Bank also plans to open branches in South America
Korea Exchange Bank CEO Yun Yong-ro unveiled his global business strategy to focus on the private banking sector and attract wealthy Koreans residing in the U.S.
“We are considering reentering the (retail banking) market in the western and eastern parts of America,” he told a news conference in downtown Seoul on Thursday.
In 2004, KEB had to close down its retail banking business in Los Angeles and New York City due to U.S. financial regulatory rules banning an equity fund-owned bank from receiving deposits from retail customers.
As Hana Financial Group acquired KEB from Lone Star Funds last February, the bank has been allowed to resume its retail business.
While CEO Yun has yet to make public detailed strategies for the North American units, KEB managing director Shin Hyun-seung said the bank “is mapping out projects to launch the PB sector in L.A. and New York.”
Shin, in charge of the bank’s international operations, added that the main target market would not be young Korean-Americans, but wealthy, senior Koreans who may not good at English.
In a bid to bolster PB in overseas markets, Hana Financial has dispatched a high-ranking wealth management expert to KEB.
The bank has been offering only corporate loan and foreign exchange services for the past eight years.
Its upcoming project to reenter the retail market is drawing wide interest as about one million Koreans reside in L.A. and 800,000 in New York City.
Aside from the U.S. cities, the bank is seeking to tap into the PB market in Japan, Indonesia and Hong Kong, targeting wealthy Koreans in those countries as well.
Yun also clarified his willingness toward actively making inroads into the South American market.
“We plan to advance to Brazil, Argentina and Chile,” he said. “The method could be M&As or establishing corporations there.”
KEB is moving to convert a corporation in Brazil and liaison office in Chile into branches within several years.
The main target in South America would not be Korean individuals but Korean enterprises, according to managing director Shin.
Yun said, “KEB has lost a certain portion of market shares in foreign countries. We have to regain them as soon as possible.”
He added KEB’s global targets also include East and Southeast Asian markets, including China.
When asked if there will be any restructuring plan led by Hana Financial, Yun downplayed the possibility that the group will conduct a “branch restructuring nationwide” in the near future.
The 57-year-old CEO formerly served as CEO of the state-run Industrial Bank of Korea. He had also worked as vice chairman of the Financial Services Commission and chief of the Securities & Futures Commission, an arm of the FSC.
Yun is a long-time veteran in finance, beginning his career at the Finance Ministry after passing the High Civil Service Examination in the 1970s.
By Kim Yon-se
(kys@heraldcorp.com)
<한글기사>
“美이민 1세 VIP 모십니다”
외환은행이 로스엔젤레스와 뉴욕 거주 한인들을 위한 프라이빗뱅킹(PB)서비스를 대대적으로 준비 중이다.
주 고객은 영어가 한국어보다 편한 이민 2, 3세가 아닌 이민 1세대와 1.5세가 될 전망이다.
신현승 외환은행 해외사업그룹 부행장은 15일 “젊은 교포들은 만나면 ‘헬로우’부터 나온다”며 “우리의 타겟은 이들이 아닌, 이민 이후 성공을 이룬 나이 지긋한 고객”이라고 밝혔다.
PB서비스는 최소 1억원(미화 88,000불) 이상의 VIP고객 자산을 특별 관리한다.
이 서비스의 한인사회 공략을 위해 외환은행은 최근 계열사 하나은행 출신의 PB전문 임원을 영입했다.
지난 8년간 외환은행 미국 지점의 개인고객 대상 여수신 업무는 차단된 바 있다. 美금융당국은 투자펀드 소유 은행의 소매금융을 엄격히 제한하고 있다.
한국 금융당국은 지난 1월 하나금융지주의 외환은행 인수를 승인한 바 있다.
한편 이 같은 결정에도 불구, 론스타펀드와 금융위원회를 둘러싼 온갖 의혹은 해소되지 않은 채 역사가 판단할 몫으로 남겨질 운명에 처했다.
(코리아헤럴드 김연세 기자)
