[W Frontier] "Before Complaining About the Glass Ceiling... Speak with Ability and Achievements"

2020 Asia Women Leaders Forum 9th Mentor
Interview with Baek Mi-kyung, Head of Consumer Protection Group at Hana Bank
The Only Female Executive Director in the Company Bringing a New Wave of Change
Wants to Support Juniors After Retirement

Baek Mi-kyung, Executive Director of Hana Bank, is being interviewed by Asia Economy on the 8th. / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Min-young] “In the past, male employees at banks were in charge of corporate loans, while female employees handled household banking tasks, dividing roles and functions. Nowadays, the world has changed, and employees are assigned to areas where they can perform well regardless of gender. There is no reason for an organization to exclude someone just because she is a woman. The glass ceiling (an invisible barrier within an organization that prevents women and others from advancing to senior positions) can be broken through as long as one has the ability.”

Baek Mi-kyung, Head of the Consumer Protection Group at Hana Bank (56), is the bank’s only female executive director. She has risen to the highest position among 7,375 female employees. Over more than 30 years in banking, she has not suffered disadvantages “because she is a woman.” Rather, it was thanks to her own efforts to avoid such disadvantages. When she started as a junior clerk alongside about 600 peers, she enjoyed learning the work, and after transferring to the head office, she was recognized for her “work ability” in departments such as the International Division and the Secretary’s Office. Even as a branch manager, she was known for “not falling behind anyone.” Now, she enjoys new challenges, including overseeing the bank’s consumer protection division.

◆ Complaints about the glass ceiling: “You must develop ‘ability’ first” = Executive Director Baek said, “Not only Hana Bank but all companies are concerned that CEOs and management need to nurture women,” adding, “If qualified, women are fully utilized in banks nowadays. Distinguishing between men and women is absolutely unhelpful to both the organization and employees.” The financial sector, to which Baek belongs, has very few female executives. Especially in banking, there has been a conservative male-dominated culture to the extent that “more women join the bank, but all executives are men.”

Invisible promotion barriers remain high. According to the financial sector, as of the end of June, there were only seven female executives among the five major financial holding companies?Shinhan, KB, Hana, Woori, NH Nonghyup Financial Group?and six banks?Shinhan, KB Kookmin, Hana, Woori, Nonghyup, and Industrial Bank of Korea. Including CEOs and bank presidents, female executives accounted for only 5.3% of the total 132 executives.

However, the banking sector is rapidly changing. The days when the first female branch manager or female executive appeared are now history. In 2013, Kwon Sun-joo became the first female bank president in Korean banking history as CEO of Industrial Bank of Korea, and recently, more news of breaking the glass ceiling has emerged. Yoo Myung-soon, Senior Vice President of Citibank Korea, was appointed as president, making history as the first female head of a domestic commercial bank.

Baek Mi-kyung, Executive Director of Hana Bank, is being interviewed by Asia Economy on the 8th. / Photo by Moon Ho-nam munonam@

◆ “Seize the ‘opportunities’ that come before your eyes during your career” = Within this environment, Executive Director Baek endured over 30 years, rising to head of division in 2015 and then to executive director. As one of the seven female executives in the banking sector, her life has been a continuous challenge. She entered the bank at 19 right after graduating high school and worked as a clerk for over 10 years. With many peers and seniors, and the perception of a lifelong job, job changes were rare, causing frequent personnel stagnation. In 1995, she took her first challenge by being promoted to manager (assistant manager) and transferring to what is now Hana Bank.

Before and after the International Monetary Fund (IMF) foreign exchange crisis, she worked at Banbae Seorae Branch in Seocho-gu, Seoul, and Daechi Branch in Gangnam-gu, discovering an interest in managing customers’ assets. She decided to become a Private Banker (PB). This was her second challenge.

She enjoyed PB work. Watching clients grow their assets through real estate and stocks made her proud. It suited her perfectly. She worked as a PB for over five years and was promoted to PB manager. “I thought I could be a PB even with white hair,” but she still wanted to become a branch manager, the “flower of bank employees,” before leaving the bank. In 2005, she was appointed branch manager of Seongbuk-dong Branch in Seongbuk-gu, Seoul, embracing a new challenge.

