Latest news with #PLCC
Korea Herald
10-07-2025
- Business
- Korea Herald
Hyundai Card names sales chief as new CEO
Hyundai Card, the credit card unit of Hyundai Motor Group, has nominated Cho Chang-hyun, head of card sales operations, as its next CEO. The company's executive nomination committee selected Cho as the sole candidate on Wednesday, with final approval to be made at an upcoming shareholders meeting. Once confirmed, he will lead the firm alongside Vice Chairman and co-CEO Chung Tae-young. Cho joined Hyundai Card in 2004 and has since held leadership roles across key divisions including marketing, product planning and sales. He became an executive in 2016 and has overseen a wide range of operations, from the company's two flagship products — General-Purpose Credit Card and Private Label Credit Card — to the finance and corporate business divisions. He currently leads the card sales operations division. 'Cho has demonstrated strong capabilities in managing strategy from planning through execution, and has shown balanced leadership in achieving sales targets while effectively controlling risk,' the company said in a disclosure. 'We believe he is the right person to deliver strong results amid an increasingly competitive financial landscape by identifying future business opportunities, expanding customer touchpoints and enhancing service competitiveness.' His deep expertise in the PLCC business was a key factor in his nomination, amid growing pressure on the segment. Cho is set to replace current CEO Kim Deok-hwan, who offered to resign before the end of his term in March 2026. Industry reports have linked Kim's early departure to instability in the company's PLCC business. Hyundai Card has positioned itself as a leading player in the PLCC sector, which not only fosters customer loyalty but also enables the company to build valuable data assets — an area it has increasingly prioritized. However, the business faces growing uncertainty. Hyundai Card's exclusive six-year PLCC partnership with Starbucks Korea — one of its flagship partners — is set to expire later this year. The coffee chain is reportedly exploring alternative partners, raising the risk of a high-profile loss for the card issuer. To navigate these challenges, the company is turning to Cho, a seasoned PLCC strategist it credits with having driven the business' advancement. Under his leadership, Hyundai Card expanded its PLCC partner network across nearly 20 sectors and maintained steady growth, reinforcing the firm's broader push into data science collaboration.
Associated Press
19-05-2025
- Business
- Associated Press
Magnetiq Bank becomes the first Latvian Bank to join the Polish–Latvian Chamber of Commerce and Industry
Magnetiq Bank joins the PLCC, becoming the first Latvian bank to strengthen cross-border ties with Polish businesses, especially in fintech. POLAND, May 19, 2025 / / -- Magnetiq Bank has signed a cooperation agreement with the Polish–Latvian Chamber of Commerce and Industry (PLCC), becoming the first Latvian bank to join this organization. Participation in PLCC is a significant step in Magnetiq Bank international expansion, demonstrating the bank's commitment to fostering closer cooperation and economic ties with Polish entrepreneurs, particularly in the financial technology (fintech) sector. This partnership opens up new opportunities for networking, market research, and active engagement in discussions about the business environment in both Latvia and Poland. With this move, Magnetiq Bank strengthens its presence in the Baltic and European regions, positioning itself as a reliable and innovation-driven partner for international fintech and e-commerce clients. Jānis Mārtiņš Skuja, Executive Director of the Polish–Latvian Chamber of Commerce and Industry, comments: 'We are pleased to welcome Magnetiq Bank as a new member. The involvement of a financial institution of this calibre demonstrates that cross-border cooperation between Poland and Latvia is becoming increasingly dynamic and full of potential. We believe this partnership will create a strong platform for turning business ideas into successful, long-term ventures.' Jakub Więcław, CEO, Chairman of the Management Board at Magnetiq Bank, added: 'Joining the PLCC is a strategic move in developing our international partnerships. We see great potential for closer cooperation with Polish businesses, particularly in the financial and technology sectors. Membership in the Chamber will allow us to understand their needs better and offer tailored financial solutions that support the economic growth of both countries and contribute to our clients' success.' About the Polish-Latvian Chamber of Commerce and Industry PLTR was established to promote economic cooperation between the two countries. It brings together businesses, organizations, and individuals interested in cross-border collaboration. PLTR's main objective is to help entrepreneurs better understand the specific features of each market, find cooperation partners, and address business-related challenges. About Magnetiq Bank AS Magnetiq Bank is a Latvian bank focused on serving the needs of fintechs, startups, and e-commerce service providers by offering banking infrastructure, segregated accounts, payment solutions, and lending services to support their growth. The bank's mission is to foster the development of the startup and e-commerce sectors through innovative technology and exceptional customer service. Magnetiq Bank is part of the Signet Bank Group, with its sole shareholder being Signet Bank AS, Latvia's leading investment bank focused on financing and attracting investment for local entrepreneurs and their companies. Julija Fescenko Magnetiq Bank +371 26 471 277 email us here Visit us on social media: LinkedIn Instagram Facebook YouTube Legal Disclaimer: EIN Presswire provides this news content 'as is' without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
