Company:Shinhan Bank
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Short description: Securities exchange operator in South Korea
Korea Exchange (KRX, 한국거래소) is the sole securities exchange operator in South Korea . It is headquartered in Busan, and has an office for cash markets and market oversight in Seoul. HistoryThe Korea Exchange was created through the integration of Korea Stock Exchange (KSE), Korea Futures Exchange and KOSDAQ Stock Market under the Korea Stock & Futures Exchange Act. The securities and derivatives markets of former exchanges are now business divisions of Korea Exchange: the Stock Market Division, KOSDAQ Market Division and Derivatives Market Division. As of Dec 2020, Korea Exchange had 2,409 listed companies with a combined market capitalization of ₩2.3 quadrillion KRW (US$2.1 trillion). The exchange has normal trading sessions from 09:00 am to 03:30 pm on all days of the week except Saturdays, Sundays and holidays declared by the Exchange in advance.[3] On 22 May 2015, the Korea Exchange joined the United Nations Sustainable Stock Exchanges initiative in an event with the UN-SG Ban Ki-moon in attendance, as well as senior officials from UN Global Compact and UNCTAD.[4] Traded Instruments
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| Industry | Banking | ||||||||||||||||||||||||||||||||||||
| Founded | 19 February 1897 | ||||||||||||||||||||||||||||||||||||
| Headquarters | Seoul, South Korea | ||||||||||||||||||||||||||||||||||||
Key people | Wi Sung-ho, (CEO) | ||||||||||||||||||||||||||||||||||||
| Products | Checking accounts, Savings accounts, Insurance, Investments, Mortgages, Consumer finance | ||||||||||||||||||||||||||||||||||||
Number of employees | 13,400 (2016) | ||||||||||||||||||||||||||||||||||||
| Website | Shinhan Bank | ||||||||||||||||||||||||||||||||||||
| Korean name |
Shinhan Bank (신한은행 Shinhan Eunhaeng, SWIFT SHBKKRSE, numeric 088), is a bank headquartered in Seoul, South Korea . Historically it was the first bank in Korea, established under the name Hanseong Bank in 1897. The bank was reestablished in 1982. It is part of the Shinhan Financial Group, along with Jeju Bank. Chohung Bank merged with Shinhan Bank on April 1, 2006.
Shinhan Bank started as a small enterprise with a capital stock of KRW 25.0 billion, 279 employees, and three branches on July 7, 1982. Today, it has transformed itself into a large bank, boasting total assets of KRW 176.9 trillion, equity capital of KRW 9.7 trillion, 10,741 employees, and 1,026 branches as of 2006. As of June 30, 2016, Shinhan Bank had total assets of Template:KRWConvert , total deposits of Template:KRWConvert and loans of Template:KRWConvert. Shinhan Bank is the main subsidiary of Shinhan Financial Group (SFG).[1]
History
Shinhan Bank is the descendant of Hanseong Bank, the first modern bank in Korea. It was established by Kim Jong-Han in 1897, but began operating around 1900. It was originally located in a small house with only two rooms. One room was for the president, Yi Jae-Won, and the other room was for the staff. The bank operated by borrowing money from Japanese banks at low interest rates and then loaning it out for twice the rate to the Korean market. The Bank was successful because despite lending out money at twice the rate it borrowed it at, the bank's interest rates were still far lower than what could be obtained elsewhere in Korea at that time.[2]
In an anecdotal story the bank's first property to use as collateral on a loan happened to be a donkey. The bank staff were challenged to feed and care for their collateral as the loan was out.[2]
In March 2013, the Financial Services Commission of South Korea said that Shinhan Bank reported that its Internet banking servers had been temporarily blocked.[3] The South Korean government asserted a North Korean link in the March cyberattacks, which has been denied by Pyongyang.[4]
See also
- Economy of South Korea
- List of banks in South Korea
- List of Korea-related topics
- List of South Korean companies
References
- ↑ "Shinhan Bank". http://www.relbanks.com/asia/south-korea/shinhan-bank.
- ↑ 2.0 2.1 The Dawn of Modern Korea. Lankov, Andrei. EunHaeng NaMu. 2007.
- ↑ Choe Sang-Hun, "Computer Networks in South Korea Are Paralyzed in Cyberattacks", The New York Times , 20 March 2013.
- ↑ Lee Minji (April 10, 2013). "(2nd LD) Gov't confirms Pyongyang link in March cyber attacks". Yonhap News. http://english.yonhapnews.co.kr/northkorea/2013/04/10/49/0401000000AEN20130410007352320F.HTML.
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