Financial firms map out strategies for rest of 2023

Industry

Published: 16 Jul. 2023, 16:39

Financial firms map out strategies for rest of 2023

KB Financial Group Chairman Yoon Jong-kyoo speaks during a biannual meeting with his corporate executives held at a hotel in the Gwangjin District, eastern Seoul, on Friday. [KB FINANCIAL GROUP]

Risk management and digitization are some of the key agendas for the second half of the year, chiefs of financial firms said during their biannual meetings to discuss corporate strategies.

Such approaches are part of efforts to rebuild public trust which has been eroded in recent years by various financial scandals including those involving private equity funds and large bribes.

KB Financial Group emphasized the importance of harmony between artificial intelligence and humans, pledging to become a firm that is trusted by customers.

"In this area where AI, mobile, and digital are hitting the mainstream, KB should create value by constantly innovating our traditional capabilities and assets," Yoon Jong-kyoo, chairman at KB Financial Group, said in a biannual meeting with around 270 corporate executives held at a hotel in Gwangjin District, eastern Seoul, on Friday.

KB "will endeavor to become a bionic company where humans and AI can work in harmony" while working "to protect humans' own value in the AI space," Yoon added.

Shinhan Bank CEO Jung Sang-hyuk emphasized the bank's corporate social responsibility at its meeting on Friday. [SHINHAN BANK]

Woori Financial Group on Friday vowed to strengthen competitiveness in corporate finance and digital services amid lingering economic uncertainties.

Woori “put a top priority on risk management in the first half of the year, such as maintaining the group’s soundness and stabilizing the capital ratio,” Woori Financial Group Chairman Yim Jong-yong said in a biannual meeting with corporate executives held at the bank's headquarters in central Seoul on Friday.

The meeting, attended by some 60 employees of the holding firm and affiliated companies, discussed Woori's management strategies for the latter half of the year.

Yim added that uncertainties remain for the period but vowed to meet Woori's financial goals by strengthening corporate finance, which includes extending loans to corporations and providing consulting services.

Woori plans to establish a channel dedicated to providing services for small- and medium-sized companies. Yim also stressed the need to innovate IT governance amid rapid digitization in the finance sector.

Both Shinhan and Hana Financial Group had similar meetings with their corporate executives to discuss major business plans for the second half of 2023.

Shinhan Chairman Jin Ok-dong vowed to adopt an internal regulatory control system designed to clarify executives' responsibilities when assuming tasks. The system aims to protect consumers and improve corporate culture.

Shinhan Bank CEO Jung Sang-hyuk emphasized prioritizing the bank's corporate social responsibility to build customer trust.

"To be selected by customers, we should make a bank that is safe, specialized and that grows with the society," Jung said. "To make a safe bank, Shinhan must have financial stabilities as the basic requisites and strengthen the internal control system to build our own strict 'set of standards.'"

At its meeting, Hana vowed to advance the group’s digital platform and strengthen the connection between its online and offline channels.

It also pledged to push strategic partnerships with both financial and non-financial firms, alongside investing in them.

Hana on Thursday was named the preferred bidder to acquire KDB Life Insurance, which is expected to boost the ranking of its Hana Life subsidiary from its current 17th place position to eigth in terms of asset size.

BY JIN MIN-JI, SARAH CHEA [jin.minji@joongang.co.kr]