Arab Today, arab today korean banking groups seek insurance biz expansion
Last Updated : GMT 16:24:37
Arab Today, arab today
Arab Today, arab today

Korean banking groups seek insurance biz expansion

Arab Today, arab today

Arab Today, arab today Korean banking groups seek insurance biz expansion

Seoul - Yonhap

South Korea\'s four largest banking groups plan to step up efforts to expand their insurance units in a bid to bolster their non-bank businesses, sources said Sunday. According to the industry sources, the country\'s top four banking groups -- Woori Finance Holdings Co., KB Financial Group Inc., Shinhan Financial Group Co. and Hana Financial Group Inc. -- plan to reinforce their insurance affiliates\' sales networks and workforces as part of their efforts to diversify profit sources. KB Financial Group, the parent of top lender Kookmin Bank, is set to increase the number of its insurance affiliates\' branches by five-fold by 2013. The company also aims to employ more than 2,000 insurance consultants. The move comes after group chairman Euh Yoon-dae said earlier this month that the company may consider purchasing a life insurance company in a bid to strengthen the group\'s non-bank business, which accounts for around 20 percent of its business portfolio. Shinhan Financial Group is also set to hire more than 1,000 employees to reinforce its insurance unit, which ranks as the country\'s No. 4 life insurer. Meanwhile, Woori Finance Holdings is set to open seven new branches this year and hire around 50 new employees, according to the sources. The state-run banking group operates Woori Aviva Life Insurance Co. in partnership with Britain\'s insurance giant Aviva Plc. Hana Financial Group, which has teamed up with Britain\'s HSBC Holdings Plc., also plans to gradually expand its insurance sales channel. \"Local banking groups need to foster their non-bank businesses, since their dependence on bank units is excessive. Forging ties with overseas insurers could be one way to effectively expand their insurance sales channels,\" said an industry official.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today korean banking groups seek insurance biz expansion Arab Today, arab today korean banking groups seek insurance biz expansion

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today korean banking groups seek insurance biz expansion Arab Today, arab today korean banking groups seek insurance biz expansion

 



Arab Today, arab today Etiquette expert calls for short visits

GMT 16:21 2017 Monday ,26 June

Etiquette expert calls for short visits
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday