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Hana Bank to Tap Southeast Asian Market, May Seek Acquisitions

Hana Bank (0286), South Korea’s fourth- largest lender by assets, will tap fast-growing overseas markets such as Southeast Asia, Chief Executive Officer Kim Jong Jun said.

“We’ll first expand our existing presence there and may seek acquisitions later to penetrate local markets in economies including China, Indonesia, Vietnam and the Philippines,” said Kim, who took office last month. Speaking at a news briefing in Seoul, he didn’t elaborate on a timeframe or potential targets.

His remarks echo comments by Kim Jung Tai, chairman of parent company Hana Financial Group Inc. (086790), who said last month that he wants to make Hana Financial one of the top 50 banks in the world by assets by 2015. Hana is also open to acquisitions of small U.S. banks as it seeks growth beyond its saturated home market, the chairman said at the time.

To contact the reporter on this story: Seonjin Cha in Seoul at scha2@bloomberg.net

To contact the editor responsible for this story: Russell Ward at rward16@bloomberg.net

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