SEOUL: South Korea’s major financial groups are reworking their headquarters (HQ) strategies, either consolidating affiliates to boost operational efficiency or monetising real estate assets to shore up capital and support expansion.
Hana Financial Group is set to relocate its HQ to Cheongna, Incheon, later this year, in a move aimed at bringing together affiliates currently scattered across Seoul – from the central business district to Yeouido – into a single integrated complex.
Key subsidiaries – including Hana Bank, Hana Life Insurance and Hana Card – with around 2,800 employees are expected to relocate to the new site.
Shinhan Financial Group is pursuing a similar consolidation strategy, but within central Seoul. The group plans to bring together affiliates currently dispersed across the city into the Shinhan Financial Tower in Gwanggyo-dong, near Cheonggyecheon.
Although the redevelopment project faced repeated delays, it secured approval in 2024 and is now under construction, with completion slated for 2031.
KB Financial Group, meanwhile, is reinforcing its base in Yeouido. After declaring the “Yeouido era” in 2020 with the relocation of its headquarters to a newly built office tower, the group is expected to deepen cooperation in the area as its key affiliate, KB Kookmin Bank, moves forward with plans to redevelop its own HQ nearby.
In contrast, Woori Financial Group is focusing on liquidity rather than consolidation. The group is seeking to sell its Woori Financial Digital Tower – one of its prime real estate assets – to secure cash flow following a series of recent acquisitions. — The Korea Herald/ANN
