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Finance

Shinhan Financial recommends two new outside director candidates

Shinhan Financial Group’s holding company said on March 3 it recommended 2 new outside director candidates, Park Jong-bok and Lim Seung-yeon, after meeting its outside director and audit committee nomination panel. It also recommended the reappointment of 5 outside directors. Two directors, Yoon Jae-won and Lee Yong-kuk, will step down after this month’s annual shareholders meeting. The company also proposed outside directors and audit committee candidates in line with revisions to commercial law.

Finance

FSS to fine five banks 1.3 to 1.4 trillion won over mis-selling of Hong Kong ELS

South Korea\'s Financial Supervisory Service decided to impose fines totaling 1.3 trillion to 1.4 trillion won on five banks for mis-selling equity-linked securities tied to the Hong Kong H Index. The amount is 500 billion to 600 billion won below the roughly 2 trillion won previously notified. The regulator also lowered institutional sanctions from a business suspension to a warning and reduced penalties for executives and staff by 1 to 2 levels.

Finance

Korean banks complete 2.1 trillion won livelihood finance support; voluntary program exceeds target

South Korea\'s banking sector has completed 2.1 trillion won in support under a livelihood finance plan, the Korea Federation of Banks said on Tuesday. Banks ran voluntary programs from March 27, 2024, using about 600 billion won excluding a common 1.5 trillion won interest refund scheme for self-employed people and small merchants. They executed 630.8 billion won in total, exceeding a 615.6 billion won target by 15.2 billion won.