SEOUL– Shinhan Financial Group Co. said Thursday it will deliver 400 won (US$0.29) dividends per share in the third quarter and cancel 150 billion won worth of its own stocks to increase shareholder value.
“Shinhan Financial Group seeks to gradually raise the ratio of its shareholders’ returns and make regular dividend payouts every quarter,” said an official of Shinhan Bank, a banking arm of the financial behemoth.
The major financial group’s decision came amid high-flying interest rates that turned investors risk-averse in the stock market.
Since August last year, South Korea’s central bank has raised its policy rate seven times by a combined 2 percentage points in order to tame the rising inflation.
Source: Yonhap News Agency