Hana Bank is diversifying its portfolio and unlocking new avenues of business amid market fluctuations and economic challenges.
Hana Bank stands out in a competitive landscape through its differentiated target marketing and innovative business approaches.
In the ever-evolving landscape of global finance, institutions face the constant challenge of adapting to increased market volatility and heightened competition. Amid this, Hana Bank is strengthening its core business competencies and enhancing its market positioning.
The South Korean bank’s spectrum of services covers investment management, estate planning, corporate finance advice and specific wealth management products. Its strategy revolves around catering to diverse customer needs by offering tailored financial services, advice and
investable solutions for both affluent individuals and families.
STRATEGIC FOCUS
In 2022, Hana Bank directed its efforts towards comprehensive and dedicated portfolio management, with a strong customer-centric approach.
Recognising the need to navigate market fluctuations, the bank proactively monitored investment products.
During periods of heightened volatility, such as downturns in the equity and bond markets, the bank suggested portfolio rebalancing strategies on a monthly basis. This approach aimed to ensure customer portfolios were resilient and aligned with their risk preferences, enhancing customer satisfaction and loyalty.
Despite the adverse economic conditions resulting from the Covid-19 pandemic, Hana Bank increased the total assets under management (AUM) in its private banking business from about $52.2bn in 2021 to $54.5bn by the end of 2022.
NEW FUNDS
The driving force behind this achievement was the infusion of new funds into various financial products, including savings, time deposits, equitylinked term (ELT) products and specified money in trust. In addition, interest rate hikes played a pivotal role in incentivising customers to channel their investments into these avenues.
Hana Bank has also established a digital wealth management platform that offers customers personalised services driven by artificial intelligence. This transformation has enabled the bank to deliver a seamless and tailored experience across the customer lifecycle. The bank has diversified its portfolio by focusing on art enthusiasts and investment products related to art, with membership growing from 650 at the end of 2022 to 760 by March 2023.
ART BANKING
Hana Bank has expanded into art banking through strategic alliances that have allowed customers to co-own fractionalised ownership interests in investment-grade blue-chip artwork. It also launched a storage service for its customers – H.Art1 – in November 2022. This service utilises public space to exhibit artwork of rising and famed artists and store the art securely.
Hana Bank has been highly commended as the Outstanding Private Bank – North Asia award at the Private Banker International Global Wealth Awards 2023. Additionally, two senior executives at the bank – Younghee Park and Hojeong Choi – have won Outstanding Private Banker – Regional Player awards.
Hojeong Choi’s remarkable achievement of winning the Outstanding Private Banker Award is a testament to her exceptional capabilities and dedication.
With agile management skills, Choi has overseen an estimated $169m in assets under management (AUM) as of May 2023, achieving a commendable 60 per cent growth in AUM. Over the past three and a half years, her efforts have led to an increased amount of about $64m, a
HOJEONG CHOI | HANA BANK
Outstanding Private Banker Award notable achievement that anticipates an annual operating income exceeding $4.5m. Choi’s capacity to generate profits through transaction-related foreign exchange and overseas investments is particularly noteworthy. Her tenure at KEB Hana Bank, a subsidiary of Hana Bank, has resulted in a growth of about $75m in AUM for high-net-worth individuals over the past three years.
Choi’s advisory services tailored to Korean residents transacting with Hana Bank’s overseas branches have attracted about $6m in imported overseas investment. Her systematic asset management across Hana Financial Group’s global network showcases her dedication to providing clients with optimal solutions for overseas investments. Choi’s recognition is well-deserved and a testament to her exceptional skills and contributions to the field.
YOUNGHEE PARK | HANA BANK Outstanding Private Banker Award Younghee Park’s success in being honoured with the Outstanding Private Banker Award is a reflection of her distinct strengths in the field of private banking.
She has navigated assets worth about $235m by managing investment portfolios, achieving a growth of 95 per cent within a year and a half. This growth was a result of adept management of investment tools such as bonds, foreign fixed income and share sales.
Park’s expertise further extends to nurturing relationships with notable clients, including one of South Korea’s leading e-commerce companies. She has demonstrated a deep understanding of corporate financial needs, resulting in the successful management of initial public offerings (IPOs) and an influx of about $75m. Additionally, her collaborative approach has attracted investments totalling about $23m through tailored services.
Park’s approach to portfolio management and expert grasp of corporate services have earned her this well-deserved recognition.