By Na Jeong-ju
Korea Times Correspondent
BEIJING ― Hana Bank opened its subsidiary in China, Thursday, aiming to become the best foreign bank in China in terms of consumer satisfaction and profitability by 2015.
Located at the center of the newly-built financial street in the Chinese capital, Hana Bank China will provide services not only to Chinese clients, but to Korean firms operating in the country.
Hana CEO Kim Jong-ryul said the bank will increase the number of its sales outlets in China to 40 by the end of 2012 from the current seven, based on business partnerships with foreign and local financial firms.
``Our mid-term goal is to build solid retail network in Northeastern areas in China and raise the bar of banking services here by implementing more consumer-oriented services,'' Kim told reporters.
``Localization is crucial to that end. We've hired some 80 percent of our staff in China to come closer to Chinese people, and have maintained smooth relationships with Chinese authorities.''
Hana Bank will consider buying a Chinese lender, if the opportunity comes, but it is too early to talk about that, Kim said. Instead, it will focus on organic growth here to nurture the subsidiary into one of the most beloved foreign banks among Chinese people, he said.
Hana Bank China CEO Choi Chong-suk said China's northeastern areas have lagged behind in the development of the financial industry, but have high growth potential as the Chinese government has pushed for balanced regional development.
``The areas have geopolitical and cultural importance to Korea,'' Choi said. ``As the inter-Korean relations improve, we can play a role in achieving stronger economic ties between the two Koreas and China.''
Choi said the bank will set up nine more branches in China next year, and increase the number to at least 40 by 2012.
Hana Financial Group plans to increase overseas investments over the coming years to become a global financial service provider. Along with its branches in New York, Tokyo, Hong Kong and Singapore, the group will open offices in London and Dubai soon to build a global business network.
Currently, it has operations in eight countries, which account for 2.5 percent of the group's total assets. By the end of 2010, its global network will span 16 countries, and its assets will increase to $20 billion, about 10 percent of the group's total assets, the group said.