Woori, Hana, and NongHyup Bank Presidents Kick Off New Year... Officially Declare Leading Bank Competition

Heads of Woori, KEB Hana, and NH Nonghyup Banks Resolve to Start Anew with Employees on the 1st

Son Tae-seung, Woori Bank CEO, Pays Tribute at Hongyureung... Sets Goal to Achieve No.1 Comprehensive Financial Group

Ji Sung-kyu, Hana Bank CEO, Communicates at Sunrise... Aims to Become a Leading Global and Digital Bank

Lee Dae-hoon, Nonghyup Bank CEO, Resolves to Push Business Forward... Actively Seeks Overseas Expansion as a Latecomer

[Asia Economy Reporter Cho Kang-wook] The heads of Woori Bank, KEB Hana Bank, and NH Nonghyup Bank gathered with their employees from the first day of the new year to reaffirm their commitment to a fresh start. Excluding Shinhan Bank and KB Kookmin Bank, which are competing for the leading bank position, the swift moves by these three bank CEOs have been interpreted as a declaration of their intention to actively compete for the top tier this year. Notably, all three leaders emphasized globalization in response to the deteriorating domestic business environment, suggesting that competition for the title of 'leading bank' is expected to intensify.

Son Tae-seung, Chairman of Woori Financial Group (President of Woori Bank), is visiting and paying respects at Hongyureung, the tomb of Emperor Gojong, together with Woori Financial executives on the 1st.

According to the financial industry on the 2nd, Son Tae-seung, chairman of Woori Financial Group and CEO of Woori Bank, visited Hongyureung, the tomb of Emperor Gojong, on the 1st along with Woori Bank executives. Hongyureung is the burial site of Emperor Gojong, who in 1899 established the Daehan Cheonil Bank, the predecessor of Woori Bank, with national and royal capital, and Prince Yeongchin, the second president of Daehan Cheonil Bank. Woori Bank begins each year by paying respects at Hongyureung.

On this day, Chairman Son presented the management goal for this year as "achieving the No.1 comprehensive financial group" based on business innovation, revealing his ambition to become the leading bank. Having been solely recommended as the next chairman candidate for a three-year term on the 30th of last month, alleviating concerns about leadership gaps, he plans to focus on organizational stability and expanding the group's profitability through strategic mergers and acquisitions (M&A).

Chairman Son stated, "Entering the second year of the group system, we will continue to pursue strategic M&A," adding, "This year, we will accelerate not only small and medium-sized M&A such as capital and savings banks but also portfolio expansion that can elevate the group's profitability to a new level, including securities and insurance." Earlier, on the 23rd of last month, he also mentioned regarding the sale of Prudential Life, considered a valuable asset, that "We are watching it with interest."

Jisung Kyu, the bank president (center front row in the photo), along with about 100 executives and employees, watched the sunrise together at the newly opened Smart Work Center on the 24th floor of the Euljiro new office building on the 1st, wishing for New Year's hopes and health.

Ji Sung-kyu, CEO of Hana Bank, began communication management on the 1st by watching the sunrise with about 100 employees at the newly opened Smart Work Center on the 24th floor of the Euljiro new headquarters. After watching the movie "Walter Mitty," he emphasized change and innovation, saying, "Let's make this year a year when imagination becomes reality." Since his inauguration in March last year, his biggest goal during the remaining 1 year and 2 months of his term has been to achieve a leading global and digital bank. Although Hana Bank maintained the second position in overseas subsidiary performance for several years, it was overtaken by Woori Bank in the third quarter of last year, which is why it is putting its life on overseas business this year.

Earlier, in July last year, Hana Bank signed a contract to acquire a 15% stake in BIDV, Vietnam's No.1 bank, for over 1 trillion won, and received approval from the local central bank in October. This is the largest overseas strategic equity investment by a domestic bank to date. CEO Ji plans to diversify overseas expansion and strengthen localization, focusing on growth regions in the New Southbound Policy such as Vietnam, including Indonesia's Line Bank business, the first overseas internet bank entry by a domestic bank.

NH Nonghyup Bank held the '2020 Business Promotion Resolution Meeting' on the 1st at Ansan, Seodaemun-gu, Seoul, with Bank President Lee Dae-hoon (center front row) and employees in attendance.

Lee Dae-hoon, CEO of Nonghyup Bank, also held the '2020 Business Promotion Resolution Meeting' with employees on the same day, reaffirming commitments including achieving net profit targets. Having succeeded in a third consecutive term for the first time since the establishment of Nonghyup Financial Group following the board's approval in December last year, CEO Lee plans to pursue overseas expansion more actively this year. Nonghyup Bank raised its net profit target from 780 billion won in 2018 to 1.28 trillion won last year, and set it at 1.505 trillion won this year, reflecting the challenging domestic business environment. Particularly, Nonghyup Bank is a latecomer in global expansion compared to other banks, with its earliest U.S. branch opening only in 2013. For this reason, CEO Lee has repeatedly emphasized that "the bank's global business expansion is no longer optional but an essential core business for future sustainable growth." Nonghyup Bank plans to create core revenue sources targeting New Southbound regions such as India and Vietnam and establish branches in international financial hubs like Hong Kong and Sydney, Australia this year.

A financial industry official said, "Due to economic recession, low interest rates, and regulatory pressure this year, it will become even more difficult for commercial banks to generate domestic profits," adding, "With bank heads declaring their intention to target overseas markets, competition to secure the leading bank position is expected to heat up further."

This content was produced with the assistance of AI translation services.