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Chohung Bank to focus on corporate customers.
(From The Korea Herald)
By Kim Ji-ho After becoming part of Korea's second-largest financial services company, Chohung Bank will now focus on risk management to boost its profitability, the lender's new chief said.
In a meeting with the press on Monday, Chohung CEO Choi Dong-soo, who took office just before Shinhan Financial Group bought the bank last month, projected that the bank would post a profit next year after booking a loss this year.
"(Chohung) is expected to record a considerable loss this year. Once it books most loan-loss provisions this year, however, it will turn to a profit next year, and then this will continue through 2005 in full swing," Choi noted.
The formerly No.4 commercial bank in Korea, Chohung registered a loss of 419.3 billion won ($364.5 million) in the six months to June 30, shifting from a profit of 53.9 billion won a year earlier. It explained that increased corporate and credit-card defaults forced it to set aside more bad-loan provisions.
"In the past, Chohung often suffered (losses) even after working hard," the CEO argued, saying the bank ...
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