Hana Financial launches asset manager in Singapore
caption / Hana Financial Group headquarters in Seoul (Yonhap
Hana Financial Group announced on Monday that it had obtained a preliminary license from the Singapore financial authorities to open an asset management company in the Southeast Asian country.
The Singapore Monetary Authority granted partial approval on Friday, although it did not notify the banking giant when a final business license was issued, officials said.
Hana Financial’s attempt to break into Singapore’s promising asset management market is part of the group’s vision to expand overseas profits to account for up to 40% of the company’s total profits. ‘by 2025, they added. The current figure is 21.7%.
Singapore is seen as a rapidly emerging market, poised to take Hong Kong’s place as Asia’s financial hub, with nearly 40% of Southeast Asian fintech companies there. are based.
Through the launch of the asset management company, the banking group is also seeking to promote its non-banking activities, in particular asset management and securities, in order to diversify its portfolio of profits in an environment of low interest rates. ‘prolonged interest.
“Through cooperation with Hana Financial’s overseas units in other Asian regions to create a synergistic effect in global businesses, the envisioned asset manager in Singapore will diversify our revenue streams and serve as a springboard for global expansion in various advanced markets, ”said Hana Financial Group. President Kim Jung-tai.
Hana Financial Group, represented by the flagship banking unit Hana Bank, is one of the four main South Korean banking groups, the others being Shinhan, KB Kookmin and Woori. Hana Financial Group has 214 global divisions in 24 countries. It aims to become one of the world’s top 40 financial institutions by 2025, the group said.
By Choi Jae-hee ([email protected])