Chairman Kim Jung-tai of the Hana Financial Group called wants to make the group loved by the people in Korea, and asked for every employee to imprint the new ethical code of conduct into their minds. The group declared the new code of conduct in early January with the launch of the KEB Hana Bank, which was born out of the merger of the Korea Exchange Bank and Hana Bank
Now a key component of the group, Hana Financial Group is the largest financial group in the country in terms of assets, which amount to over 300 trillion won thanks to the takeover of the Korea Exchange Bank in September last year and the merger with Hana Bank.
Officials of the financial group said the synergy created by Hana Bank’s wealth management capacity and KEB’s foreign exchange market domination would go a long way to helping the bank maintain its upward trajectory.
They said by 2025, the group boast the largest net profit, with 40 percent of the earnings coming from overseas, and the non-banking operation of kicking in around 30 percent of the total annual profit. It aims to rank within the 40 largest global financial groups and among the top five in Asia.
The Hana Financial Group has been further stepping up its reach around the world in an effort to rank among the top 50 global financial firms, the group said recently.
Right now, the financial group has been working to build its financial network in Asia, linking China, Hong Kong, Vietnam, India, Indonesia, Singapore, and the Philippines, and in 2015, the financial group will jump over the Asian boundary and expand its financial operations in other regions including the United States and Europe.
Hana’s global operations can divided into four regions, which are the Chinese sphere, the Southeast Asian sphere, the North American sphere, and the European sphere, with the group aiming to expand the overseas share of its assets to 10 percent and earnings to 15 percent of the total by 2025.
The key word for the group’s overseas operation is localization. It has been pushing the strategy hard in such countries as China, Indonesia, and Canada. The two key affiliates of the group.
Hana Bank has also been busy expanding its financial activities in cooperation with Jilin Bank in Jilin, in northeastern China, in which the Korean bank recently acquired a stake, taking advantage of the local bank’s financial network in the region and developing products suitable to local customers jointly with Jilin Bank. The two banks also plan to cooperate in their overseas operations, especially in North America where there are large Chinese communities.
PT Bank Hana, a wholly-owned subsidiary in Indonesia, has been operating both retail and corporate banking, while PT KEB Indonesia has been focused on Korean firms operating in Indonesia with its 37 banking outlets in the Southeast Asian country.
In Canada, KEB has been going after Korean communities and Chinese communities in cooperation with Jilin Bank, offering a variety of financial services and new financial products tailor-made for the local customers.
The two banks have been doing well in the United States, too, providing financial services such as remittance to Korean firms and individuals. The group signed an agreement to take over BNB Bank in New York and is awaiting approval from the local financial authority.
Officials of the group said Hana Bank will transfer its diverse banking know-how to the acquired bank in New York, especially in the area of retail banking staffed with local employees under professional financial managers to deepen its localization.
The group will maintain its strategies in Southeast Asia and China designed to expand its operations in those regions. The group is also eyeing its advancement into Central and South America and countries in Southeast Asia. Synergy is created through cooperation among the global networks, especially among the securities affiliates and overseas network.
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