Hana Financial Group Inc., South Korea’s fourth-largest banking group, said Tuesday that it plans to relocate its headquarters as early as 2014 to Incheon city, west of Seoul.

The scheduled move to the city, located 40 kilometers west of the Korean capital, is part of Hana’s push to raise its profile in the global market, following its acquisition of Korea Exchange Bank.

“For the first time in the Korean financial industry, Hana will establish a strategic hub in Incheon,” Kim Seung-yu, the chairman of the group, told reporters in Seoul. “We will accomplish our goal to become a global top 50 financial group in Incheon.” 

According to the Banker magazine’s 2011 ranking of the world’s top banks, Hana Financial was No. 112.

The banking group signed a preliminary agreement with the city of Incheon to establish a financial town in the Cheongra district of the Incheon Free Economic Zone. Incheon is also a home to South Korea’s largest international airport.

Around 5,600 employees of Hana Financial Group will begin commuting to the new headquarters in 2014. The town, stretching about 330,000 square meters, will be completed by 2016, according to the banking group.

Hana Financial purchased a controlling stake in KEB, Korea’s No. 5 commercial bank, which gave the group much-needed overseas branches and networks. 

(Yonhap News)