 |
| KEB Hana Bank CEO Ji Sung-kyoo speaks at a press conference for his inauguration at the bank's headquarters in Seoul, Thursday. / Yonhap |
By Lee Kyung-min
KEB Hana Bank CEO Ji Sung-kyoo said he will seek to prioritize digital transformation and globalization in a move to become a leading, competent bank in the rapidly changing market.
"We will seek to change our identity from a commercial bank to an information-based entity, a fundamentally different mindset from our competitors that mostly consider the transformation a tool to help their business objectives," Ji said at his inauguration press conference at the bank's headquarters in Seoul, Thursday.
His two-year term will end in March 2021.
An aggressive overseas business expansion into Southeast Asia will be among his top priorities.
"The domestic market has become nearly saturated, with the competition among industry players only seeking to poach customers from one another. We will seek business overseas so that we can truly strengthen our capabilities, which in turn will help that of our competitors," he said.
This is in line with "Vision 2540," under which the bank will seek to increase the net income derived from overseas profit to 40 percent from the current 13 percent by 2025.
An example of such a business move includes the launch of its Global Loyalty Network (GLN) digital platform.
The blockchain-based technology enables customers to make digital transactions regardless of their location via the decentralized system.
The integrated platform network allows financial services firms, retailers and card point management firms to use shared digital platforms to exchange digitally convertible commodities including points and mileage.
"The platform is a prime example of how we can become an information-based entity from a bank whose primary role thus far involves lending and making interest income."
Closer cooperation with ICT firms and social media will be pursued, a much attainable task following the success of LINE.
In October 2018, PT Bank KEB Hana Indonesia signed a share subscription agreement with LINE Financial Asia in a bid to strengthen Hana's digital banking in Indonesia.
LINE is expected to foster digital banking, fully capitalizing on its strong brand recognition, user-heavy platform and rich content in Indonesia.
Well-versed in affairs involving China, Ji learned one of the most valuable lessons by working with his young boss in China.
"When I worked in China, I had a boss who was over 10 years younger than me. Working with him taught me that physical age is meaningless without a mind that is able to remain open to new ideas and changes."
The company is well-positioned to lead post-merger integration of Korea Exchange Bank and Hana Bank.
In January, the union and management at KEB Hana Bank agreed to completely integrate its dual structure in personnel management, salary and welfare in order to forge a forward-looking relationship.
He said any remaining friction will be resolved by workers sharing a common goal and vision toward digital transformation and globalization.
"The post-merger integration has been well underway following an effective and competent management completed by my predecessor Ham Young-joo. Korea has a different approach toward true integration. It may take a while, but we will get there through continued open and honest communication," he said.
He also vowed to continue a healthy relationship with the Financial Supervisory Service (FSS).
"The bank will continue maintaining a good relationship between the regulatory authorities that conduct the oversight to contribute to the development of the banking industry."
