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 [...]
SEOUL, Dec. 6 (Korea Bizwire) – South Korea’s Shinhan Bank said its Indonesian unit, Bank Shinhan Indonesia (BSI), has completed a merger with another Indonesian bank in the latest move to seek a new growth engine in the world’s fourth most populous country. BSI won an approval from the Indonesian financial authorities for its plan [...]
SEOUL, Aug. 5 (Korea Bizwire) — President Park Geun-hye on Friday visited two local companies as part of her efforts to promote a flextime system, a core element of a broader program that her government has implemented to help workers maintain a work-family balance. Park visited “Smart Work Centers” of the two firms — Shinhan [...]
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 [...]
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, [...]
SEOUL, Jun. 29 (Korea Bizwire) — Shinhan Bank, South Korea’s third-largest commercial bank by asset, said Monday that it has concluded a deal to acquire a controlling stake in an Indonesian bank as part of its efforts to beef up its overseas presence. Under the contract, Shinhan Bank buys 75 percent in Centratama Nasional Bank [...]
SEOUL, May 22 (Korea Bizwire) — As local banks suffer from reduced net interest margins, they are looking to reduce operational costs to overcome their difficulties. KB Kookmin Bank is urging its employees to report their business activities verbally or via email, not through color prints or full color Powerpoint charts to save costs on printer toner [...]
SEOUL, May 19 (Korea Bizwire) — Korean banks are decreasing the number of their ATMs around the nation to compensate for losses they have been facing due to a recent drop in net interest margins. According to industry representatives on May 17, the number of ATMs at 6 major Korean banks, KB Kookmin, Shinhan, Hana, [...]
SEOUL, Nov. 4 (Korea Biwire) — A total of 12 domestic and international banks including Shinhan Bank and Bank of Communications have been selected as “market makers” for won-yuan direct transactions. The Bank of Korea said on November 3 that it designated 12 banks as market makers as part of a policy measure to encourage transactions between the [...]
SEOUL, Aug. 20 (Korea Bizwire) — After President Park Geun-Hye publicly denounced the prevalent mannerism in the financial industry, financial authorities are considering adopting long-term performance-based incentive payment schemes such as “stock grant” for commercial bank employees to remedy the situation. Most banks have already adopted long-term incentive payment systems, but only executives and high-ranking managers are allowed [...]