Awards for Distinction 2013 – South Korea


AFD2013_Best Private Bank - South Korea

Hana Bank

Hyung-Il Lee

Hyung-Il Lee
Head of Private Banking
Hana Bank

South Korea’s global prominence in electronics manufacturing, shipbuilding, and automobiles, to name a few industries, has helped the peninsula nation exceed GDP growth estimates in the third quarter of 2013, recording a 3.3% year-on-year increase. Its high net worth (HNW) population climbed to 160,000 with total wealth of US$426 billion, according to industry estimates. These figures are projected to rise, with South Korea’s HNW population estimated to reach 302,000, while total HNW wealth could climb to US$1.12 trillion by 2015. Local banks with deep market penetration stand to gain the most from this opportunity, with one private bank distinguishing itself from its peers in 2013.Closely mirroring the country’s success, Hana Bank is the deserved winner of the Asian Private Banker Best Private Bank – South Korea award. Its penetration of the South Korean wealth management market has increased impressively, both in terms of AUM and number of millionaires banked – AUMs rose by 8% to KRW16.6 trillion (US$15.8 billion) and the number of HNW clients rose to 5,054.

Hana Bank reaped the benefit of seamless coordination between the private bank and the rest of Hana Financial Group, including the asset management, brokerage, and corporate and investment banking segments. As evidence of its global ambitions, Hana Bank expanded its footprint through newly-launched branches and strategic alliances in 2013 in China, Hong Kong, Indonesia and the US.

But Hana Bank’s edge in servicing its clientele extends far beyond its geographical reach. Cognisant of an aging nation, where the number of citizens aged 65 and above passed six million for the first time in 2013, 60% of Hana Bank’s private bankers acquired Registered Financial Gerontologist (RFG) certificates, equipping the bank with the intellectual firepower to better tailor its services and advice to its clients’ specific needs. The bank intends all client-facing staff to be certified soon. Advisory services for succession planning saw phenomenal success with the number of consultations more than doubling year-on-year.

Undoubtedly Hana Bank deserves the success it enjoys, given its commitment to enhancing capabilities, expanding its geographic reach and improving the level of service it offers to its clients. On the strength of these reasons, Hana Bank may lay claim to the title of Asian Private Banker Best Private Bank – South Korea for 2013.