BNK Financial, 'All-In' on Digital, WM, CIB, and Global in the Second Half

[Asia Economy Reporter Kim Min-young] BNK Financial Group held its second half management strategy meeting on the 13th to explore growth strategies in four core sectors: D-IT (Digital & IT), Wealth Management (WM), Corporate & Investment Banking (CIB), and Global.

BNK Financial plans to continuously strengthen its future competitiveness centered on the group’s digital division in preparation for digitalization. In the first half of the year, its subsidiaries Busan Bank and Kyongnam Bank fully implemented open banking services, establishing a response system for open banking including launching dedicated products and strengthening marketing. Additionally, BNK is currently nurturing the first batch of startups in the BNK Fintech Lab to discover and foster fintech (finance + technology) companies.

For the second half, the group announced it will focus on entering the MyData business, activating non-face-to-face sales, and improving IT work efficiency.

BNK Financial plans to focus on increasing non-interest income and enhancing competitiveness in non-banking sectors to ensure stable profit generation amid expected profitability declines due to low growth, low interest rates, and the prolonged COVID-19 pandemic.

In the WM sector, BNK will activate sales of WM synergy products, build infrastructure for non-face-to-face asset management, and strengthen non-face-to-face customer management marketing. To improve customer returns, it plans to expand sales of robo-advisor funds.

In the CIB sector, the group intends to overcome the investment sentiment contraction caused by COVID-19 and actively invest at the group level.

BNK Financial will also expand its overseas presence. While solidifying its local status in existing countries such as China, Vietnam, Myanmar, Cambodia, Laos, Kazakhstan, and India, it is continuously considering overseas expansion focused on promising regions in Southeast Asia and Central Asia with high profitability and growth potential.

Kim Ji-wan, Chairman of BNK Financial, emphasized, “The role of BNK Financial is more important than ever to help the Busan, Ulsan, and Gyeongnam regions smoothly overcome the post-COVID era.”