Kim stresses significance of overseas opportunities in face of saturated local market
Hana Financial Group chairman Kim Jung-tai unveiled his business policy to bolster the insurance sector during his first news conference as the group’s new chief.
While the group has been operating a joint life insurance venture in coordination with HSBC, Kim expressed his willingness to expand the insurance business via mergers and acquisitions.
“The insurance sector is the weakest among our business units,” he said. “If chances are given, we will try to take over a company.”
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Kim Jung-tai |
But he dismissed the possibility of Hana Financial participating in the coming bidding for ING Group’s Asia-Pacific insurance operations.
Mentioning the situation that the list of several potential bidders for ING has already been publicized, he said, “We will not join the competition.”
He stressed that the insurance business is required of high-level risk management for success.
Though the group has been operating Hana HSBC Life, formerly Hana Life, since 2008, its share in the local market is evaluated as minimal.
For the flagship banking sector, Kim said the group will seek further opportunities for M&As in Asia and the U.S.
While he commented on China, Vietnam and Indonesia as the main targets in the Asian market, he said, “We plan to enhance the retail banking and the private banking service (aimed at wealthy customers) in China.”
Kim added that he is pinning hopes on many overseas branches of Korea Exchange Bank, which was acquired by Hana Financial in February, in the group’s global marketing.
“The Domestic market has already been saturated. There is no other way than making inroads into the overseas market in the future businesses,” he said.
Asked about his future management philosophy, Kim said society excessively emphasizes leadership.
“I believe true leadership is not coercive pulling but inducing natural support from employees,” he said.
Kim reiterated that he will give directions for his employees as a “helper.”
The new chief will also take on the role of integrating the corporate cultures of Hana Bank and KEB over the next few years.
The 60-year-old figure, who took office as the second chairman of Hana Financial last Monday, served as CEO of Hana Bank between 2008 and 2012.
He also worked as CEO of Hana Daetoo Securities between 2006 and 2008 and an executive vice president of Hana Financial between 2005 and 2006.
By Kim Yon-se (
kys@heraldcorp.com)
