[In depth interview]Hana Bank moves into China

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[In depth interview]Hana Bank moves into China

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Kim Young-oak, left, interviews Kim Seung-yu, chairman of Hana Bank. By Lim Jin-kwon

Hana Bank, the flagship banking arm of Hana Financial Group, opened a subsidiary in Beijing, China, on Dec. 27. I met Kim Seung-yu, chairman of the group, while we were accompanying President Roh Moo-hyun during his visit to Pyongyang in October. Kim invited me to attend the ceremony to mark the opening of the subsidiary. I interviewed him on our way to Beijing.

Q. Is the subsidiary a branch of Hana Bank?
A. No. Hana Bank established a branch in Shanghai in 2000 and in Shenyang, Qingdao, Yantai and Cheng Yang. What we established this time is not a branch but a local corporation. It is a bank solely owned by Hana Bank and it will govern the five branches currently in China.

Many foreign and domestic banks have entered the Chinese financial market and Chinese local banks also have substantial assets. Do you think Hana Bank has an edge against these competitors in the Chinese market? Do you plan to earn money by supporting Korean companies there?
Of course in the beginning stage of the business, our relationship with companies will be important. But the subsidiary’s ultimate target are individual Chinese customers. Only when our subsidiary is loved by 13 billion Chinese people can we say that the subsidiary is truly a local corporation. The subsidiary should be the bank of the Chinese people, by the Chinese people and for the Chinese people.

If the plan works out well, that would be great. But does Hana Bank have the capability to realize that goal?
South Korea’s financial market is saturated. There is no future for the local financial market or the new administration, which is targeting economic development, if several local banks compete with each other to share the pie in a limited market. The size of the Chinese financial market is enormous. The Chinese market, with the world’s largest foreign-currency reserves, provides us with unlimited possibilities to explore.

But what about Hana Bank’s capability?
Banking is ultimately about winning people’s trust. A bank should have something other than money to provide service that touches the hearts of individual customers. Hana Bank is ranked first in customer satisfaction among banks in South Korea and has strong human resources. Our organization is efficient and quick to make decisions and take action. But I cannot brag about Hana Bank. Our capability depends on how well our country’s educational system works to produce good human resources. Hana Bank has provided a scholarship fund to the law and political science departments of Beijing University and is supporting diverse cultural events. I firmly believe that our subsidiary in China will grow to become China’s best foreign-owned bank, even bigger than the headquarters in South Korea.

You mentioned education. What do you think is the problem with our country’s educational system?
It is very regrettable that universities insanely focus on producing students educated to meet the needs of companies. Look at the prestigious colleges in the United States. They have only arts and science departments in their undergraduate programs. All undergraduate students are trained to have a fundamental knowledge of the arts and sciences. Business management and laws are taught by graduate-level professional schools.
The most efficient thing is for each company to educate their employees about what they need from them. By learning fundamental knowledge during their undergraduate years, college students will develop intelligence and persistence, which then enable them to pick up professional knowledge in a short time.
Above all, morality is the most important quality of a good employee. We need employees for the Chinese subsidiary who know the Chinese language and culture thoroughly and can work diligently. We are looking for people who can give up their own good for a greater goal.

Then, the company’s goal should be firmly established.
Yes. Every company should work to reduce the gap between the haves and the have-nots, and have a strong commitment to social responsibility investment. Hana Bank has helped Vietnamese brides adjust to life in South Korea, provided funds to build a child care center to raise our country’s birthrate, and led a campaign to build elevators and toilets for the disabled. If we earn money, we have to make a sincere effort to help unite society. Those with money and power comply with the principles of a market economy only when they care about those without money and power.
I want to ask you this. What do you think about President-elect Lee Myung-bak’s plan to approve 100 autonomous private high schools?

The Roh Moo-hyun administration could not approve the proposal because it is devoted to the principle of offering equal educational chances to everyone. When that principle changes, however, a new system can be established. But how to operate the system is the issue.
I think a company’s founding of a good school can help unite the nation and reduce the gap between the haves and the have-nots much better than founding a sports team. If Hana Bank established a private high school, we could offer half the seats to impoverished students along with scholarships.

What do you think about Lee Myung-bak?
The Roh Moo-hyun administration made a great accomplishment in making our society clean and transparent. Corrupt connections between politicians and companies no longer exist. I hope the Lee Myung-bak administration raises the level of professionalism in our society.


By Kim Young-oak JoongAng Ilbo [soejung@joongang.co.kr]
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