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| Hana Securities President and CEO Kang Seong-muk, center, talks with employees at its sales office in Seoul on Jan. 2. Courtesy of Hana Securities |
By Lee Min-hyung
Hana Securities President and CEO Kang Seong-muk is endeavoring to help the brokerage house win the status of a super-large investment bank here.
The company recently submitted an application to the Financial Supervisory Service (FSS), and if the watchdog grants approval, the Hana affiliate will become the nation's sixth securities firm with the title.
Kang, who took office as the leader of the company in January this year, is tasked with enhancing Hana Securities' business portfolio to turn the firm into a more influential non-banking affiliate. Other major banking groups including KB and NongHyup already operate their securities businesses under the status.
The pathway to super-large investment bank status was introduced in 2016 for more Korean securities firms to expand their business scale and enhance their competitiveness in corporate financing. Securities firms should secure equity capital worth more than 4 trillion won ($2.98 billion) to qualify as a super-large investment bank.
Hana met these requirements with equity capital of more than 5.8 trillion won as of the end of 2022.
The brokerage house is in dire need of diversifying its revenue streams amid falling profits. The company reported a net profit of 130.6 billion won in 2022, down 74.2 percent from the previous year.
Kang also expressed determination to expand its sales channels and widen profit structures.
"I want to deliver a message of gratitude to employees and executives for building a stepping stone for Hana Securities to achieve a major leap forward as a super-large investment bank," Kang said during an inaugural address early this year.
Kang has an exceptional career as a leader in the securities industry, as he spent more than two decades handling a diverse range of tasks at Hana Bank. His expertise lies in retail sales. He served as a former president of Hana Alternative Asset Management in 2022 before moving to the brokerage arm.
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