KB Financial Group has narrowed down the list of candidates in the bid for its chairman post.Following a related committee meeting on Thursday, four former financial executives were placed on a shortlist, KB officials confirmed on Friday.Of the four candidates, only one ― Citigroup chairman and Citibank CEO Ha Yung-ku ― was from outside of the group. The remaining three insiders were: former KB Financial Group chief financial officer Yoon Jong-kyu, former KB Kookmin Card vice president Ji Dong-h

Philip Morris Korea on Wednesday donated a freezer truck to a social welfare center in Seoul to help deliver fresh food to underprivileged children, company officials said.The truck will be operated by the Leftovers’ Love Sharing Community, a welfare organization for children, according to the firm.“We have put a total of 40 trucks on the roads over the last 15 years, and they reflect our promise to help share the warmth in our society,” said Kim Byung-chul, Philip Morris’ corporate affairs dire

Citigroup Korea is dropping its consumer lending unit ― Citigroup Capital Korea ― in a bid to streamline operations, the banking giant said in its third-quarter earnings report on Tuesday.The announcement, however, will not affect Citigroup’s core businesses that include retail banking, credit cards and corporate banking, the company spokesman said in an emailed statement. It also does not indicate that Citibank Korea is pulling out, he added. “Korea will always be one of Citi’s most important m

Facebook founder and CEO Mark Zuckerberg met Samsung Electronics vice chairman Lee Jay-yong on Tuesday in Seoul, fueling rumors that the two firms are discussing the final details of Facebook-exclusive phones.According to multiple sources on Tuesday, the two met at the Korean tech giant’s Seoul headquarters and then held a dinner meeting, which was reportedly joined by Facebook COO Sheryl Sandberg, Samsung’s mobile chief Shin Jong-kyun and other executives from both companies.Their meeting came

HSBC Korea on Monday kicked off a three-day mentoring program designed to help students explore different career opportunities and meet environmental experts, HSBC officials said Tuesday.Seoul Mayor Park Won-soon spoke at the “Green Job Talk Concert” program’s opening session on designing a green city. Green Education Center, a local environment organization, cohosted the program. Along with the mayor, more than 20 professionals from the fields of design, broadcasting, environmental research and

Citigroup Chairman Ha Yung-kuCitibank CEO and Citigroup chairman Ha Yung-ku has reportedly told the bank’s board of directors that he has decided to resign, but the bank appears to be hesitating over an official statement.On Monday, media reports said that Ha had informed the board of his decision to step down to formally join the race for chairman of KB Financial Group, but the bank failed to confirm this. Citibank’s PR team also said it had not yet been informed about the latest development, a

Daum Kakao CEO Lee Sir-goo on Monday bowed before the public and apologized for causing commotion and concern over Kakao Talk’s weak security protections.He said the newly merged company would prioritize users’ privacy as part of efforts to boost information protection, and that it will no longer accept requests by investigators to monitor its users' messages.“We deeply apologize for the confusion and our belated security measures,” Lee said in an urgent press conference in Seoul on Monday.“We s

Card issuers need new DNA to do business in an era of mobile payments, Shinhan Card president Wi Sung-ho said Saturday. “A sea change that could rattle the whole card industry is underway,” Wi said during a debate session with Shinhan employees. “Card firms should no longer limit themselves to issuing plastic but should pursue going smart.”Underlining the need for the new attempts to change the paradigm, he urged high-ranking officials to gain hands-on experience in mobile payments via global e-

The first thing people noted about Citibank Korea CEO Ha Yung-ku’s recent announcement that he would join the race for chairman of KB Financial Group was that it marks the first time here for a serving financial institution head to officially run for a seat at a rival bank.Ha still has 17 months remaining in his term, and some Citibank employees were left pondering whether it was proper for their president to have made such a decision.Despite the initial confusion, analysts believe Ha ― who is s

Samsung Electronics, the nation’s top electronics company, is expected to rattle the market on Tuesday by announcing a second consecutive earnings decline for the third quarter due to weak sales in its core smartphone business amid rising competition, stock analysts said Sunday. According to financial research firm FnGuide, Samsung Electronics’ operating profit in the July-September period is forecast to record 4.98 trillion won ($4.65 billion), which is less than half of 10.16 trillion in the s

