Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Hana chairman suggests guidelines for joint prosperity
Hana Financial Group Chairman Ham Young-joo, center in the front row, poses with the firm's executives during their meeting to mark the first anniversary of Ham's term at the banking group's headquarters in central Seoul, Monday. Courtesy of Hana Financial Group
By Yi Whan-woo
By Yi Whan-woo
Hana Financial Group Chairman Ham Young-joo suggested a set of guidelines, Monday, for employees of the banking group and its affiliates to observe for joint prosperity with society.
The guidelines came as Ham marked his first year in office, Monday, in the wake of a global banking turmoil that has raised questions about the Korean banking industry's ability to withstand such turmoil and act responsibly.
The guidelines consist of four suggested principles. The first is the recovery of public trust which Ham called “a fundamental value to lay the groundwork for joint prosperity.”
He underlined that losing public trust was “decisive” in the 36-hour collapse of Silicon Valley Bank (SVB) which has operated for 40 years. The SVB's downfall has triggered concerns over the global banking industry.
As the second principle, he urged Hana employees to be “more active and sincere” in carrying out social responsibility.
He especially called for thinking about the firm's interest rates and commission policies “from ground zero” to lessen the burden on customers struggling with repayments.
The chairman said banking should not “turn a blind eye to” the challenges faced by society such as a low birth rate and population decline.
As the third principle, Ham addressed the need for digital innovation to cope with the rapid evolution of the finance industry.
He correspondingly highlighted the importance of sharing Hana's know-how on IT-related infrastructure with startups and offering support for the private sector-driven digital technology market.
As the fourth and last principle, the chairman said employees should keep in mind that any relevant changes for joint prosperity should “begin inside Hana.”
He went on to say employees should “ensure every second that they're right on track to make the company transparent and healthy in the eyes of society.”
Specifically, he said the reward system and internal regulatory control should be checked routinely.