South Korea’s largest commercial bank Shinahan will reinforce its global operation through aggressive mergers and acquisitions (M&A) and stake investment and accelerate big data development in a bid to cement its top position in the local banking industry, said Wi Sung-ho, new leader of Shinhan Bank.

“We will expand our global operation through M&A and stake investments in some promising markets in Asia,” Wi said during a press conference held after his inauguration ceremony on Tuesday. Wi, former head of Shinhan Card, earlier this week was confirmed by the board and shareholder to head the largest bank for the next two years.

The bank has mainly focused on opening of its subsidiaries in overseas market, but from now on, it is expected to aggressively seek acquisitions to expand its business abroad in addition to the existing 150 networks across 20 countries. “The similar business model applied to the Vietnam and Japanese operations which have been showing sound performance will be taken in other countries such as India and the U.S.,” he added.

By strengthening the global business, Shinhan Bank aims to increase the share of profits from the overseas operations from current 12 percent to 20 percent by 2020, according to the bank.

“We need to seriously consider whether the traditional business model of the banking business would continue to work in the so-called fourth industrial revolution,” said Wi, adding that he would accelerate development of big data and mobile platform. “As big data analysis becomes more and more important in the overall banking businesses, we will set up a big data specialist team as soon as possible.”

Wi hoped globalization and digitalization can lead Shinhan Bank to consolidate its lead in the nation’s banking industry and join the ranks of top banks in the global market.

By Kim Tae-sung

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