 2017 with high income earners making more while low income earners brought in less. In addition, while individual income fluctuated by small margins, average household income and consumption fell. These conclusions were derived from a report published by Shinhan Bank that conducted research on the [...]

Shinhan Bank to Sponsor Top Baseball League for 3 Seasons

Shinhan Bank to Sponsor Top Baseball League for 3 Seasons

SEOUL, Jan. 15 (Korea Bizwire) – Shinhan Bank, one of South Korea’s largest lenders, will serve as the title sponsor for the nation’s top professional baseball league over the next three seasons. The Korea Baseball Organization (KBO) announced its three-year partnership with Shinhan on Monday. The amount of the sponsorship fee and the new league emblem will be unveiled at a signing ceremony in Seoul on Tuesday. Shinhan Bank also owns a [...]

Korea’s Financial Services Industry Saw Robust Growth Last Year

Korea’s Financial Services Industry Saw Robust Growth Last Year

SEJONG, April 10 (Korea Bizwire) – Korea’s financial services industry recorded 9.2 percent in output growth last year largely driven by interest revenues from growing household loans, government data showed on Sunday. According to Statistics Korea, the year-on-year production growth of financial institutions in 2016 was more than triple the 3 percent reported for the overall services industry.  By institution, banks gained 9 percent, the highest since 11.8 percent in 2008. Nonbank [...]

Shinhan Bank Abolishes Paper Forms to Boost Productivity

Shinhan Bank Abolishes Paper Forms to Boost Productivity

SEOUL, March 13 (Korea Bizwire) –  South Korea’s largest financial institution, Shinhan Bank, is scrapping paper forms, and instead, going digital in an all-out effort to raise productivity. From today, all Shinhan branches will provide most banking services digitally, including applications for accounts and credit cards. Shinhan’s bold move to replace paper with digital counterparts [...]

Korean Bank Steps Forward to Innovate Business Practices

Korean Bank Steps Forward to Innovate Business Practices

SEOUL, July 26 (Korea Bizwire) – Shinhan Bank, one of Korea’s leading banks, has stepped forward to improve its work environment for employees by implementing what it calls a ‘Smart Work System’, which launched on Monday. To begin with, the company implemented a work-from-home system for employees who don’t necessarily require the use of a [...]

Korean Banks Issue CoCo Bonds

Korean Banks Issue CoCo Bonds

SEOUL, May 10 (Korea Bizwire) – CoCo bonds, or contingent convertible bonds, are fixed-income instruments that are equity-convertible in cases of pre-specified trigger events. Despite their liability-like properties, they are classified as assets, which is prompting many banks to issue CoCo bonds as means of expanding capital. So technically, they’re asset-convertible debt.  Major Korean banks, [...]