Hana Bank head, ‘JT,’ promises 10% growth
New chief exec on lookout for M&As
March 28, 2008
Kim Jung-tae, right, holds a Montblanc fountain pen with his predecessor Kim Jong-yeul, at his inauguration yesterday at the Hana Bank headquarters in central Seoul. Kim Jung-tae will be the fourth owner of the pen, which was passed down from the bank’s initial chairman, Yoon Byung-chul. [YONHAP]JT is back, said Kim Jung-tae, the new chief executive of Hana Bank, the nation’s fourth-largest lender. It stands for both Kim’s first name and “Joy Together,” a slogan under which the former head of Hana Daetoo Securities said he can guarantee at least 10 percent growth at the bank in the next five years by fostering the potential capacities of the employees.“I will not be a boss, but a helper,” he said in his first meeting with the press, adding that his work philosophy lies in “working joyfully.”A Hana spokesman said Kim calls Hana workers by their first names rather than their last to help make them more comfortable. Appointed late last month, Kim was inaugurated yesterday and placed a board reading “JT” on the door of his room, instead of his full name.Kim said although no domestic banks are on sale at this point, he “is willing to take part [in the bid] when opportunities approach.”“I am against proceeding with reckless mergers and acquisitions. Internal growth also matters,” he said.On robust internal and external growth, the bank aims to become Korea’s largest bank by 2013, by more than tripling its assets to 400 trillion won ($405 billion).The 56-year-old CEO emphasized the importance of overseas inroads. “We will be pursuing domestic M&As as well. Markets outside Korea, especially East Asian countries such as Cambodia, Taiwan and the Philippines, will play a critical role as growth engines for the bank,” he said, citing their cultural and linguistic similarities with Korea. He also said the bank, a unit of Hana Finance Holdings, will double the number of countries it operates to 16 by 2016, and strengthen its business in China by raising the number of offices and branches there. Kim ran a brokerage house, Hana Daetoo, from 2006 until February of this year.
By Seo Ji-eun Staff Reporter [spring@joongang.co.kr]
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