Financial group leaders pose at a meeting with financial authorities at Korea Federation of Banks in Seoul, Nov. 20. They include KB Financial Group Chairman Yang Jong-hee, second from left, Hana Financial Group Chairman Ham Young-joo, third from left, Woori Financial Group Chairman Yim Jong-yong, fourth from left, Nonghyup Financial Group Chairman Lee Suk-joon, seventh from left and Shinhan Financial Group Chairman Jin Ok-dong, eight from left. Yonhap
The heads of Korea's leading financial groups – KB, Shinhan, Woori, Hana and NH NongHyup – each announced their New Year message emphasizing risk management as the top priority to navigate uncertainties this year,Tuesday.
Woori Financial Group Chairman Yim Jong-yong said economic and financial uncertainties from within the country and around the world will persist, including the U.S.-China feud, geopolitical risks and real estate project financing exposure risks.
The challenging market tightening can be surmounted through a reinforced monitoring of risk factors and a prompt evaluation of global risks, Yim said. Comprehensive contingency plans will be closely outlined to address unforeseen risks effectively, he added.
“We will fortify employee capabilities, synergy and communication, a set of goals that will restore our reputation as a corporate financial leader,” he said in his New Year message.
“We have consistently outperformed our industry peers in corporate financing for years. The year 2024 marks a significant turning point for Woori's renewed expansion to solidify our market dominance, coupled with proactive risk management measures. Strengthening our non-bank group affiliates is a priority, as buttressed by our strategic entry into the securities industry,” Yim added.
Hana Financial Group Chairman Ham Young-joo said 2024 will be remembered as the year of the group cementing its standing on the global stage.
“Our commitment to sustainable growth will be advanced by the reinforcement of cross-affiliate cooperation and collaboration as well as stricter internal controls and enhanced risk management measures,” he said in his New Year message.
It is all about the basics, according to Ham. Whether it be the construction of a building, or growing a plant, the principle remains the same.
“Ultimately, our success will be measured not by the speed at which we attain our goals, but by the accuracy of our judgments and the integrity of our decisions.”
Shinhan Financial Group Chairman Jin Ok-dong said the group will prioritize the ethics of the industry in the context of fostering innovation and overcoming challenges.
“We are dedicated to providing a customer-centered, best-in-industry service provider, driven by the enhancement of internal control and risk management mechanisms.,” he said in his New Year's message.
KB Financial Group Chairman Yang Jong-hee reiterated a commitment to promoting "mutual growth" with socially vulnerable groups, in line with the group's dedication to enhancing social responsibility amid the country's extreme polarization.
He said the group will overhaul the growth strategies of each subsidiary to elevate its non-bank affiliates as leaders in their field.
Nonghyup Financial Group Chairman Lee Suk-joon said preemptive and tighter risk management should help identify and neutralize any risks.
“We are committed to identifying various risks beyond our current understanding and anticipation, before they can pose a significant threat. We sill fortify risk management efforts to counter risks of any magnitude,” he said in his New Year message.
Also among Lee's growth strategies is the effective implementation of generative artificial intelligence (AI) in all areas of group businesses and financial services.
“We will create a solid foundation for the group to transform into a lifelong partner and financial service provider, as mediated by fast, satisfaction-oriented digital services,” he said.