Executive Director Baek could not sleep the night before her first day as branch manager. It felt like a new employee’s first day at work. She adapted over time but lost sleep every night due to fierce competition to improve sales performance. Nevertheless, she served as branch manager continuously for 10 years at Seongbuk-dong Branch, Jeongja Central Branch in Seongnam-si, Gyeonggi Province, Sinbanpo Branch in Seocho-gu, and Jamwon Station Branch, never falling behind anyone. At a time when female branch managers were rare, Baek was recognized as a high-performing branch manager regardless of gender.

She recalled, “My time as branch manager was when I worked harder than anyone else. Originally, I did not dream of becoming a banker, but was persuaded by my school teachers and parents to become one, and eventually felt it was my true calling.” She said she wants to help female juniors succeed more as a senior after retirement. To young people preparing for banking careers amid the strong impact of COVID-19 and the rise of non-face-to-face (untact) services, she encouraged, “Opportunities always come to those who are prepared.” Her bright smile revealed the sense of responsibility she carries as a female executive director.

Kim Jung-tae, Chairman of Hana Financial Group

Who is Executive Director Baek’s life mentor? ‘Spiritual pillar’ Kim Jung-tae, Chairman of Hana Financial Group

Throughout her 30-plus years in banking, Executive Director Baek has taken mentors from those around her at critical moments. During her clerk days, the “older sisters” she worked with were her mentors. Now, she regards Kim Jung-tae, Chairman of Hana Financial Group, as her spiritual pillar.

◆ “Engraving a principled attitude toward people in my heart” = Chairman Kim started as a clerk at Seoul Bank in 1981, one of the few college graduate new hires at the time. He was proficient in English and gained IT skills through the IT department, acquiring the global and digital sensibilities companies desire today early on. After moving to Hana Bank, he rose steadily, serving as department head, division head, vice president, and holding a vice chairman position at the holding company before becoming Hana Bank president in 2008. Since 2012, he has served as chairman of the holding company and is currently in his third term. His career path itself serves as a great lesson and guide for juniors, including Executive Director Baek. Baek said, “I closely observe and learn from how he treats people.” When Baek was a Private Banker, Kim was vice president of the bank. Kim knew well how to instill pride in PBs. He often said, “Foreign PBs work until their hair turns completely white,” emphasizing the importance of PBs working on the front lines. When touring branches, he showed special attention to Baek and staff who were nervous about what questions might be asked, telling them, “Don’t be nervous; there’s nothing to ask.” Baek said, “I learned that true leadership is not scolding underperforming employees but recognizing and encouraging what they do well.”

Chairman Kim reportedly emphasizes customer-first principles at every meeting. When the topic of “consumer protection,” the division Baek oversees, arises, he prefers to use words like “coexistence” or “happiness” instead of “protection,” as “protection” sounds like putting customers beneath. At the end of last year, Hana Bank changed its slogan from “For the joy of one customer” to “For the joy of everyone,” meaning they strive to do their best not only for customers but also for anyone who stops by the bank briefly. This reflects Chairman Kim’s conviction to work devotedly for customers, employees, and shareholders. Executive Director Baek deeply engraves this meaning in her heart as she works.

[Profile of Baek Mi-kyung, Head of Consumer Protection Group, Hana Bank]

▲ 1982 Joined Seoul Bank ▲ 1995 Joined Hana Bank ▲ 2001 Sales Department 1 PB ▲ 2002 Gold Club Head Office PB ▲ 2005 Branch Manager, Seongbuk-dong Branch ▲ 2009 Branch Manager, Jeongja Central Branch ▲ 2012 Branch Manager, Sinbanpo Branch ▲ 2015 Branch Manager, Jamwon Station Branch ▲ 2016 Head of Customer Protection Headquarters ▲ 2017 Head of Consumer Protection Headquarters ▲ 2019 Head of Consumer Protection Group

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