Hana Financial Chairman to Continue Persuading the Union to Hold Talks, While Strengthening Overseas Operation
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Hana Financial Chairman to Continue Persuading the Union to Hold Talks, While Strengthening Overseas Operation
Chairman Kim Jung-tae begins new term as head of the financial group

06(Mon), Apr, 2015



Chairman Kim Jung-tae of Hana Financial Group speaks at a ceremony to inaugurate him for another term as the chairman of the financial group held on Feb. 23 at the group’s building in Seoul.(Photo:HFG)


Chairman Kim Jung-tae of Hana Financial Group has been retained to serve another three-year term as the chairman of the financial group with the board deciding to keep him at his current position on Feb. 23, the financial group said.

The chairman told a local daily immediately following the board’s decision was made to keep him for another term that he will strengthen the group’s overseas operation to recover the group’s profitability, which fell steeply due to the domestic financial business environment that has grown worse over the past few years amid sluggish economic conditions.

Kim said it is not worth working for profit in Korea’s saturated financial market, and overseas is the way forward for the group to recoup its losses in the domestic financial market and become profitable again.

Kim said the group has been steadily investing in both Indonesia and China in the past two years under a fresh global strategy, and the results will begin to show from this year.

The financial group (with 392 trillion won in total assets) posted 937.7 billion won in net profit in 2014, which looked rather small compared with those made by its rivals. KB Financial Group (with 405 trillion won in total assets) earned 1.4 trillion won in net profit and Shinhan Financial Group (407 trillion won in total assets) reported 2 trillion won in net profit. Chairman Kim aims to lead the group to catch up with his rivals by turning the bank’s focus overseas.

Kim said he will let the group extensively explore the capital, securities, insurance and secondary financial markets around the world. The group has been considering the takeover of an overseas insurance firm and buying a stake in a financial firm in the secondary financial market under the strategy to boost non-banking assets to around 25 percent of the total in the next three years, from the current 11 percent.

Kim also unveiled a plan to launch an internet financial services company in China and Indonesia in the first half of this year by transferring One Q Bank — a mobile financial service that Korea Exchange Bank’s Canadian affiliate operates in Canada — to those countries.

Kim also felt that he was retained to serve another term for the group so that he would be able to integrate both Hana Bank and KEB, which is needed to cope with the current tough times that the banking community is faced with in general and must be overcome.

Banking sources are curious how Kim would solve the current impasse in the process of the two banks merger, which was brought on by a court order to suspend the merger process until June 30 and the refusal by KEB’s union to discuss the merger with management.

Kim has been insisting that the only way to solve the problem is to hold discussions with the union, and he will continue to try to persuade the union to come to the table.

The banking sources expect the chairman to continue to persuade the union to come to table for talks while strengthening the overseas operations of the two banks, taking advantage of KEB’s extensive global financial network.


   
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