Financial groups bring affiliates together to boost efficiency

Conceptual image for Hana Financial Group's new headquarters in Cheongna International City of Incheon, scheduled for completion in September / Courtesy of Hana Financial Group

Financial holding companies are accelerating efforts to consolidate their scattered affiliates into unified headquarters, aiming to enhance efficiency by speeding up decision-making and boosting synergies through closer collaboration, industry officials said Monday.

Hana Financial Group is set to relocate its headquarters from Seoul’s Jung District to Cheongna International City in Incheon by the end of September. The new headquarters, scheduled for completion in June, will have seven basement levels and 15 floors above ground, accommodating around 2,800 employees from its affiliates.

Since 2012, the group has been developing its “Hana Dream Town” in the area, completing a consolidated data center in 2018 and opening its training institute, Hana Global Campus, in 2019. The upcoming relocation will mark the completion of the 15-year project.

By bringing together the holding company and the planning and strategy functions of key affiliates, Hana Financial aims to generate synergies through greater operational concentration.

Shinhan Financial Group is pursuing a similar strategy, constructing the “Shinhan Financial Tower” in Seoul’s Euljiro area to centralize its major affiliates.

The 40-story building is slated for completion in 2031. Nonbanking subsidiaries, including Shinhan Card, Shinhan Life and Shinhan Capital, currently dispersed across Yeouido and Euljiro, are expected to relocate to the new tower. As part of the move, Shinhan Card has already begun the process of selling its current headquarters.

Woori Financial Group is also securing multiple sites across the Seoul metropolitan area to cluster its core operations.

It is developing a next-generation integrated information technology center, “Digital Universe,” in Namyangju, Gyeonggi Province, with completion targeted for 2029.

In Yeouido, the group plans to consolidate its investment-related units, including Woori Investment & Securities, Woori Fund Services and the investment banking division of Woori Bank, to strengthen synergies in its investment banking and investment businesses.

KB Kookmin Bank has also begun redeveloping its main building in Yeouido and is in the process of selecting a construction management firm. The new structure will include eight basement levels and 34 above-ground floors. Construction is scheduled to begin in 2028, with completion targeted for around 2033.