Hana Bank Chooses Accenture to Manage Initial Phase of Next-Generation Banking System Transformation
SEOUL, South Korea; May 8, 2007 — Hana Bank, Korea’s fourth-largest bank and a subsidiary of Hana Financial Group Inc. (KRX: HFG), has chosen Accenture (NYSE: ACN) to provide project management office services for the initial phase of its next-generation banking system transformation program. Financial terms were not disclosed.
The contract calls for three months of initial project planning, followed by 24 months of business transformation office services to complete the planning process, confirm findings and begin managing implementation of the plan. The project is part of the bank’s strategy to transform capabilities through a modernization of information technology systems designed to increase efficiency, reduce operating costs and enhance revenue opportunities.
Accenture will provide a variety of business transformation services, including process and business-model design, business-case development and definition of business requirements for Hana Bank’s core banking replacement program. Hana Bank plans to implement 17 new information technology systems, including a core banking system, as part of the transformation program.
"Hana Bank has begun a strategic transformation to enhance its competitiveness,” said Bong-Han Cho, chief information officer of Hana Bank. “We believe that Accenture, with its experience globally and locally with successful transformation projects, is best positioned to help us first identify our business opportunities, then the capabilities we will need to achieve our goals.”
“Business-transformation excellence is a crucial element of successful core banking replacement program,” said Steven B. Lee, the senior executive who leads Accenture’s Financial Services practice in Korea. “By focusing on the business opportunities before the specific information technology issues, Hana Bank should be able to maximize the benefits — both operational and financial — from its transformation program.”
About Hana Bank
Hana Bank, one of subsidiaries of Hana Financial Group Inc., is the fourth largest bank by asset value in South Korea, headquartered in Euljiro, Seoul. Hana Bank was established in 1971 and reached its current size by four times of mergers since 1998. Hana Bank, with the vision of becoming premier financial services network, has offered excellent customer service and a full line of financial services for individuals and corporate. A wide range of banking products and financial services through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, insurance, venture capital and asset management make Hana Bank one of the fastest growing banks in Korea. With more than 8,000 people, Hana Bank’s total asset of fiscal year 2006 was USD128 Billion and its total loan was USD 83 Billion. For more information, please visit official website at: http://www.hanabank.com.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With more than 152,000 people in 49 countries, the company generated net revenues of US$16.65 billion for the fiscal year ended Aug. 31, 2006. Its homepage is www.accenture.com.