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Financial group leaders pose during a meeting with financial authorities at the Korean Federation of Banks in Seoul on November 20. KB Financial Group Chairman Yang Jeong-hee (second from left), Hana Financial Group Chairman Ham Young-ju (third from left), Woori Financial Group Chairman Lim Jeong-young (fourth from left), and Nonghyup Financial Group Chairman Lee・Mr. Seok-joon (seventh from the left) and Shinhan Financial Group Chairman Jin Ok-dong (eighth from the left).United
Written by Lee Kyung-min
On Tuesday, the heads of major South Korean financial groups, including KB, Shinhan, Woori, Hana and NH Nonghyup, each released new year messages emphasizing risk management as a top priority to weather this year’s uncertainties.
Lim Jeong-young, chairman of Woori Financial Group, said that domestic and global economic and financial uncertainties will continue, including the US-China conflict, geopolitical risks, and real estate project finance exposure risks.
Lim said the difficult market tightening can be overcome by strengthening monitoring of risk factors and quickly assessing global risks. He added that a comprehensive contingency plan will be thoroughly outlined to effectively deal with unforeseen risks.
In his New Year’s address, he said, “We have set a series of goals that will strengthen the capabilities, synergies and communication of our people and restore our reputation as a leader in corporate finance.”
“We have outperformed our peers in corporate lending for many years. 2024 marks an important turning point for Uri, with new expansion coupled with proactive risk management measures to solidify our market dominance.” “Strengthening our non-bank group affiliates is a priority, further strengthened by our strategic entry into the securities industry,” Mr Lim added.
Ham Young-joo, chairman of Hana Financial Group, said 2024 will be remembered as the year in which the group consolidates its position on the world stage.
In his New Year’s address, he said: “Our commitment to sustainable growth will be advanced by strengthening cooperation and coordination among our affiliates, tightening internal controls and strengthening risk management measures.” Ta.
According to Hamm, it’s all about the basics. Whether you’re building a building or growing a plant, the principles remain the same.
“Ultimately, our success will not be measured by the speed with which we achieve our goals, but by the accuracy of our judgment and the integrity of our decisions.”
Jin Ok-dong, chairman of Shinhan Financial Group, said the group prioritizes industry ethics in terms of promoting innovation and overcoming challenges.
In his New Year’s address, he said, “We are committed to strengthening our internal controls and risk management mechanisms, and to being customer-centric and providing the best service provider in the industry.”
KB Financial Group Chairman Yang Jeong-hee reiterated his promise to promote “mutual growth” with socially vulnerable groups, in line with the group’s determination to strengthen social responsibility amid extreme polarization in the country. Ta.
He said the group will overhaul each subsidiary’s growth strategy and push the non-bank affiliate as a leader in its field.
Lee Seok-joon, chairman of the Nonghyup Financial Group, said pre-emptive and strict risk management should help identify and neutralize any risks.
In his New Year’s message, he said: “We are committed to identifying risks that go beyond our current understanding and expectations before they become significant threats. “We will strengthen our risk management efforts in order to combat this.”
Lee’s growth strategy also includes the effective implementation of generative artificial intelligence (AI) in all areas of group business and financial services.
“We are building a solid foundation for the Group’s transformation into a lifelong partner and financial services provider, mediated by responsive and satisfaction-oriented digital services,” he said.
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