Ham Young-joo, chairman of Hana Financial Group, stressed the need to prepare for the future and objectively judge Hana Financial Group’s current business environment and what the financial group is today in a message to employees in honor of the beginning of the New Year.
“We have talked about serious crises every time but despite them, Hana Financial Group has consistently achieved remarkable growth,” Ham said. “I am concerned that due to this cognitive dissonance, we may be trying to overlook an immediate crisis and overestimate ourselves.”
The problem was Hana Financial Group’s competitors were outperforming the group by constantly changing and innovating, Ham said. “Among the 14 subsidiaries of Hana Financial Group, how many companies are at the top in their respective business domains?” Ham asked employees.
“Our own real crisis is right here,” Ham said. “You have to face our realities with a cool head. Now, rather than settling for the achievements of the past, we must broaden our stride and move toward the future at a faster pace before it is too late.”
First off, Ham mentioned the importance of increasing Hana Financial Group’s competitiveness in its business areas. “We should maximize our strengths in investment banking (IB), foreign exchange (FX), asset management, capital and trusts among others and supplement our weaknesses including our weak customer base,” Ham continued.
“At the same time, we have to expand the scope of our business into new areas through active partnerships and investments in non-financial sectors including mobility, healthcare, and virtual assets including M&As in non-banking sectors such as insurance, credit cards, and asset management,” Ham added.
Ham’s second theme was about strengthening Hana Financial Group’s global status.
“Based on areas where we have strengths and rich know-how such as IB, funds and asset management which we are doing well in Korea, we must go global and develop new businesses and grow them into our core businesses,” Ham said.
“In addition, reflecting rapidly changing global situations, Hana Financial Group ought to solidify its global status by expanding its global territory through M&As and digital finance based on differentiated strategies by region and industry, rather than simply promising investment areas.”
Finally, digital financial innovation should be strong promoted, Ham said.
“Innovation is not bombastic technological development, but improving infrastructure and creating sales tools so that customers can use financial services more conveniently and employees can focus on their work more efficiently through digital technology and systems,” Ham said.
“To this end, we must expand our knowledge and advance our technology through bold alliances and investments and make an attempt to pioneer new digital areas such as virtual assets and metaverse.”
In his inauguration speech, Ham said that Hana Financial Group aims to become Asia’s best financial group.
“Perhaps many employees may have laughed at it because they thought it is absurd to become the best in Asia without being the best in Korea. Are we living an impossible dream?” Ham asked.
Ham recalled the Korea National Football team’s miracle at the FIFA World Cup in Qatar.
“The Korean National Football Team had a 9 percent chance of advancing to the round of 16 at the World Cup. The Korean footballers fought well against the strong Portugal National Team,” Ham said.
“But until the 45th minute of the second half, when everyone was discouraged with a 1-1 tie, Son Heung-min, who is also our advertising model, did not give up until the end and started to run with all his remaining strength. Then, a miracle happened.”
“That’s right. Nothing is impossible,” Ham said. “There’s nothing we can’t do. Now it’s our turn after the Korean national footballers. We have the power of integration. Every Hana employee should look in the same direction and become “one” to attain desired goals through sacrifice and consideration for each other. We can do it. In 2023, when we all become one, Hana Financial Group will become Asia’s best financial group.”
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