Hana unveils vision to become Asia's best financial group

The Korea Times

The Korea Times

Finance

Thu, December 7, 2023 | 22:05

Companies

Hana unveils vision to become Asia's best financial group

Posted : 2023-01-29 16:28

Updated : 2023-01-30 12:08

Hana Financial Group Chairman Ham Young-joo speaks during the group's New Year event at Kyung Hee University in Seoul, Saturday. Courtesy of Hana Financial Group

Hana chief Ham plans to focus on global expansion, digital innovation

By Lee Min-hyung

Hana Financial Group Chairman Ham Young-joo has presented three major group-wide strategies: global expansion, digital innovation and financial competitiveness reinforcement, as part of its 2023 corporate vision to become Asia's leading financial group, the company said Sunday.

Under the announced strategies, the leader of the nation's third-largest financial holding firm urged its staff to find fresh opportunities for growth by overcoming the looming crisis of a possible recession and as well as post-pandemic financial uncertainty.

"Hana Financial Group has built 1,100 networks across the globe, and grown as one of Korea's best financial groups with 21,000 employees developing their dream here," Ham said during a New Year's event titled "Hana Financial Group 2023: One Spirit! Connecting the world and future as one."

More than 4,000 employees from the group and its 15 affiliates ― such as Hana Bank, Hana Securities, Hana Card and Hana Capital ― took part in the event.

"I expect the group and all of its subsidiaries to share the one spirit, and move forward as Asia's best financial group," he said.

Earlier this year, Ham shared the three corporate strategies. But he gave a more concrete vision of how the group can achieve the vision during the latest event.

Hana Financial Group's top executives pose during an event to share its group-wide vision for 2023 at Kyung Hee University in Seoul, Saturday. They include Hana Financial Group Chairman Ham Young-joo, center, Hana Financial Group Vice Chairman Park Sung-ho, fourth from left, and Hana Financial Group Vice Chairman Lee Eun-hyung, fourth from right. Courtesy of Hana Financial Group

The top priority of Hana's 2023 vision is to enhance its global footing. To be specific, the company is set to adopt localized strategies for each region of the world.

"We will introduce differentiated strategies in 25 regions and 206 networks across the globe," a spokesman at the company said. "Hana will also push for expansion into untapped territories via overseas mergers & acquisitions and digital localization."

After taking office as the chairman of Hana in March 2022, he has reiterated his strong willingness for the global vision. Earlier in January, he took a business trip to the United States to attend the Consumer Electronics Show (CES) 2023. He also visited the headquarters of the world's leading tech firms ― Google and Nvidia ― to discuss how Hana's global vision converges with state-of-the-art technologies.

Hana Financial Group is also set to place its management's focus on innovating digital finance. This is echoed by most conventional financial firms here amid the rapid rise of digital transformation in the financial sector. The rivalry against big tech firms also comes as a serious threat to existing big financial firms.

Hana said it would come up with strategies for collaboration with big tech firms, and set a new paradigm, rather than deepening competition with them.

"We will also keep innovating existing digital systems and expanding investment to develop a set of innovative financial models," the spokesperson said.

The financial holding firm also pledged to strengthen its core expertise in financial businesses, in a bid to widen its market share despite intensifying competition in the local financial market.

"We will strengthen corporate finance through our converged digital platform targeting corporate clients, and offer sophisticated private banking models for our customers with our digitalized asset management programs," the official said. "Hana will also spare no efforts in expanding its investment into the non-banking sectors, so as to enhance our group-wide synergies and diversify our portfolio into new areas."

mhlee@koreatimes.co.kr