KEB Hana Bank
South Korea’s economic slump persisted in 2015 with an estimated low 2.7% uptick, while 2016 kickstarted with the nation revising downward its forecast for the year. While the KOSPI fared better than most benchmarks in the region closing out 2015, the nation’s 189,000 high net worth individuals’ wealth was not left unscathed, as evidenced by the asset pool’s estimated 11.8% shrinkage. Yet despite the pessimistic backdrop, one bank emerged triumphant.
Despite being largely occupied by a mid-year acquisition of Korea Exchange Bank (KEB), the newly-branded KEB Hana continued to expand its private banking business. In addition to new inflows from the acquisition, the bank furthered the growth of its assets under management by building on its existing status as South Korea’s leading recipient of high net worth deposits.
A continued focus on generating non-banking income also made steady progress, as clients leveraged the bank’s platform for investment solutions to both generate yield and capitalise on market opportunities headlined by heightened volatility and new risks.
Testament to the group’s persistent commitment to the private banking business, KEB Hana Bank announced its ambitions to bolster its market share in Korea via investments in a new wealth centre, just months after the completion of its merger. The centre’s emphasis will be placed on acquiring new non-Korean clients in South Korea, including high net worth individuals from China, Japan and Russia.
A firmly resolute commitment to excellence and innovation, coupled with unyielding expansion plans, mean that KEB Hana Bank is, for the third straight year in 2015, the winner of the Asian Private Banker Best Private Bank – South Korea Award.