New President Ji Sung-kyoo of KEB Hana Bank is waving the bank’s flag at his inauguration ceremony on March 21 at the bank’s head office in Euljiro, Seoul.

President Ji Sung-kyoo of KEB Hana Bank is set to challenge the global financial market with a digitalization and global strategy to spur his bank to be a top global financial institution in the near future.

At his first media conference following his inauguration as the new CEO of the bank on March 21, Ji said it is time for KEB Hana Bank to break out of the zero-sum competition and try to expand its overseas operations by embracing digitalization to intimidate the bank’s competitors.

CEO Ji was officially named to lead the bank at the bank’s shareholders’ meeting that approved his nomination as the new CEO. His term expires in March 2021.

The new CEO said digitalization of the bank’s facilities would help it be known as a data-based information company. Also listed as priorities were the globalization of the bank’s operations; operations centered on its customers; and a bank that the people want to work for.

Ji especially touted a strategy to help the government’s New Southern Strategy by expanding the bank’s operation in the southeast Asian region, including in Vietnam, the Philippines, Cambodia and ultimately India, as the countries that the bank must set up in and expand its operations. President Ji has a wide range of experience, having spent over 17 years working for the bank’s overseas operation. He started in the Hong Kong branch in 2001, where he dealt with Chinese business and individual customers.

“To become a trusted global bank, we should move forward with digitalization and globalization of our operation” Ji said in his inaugural press conference held at KEB Hana Bank’s headquarters in Euljiro, Seoul.

“Our target is to transform the bank from a commercial bank to a data company from the core. We believe this is the way for us to separates our ‘digitalization’ strategy from that of other banks. The digital operation has already begun, said the new CEO,” he said.

KEB Hana Bank has set out to build a workforce to specialize in digital technologies, including artificial intelligence, big data and blockchain.
Ji plans to pick around 2,000 of the company’s employees for training on overseas banking operations on such key areas as credit analysis and risk control.

A special unit will be set up to strengthen key areas of operation overseas, including the investment banking, and trust fund to make overseas operations key to the bank’s bottom line. The new CEO also plans to set up a special personnel unit to train the personnel for overseas assignment.

Stressing the importance of technology adoption, Ji pledged to forge more tie-ups with competitive non-banking entities similar to the one it possesses with mobile messaging firm Line. The two have partnered to establish Line Bank, a digital bank, in Indonesia, marking a Korean bank’s first entry into the retail banking business in an overseas location.

Global expansion is another pressing task for Ji, who stressed the need to look beyond Korea for new growth. The new chief pledged to continue nurturing the bank’s established business operations in China and Indonesia while paving new growth in Southeast Asia.

Target countries includes ASEAN member states, including Vietnam, the Philippines and Cambodia, as well as India.
Looking ahead, many expect that Ji, an expert in China business operations, will leverage his experience to successfully spearhead the bank’s exploration into new financial markets.

A view of the KEB Hana Bank building in Euljro, Seoul. (Photos: KEB Hana)