Offering patrons a stage to show how supporting arts and culture can make a better world is a significant factor in convincing them to make contributions, according to the chairman of the Montblanc Cultural Foundation.“So it’s important for us to step up to act and support cultural development,” Lutz Bethge told The Korea Herald in a recent interview in Seoul. The chairman was in the country last week to announce this year’s South Korean recipient of the annual Montblanc de la Culture Arts Patro

The Korea Forest Service is joining forces with Algeria to work together on global reforestation.The KFS and Algeria’s Ministry of Agriculture and Rural Development recently held the first Korea-Algeria Forestry Cooperative Committee to discuss restoring forests and parks in the African country.“Although the cooperation is only in the initial stage, we believe that South Korea’s experience and technology will be highly useful in modernizing Ben Aknoun Amusement Park in Algeria and recovering the

The ousted KB Financial Group chairman Lim Young-rok quit as a registered member of the corporate board on Sunday, ending a 14-month tenure marred by an internal power struggle and management lapses.“I hope to let everything go,” Lim said in a statement. “I will take responsibility for everything that has happened as a result of my shortcomings and spend time engaging in self-reflection.” Lim’s departure came after KB Financial announced last Friday that it would name a new chairman next month.

Korea Midland Power Co. is rooting for the Indonesian taekwondo squad by offering scholarships and transportation services during the Incheon Asian Games.As part of a support program, KOMIPO, one of six power generation affiliates of the state-run Korea Electric Power Corp., said it held a gala with the Indonesian taekwondo team in Seoul on Tuesday to wish for its success at the Incheon Asian Games. Other Korean companies doing business in Indonesia, including Korindo Group, helped sponsor the d

Shinhan Financial Group, the nation’s largest financial holding firm by assets, has been included in the Dow Jones Sustainability World Index for the second consecutive year, officials said on Thursday.Shinhan was recognized for its long-standing efforts in creating shared value, or CSV, to become the first South Korean financial firm to be included on the list two years in a row. The DJSI is a global indicator tracking the financial performance of companies in all industries that outperform in

South Korea’s suicide rate rose 1.5 percent to 28.5 deaths per 100,000 people last year from the rate in 2012, according to Statistics Korea on Wednesday. The data showed that about 40 people took their own lives every day last year. The nation has had the highest suicide rate among member nations of the Organization for Economic Cooperation and Development for 10 straight years, Statistics Korea said. After reaching a peak in 2011, the nation’s suicide rate fell slightly in 2012 before edging u

Hana Financial Group, the nation’s second-largest financial holding firm by assets, will hold a board meeting on Wednesday to announce the merger of its card unit with the Korea Exchange Bank’s credit card division, officials said.Hana is planning to ask for the Financial Services Commission’s approval for the integration this month, which will lead the merged entity to become the sixth-largest card company in South Korea with a combined market share of 7.8 percent.Hana is eyeing to introduce th

South Korean banks’ employment rate is expected to jump nearly 19 percent from last year, largely driven by the government’s job creation policies, data showed Tuesday.Five major local banks are planning to hire a total of 1,080 people in the second half of this year, up 18.68 percent from 910 people in the same period in 2013.KB Kookmin Bank is set to hire the most, with 290 new hires, followed by Woori Bank’s 250, Shinhan Bank’s 200, Industrial Bank of Korea’s 200 and NongHyup Bank’s 140. Expe

NH Financial Group chairman Yim Jong-yong (front row, fourth from right) poses with NH executives at a workshop held at its headquarters in Seoul on Friday. (NH Financial Group)Developing a new corporate culture in which people can share value and growth is the key to a successful merger between NH Financial’s brokerage units of NongHyup Investment & Securities and Woori Investment & Securities, said NH chairman Yim Jong-yong.“A successful merger between the two brokerages depends on having chem

Top management of Hana Financial Group decided to ask the Financial Services Commission for an approval to integrate with the Korea Exchange Bank in October, a Hana group chairman said on Thursday. “We have basically prioritized reaching an agreement with KEB’s labor union, but we will just push ahead with the merger if the unionists continue to refuse the idea,” Hana chairman Kim Jung-tae told reporters.The chairman added that the group may fast-track the application plan if it reaches a consen