RETAIL BANKING | Cesar Tordesillas, Korea

Korea's Hana Bank, KEB to jointly explore global markets

Two Hana affiliates join forces.

These are Hana Bank and Korea Exchange Bank, which will cooperate in offshore businesses to create synergy in overseas countries.

Hana Financial Group is speeding up their internationalization in the hope of discovering new growth engines.

This is necessary due to the saturated local marfket.

The Group described the Korean financial industry as a “red ocean,” where players compete fiercely over a limited number of customers.

The group stressed that expanding its offshore network is its first priority.

“We will enforce our stance as a global financial group by increasing our overseas assets and profits to 10 percent and 15 percent, respectively, by 2015,” the group announced.

Among the new branches it seeks to establish are in Myanmar, Turkey, Vietnam, the United Arab Emirates and nations in South America. It also seeks to set up new outlets in China and Indonesia.

Currently, the group has a total of 104 overseas branches in 22 countries. Hana Bank has 51 networks in eight countries, including China and Indonesia. Hana-Daetoo Securities have three outlets in China and Hong Kong.

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