Hanwha Finance Network eyes retirement market

Hanwha Finance Network plans to enter the retirement market by providing customized one-stop services for financial customers, said Hwang Seung-jun, vice president of Hanwha Group’s Management and Planning headquarters.

“The retirement market is expected to grow exponentially as baby-boomers have begun to retire in 2010,” Hwang told The Korea Herald in an email interview.

“The right financial solutions are much needed for retirees in order to minimize uninvited social, economic shock as well as stress from psychological, cultural aspects of withdrawal after retirement.”

Hanwha Finance Network, the financial arm of Hanwha Group, is one of the nation’s leading financial groups. It has several affiliates including Korea Life Insurance, Hanwha Securities, Hanwha Investment Securities, Hanwha General Insurance and Hanwha Asset Management.

The financial group is eyeing the retiree market as well as maximizing growth in existing businesses and improving asset management capabilities. It aims to reach 250 trillion won ($214 billion) in assets under management and becoming the nation’s second largest non-banking financial network by 2015.

Through a wide array of innovative and creative services such as customer-tailored retirement pension consulting, Hwang said it hoped to gain a competitive advantage in the rapidly growing retirement market and secure 30 trillion to 40 trillion won in assets under management.

Realizing the limits due to the size of domestic markets, Hanwha Finance Network also plans to expand its business by advancing into foreign markets through merger and acquisition along with strategic alliances, said Hwang.

“KLI has begun its operations in Vietnam and China and has opened Tokyo, Beijing, New York and London offices. Hanwha Securities also operates in China, Hungary and Kazakhstan,” he said.

“Furthermore, Hanwha Group’s wide and matured global networks of 69 foreign affiliates have been very competitive and continually grown in various business sectors. Hanwha Finance Network strives to expand its global business via collaborations not only with its financial affiliates but also with non-financial affiliates within the group.”

Hwang explained that the group’s affiliates have improved performance and profits through infrastructure and resource integration.

“For example, with the recent integrated marketing campaign with celebrity baseball player, Park Chan-ho, Hanwha Finance Network’s brand awareness and preference are expected to increase,” he said.

“Network affiliates will also invest together in collaborative research and development and new business development which will also help increase the entire network’s size and capability.”

By Park Min-young (claire@heraldcorp.com)