# Hana Private Banking: Korea's first private banking service

> Korea's first private banking service (1995): tiers of KRW 500m / 3bn / 30bn, Club1 UHNW centres, family office and KDIC deposit protection up to KRW 100m.

Author: Adam Ihsan — Venture Partner (https://wiki.private.law/en/authors/adam)
Last modified: 2026-10-20T13:28:00.000Z
Canonical: https://wiki.private.law/en/hana-private
Publisher: wiki.private.law (https://wiki.private.law)
Version: 2f99c8c185cca200ca519776c1940c1681b5e06beee22c7e86e481392e25c7ca
Cite as: Hana Private Banking: Korea's first private banking service. wiki.private.law. https://wiki.private.law/en/hana-private. Version 2f99c8c185cca200ca519776c1940c1681b5e06beee22c7e86e481392e25c7ca.
Topics: banking
Jurisdictions: korea
Functional tags: private-banking
Product tags: bank, wealth-planning, investment, trust, estate-planning, family-office
Semantic tags: private-banking, bank, wealth-planning, investment, trust, estate-planning, family-office

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## Concept

Hana Private Banking is the private banking arm of Hana Bank, the flagship bank of Hana Financial Group (HFG), Korea's third-largest financial group. Hana launched the country's first private banking service in September 1995. Group-level wealth management is headed by Jin-woo Kim — Deputy President, Head of Wealth Management Division (HFG) and Head of Wealth Management Group, Hana Bank, according to official information.

## History and evolution

- **June 1971** — founded as Korea Investment & Finance Corp, the first privately funded Korean financial company.
- **July 1991** — converted to a commercial bank, renamed Hana Bank.
- **September 1995** — launch of Korea's first private banking service; core brand "Hana Gold Club".
- **December 2002** — merger with Seoul Bank.
- **December 2005** — Hana Financial Group established.
- **February 2012** — acquisition of Korea Exchange Bank (est. 1967) from Lone Star.
- **1 September 2015** — Hana Bank and KEB merged into KEB Hana Bank.
- **February 2020** — renamed Hana Bank.
- **October 2023** — Hana Asset Management relaunched.
- **6 August 2025** — Club1 Dogok centre opened.
> 🍓 Deposits at Hana Bank are insured by the state-run KDIC: up to KRW 100 million per depositor per institution, effective 1 September 2025. Funds and investment products are not covered, according to official information.

## Regulation

Hana Bank Co., Ltd. and Hana Securities Co., Ltd. are supervised by the FSC/FSS; deposits are insured by KDIC. HFG Chairman & CEO Ham Young-joo was appointed on 25 March 2022 and re-elected on 25 March 2025 with a term to March 2028; a Supreme Court ruling of 29 January 2026 acquitted him of obstruction-of-business charges while upholding a fine for a 2013–16 hiring-rule violation. Hana Bank CEO is Lee Ho-sung (since 2 January 2025); Hana Securities CEO is Kang Seong-muk (since March 2024).

Material compliance cases: DLF — on 4 March 2020 the FSC imposed a KRW 16.78 billion fine and a six-month partial suspension of private-equity-fund sales; 886 DLF contracts (KRW 183.74 billion) were found mis-sold; investor compensation of 40–80% was paid, according to official information. Lime — on 28 January 2022 the FSS imposed a three-month partial suspension; compensation of up to 65% was paid. Hong Kong H-index ELT/ELS — in December 2025 the FSS levied a KRW 24 million administrative fine (recording duties); Hana's [6 April 2026 offering circular](https://links.sgx.com/FileOpen/Hana%20Bank%202026%20CBP%20Update%20-%20Base%20Offering%20Circular%20%28April%206%2C%202026%29.ashx?App=Prospectus&FileID=69139) records the November 2025 FSS preliminary notice of approximately KRW 300 bn for Hana within an approximately KRW 2 tn five-bank total, with the final amount at that stage subject to SFC and FSC consideration.

## Source of wealth

Typical [source of funds](https://wiki.private.law/source-of-funds) profiles: business owners, professionals and executives, real-estate wealth, the senior/retirement segment (the dedicated "Hana The Next" brand, an industry first), and multi-generational families.

> 💡 Tier ladder (press-verified; NOT published on the official site — reported, unverified): VIP Club ≥ KRW 300 million (raised from KRW 100 million in 2025–26) → Gold Club ≥ KRW 500 million → Club1 ≥ KRW 3 billion average balance → Hana Family Office & Trust ≥ KRW 30 billion (units attached to Club1 centres).

## Who it serves

Affluent Korean residents: entrepreneurs and their families, senior executives, property owners, and seniors planning wealth transfer. The flagship Club1 format (Samsung — dedicated space since 21 August 2019; Hannam — 2021; Dogok — August 2025), jointly operated with Hana Securities, targets UHNW clients; the "Hana The Next" family office is attached to Club1 centres.

## Services

Investment advisory; living trusts — a pioneer since 2010 and market leader in will-substitute trust contracts; inheritance/succession and family-governance advisory; "Hana Family Office One Solution" (2024), uniting 60+ experts across banking, securities, tax and trust; art banking (art-secured loans, Hana Art Club); credit, including stock-collateral loans; retirement pensions; FX expertise inherited from Korea Exchange Bank.

## Entities

| Jurisdiction | Legal entity | Form and supervision | Role |
| --- | --- | --- | --- |
| South Korea | Hana Bank Co., Ltd. | Commercial bank; FSC/FSS; KDIC deposit insurance | Core private banking platform |
| South Korea | Hana Securities Co., Ltd. | Broker-dealer; FSC/FSS; renamed from Hana Financial Investment in July 2022 | Co-operates Club1 centres, investment products |
| South Korea | Hana Asset Management | Asset manager; relaunched October 2023 as wholly owned; HFG moving to 100% direct ownership (reported) | Funds and investment strategies |
| South Korea | Hana Financial Group Inc. | Holding company, listed on KRX | Group strategy, capital, control |
| 27 regions (year-end 2025) | Hana Bank overseas branches and subsidiary banks | Banking operations in the relevant jurisdiction | 114 Hana Bank units; [199 group points of presence](https://www.hanafn.com:8002/download/10079975/crossDownload.do). The network includes the Korea Exchange Bank heritage and serves corporate and retail customers. |

## Strengths

- Korea's first PB platform with AUM of KRW 62.7 trillion at end-2021, according to the official 2021 annual report; US$53.5 billion in 2024, according to published reports.
- Network of 207 PB centres and 827 wealth-management specialists — described as the sector's largest WM workforce, according to published reports.
- Family office with 32.1% domestic market share: US$1.43 billion, 100+ clients, according to published reports.
- Awards: Euromoney "Best Private Bank in Korea" 2024 and 2026 (17th time since 2005); Global Finance "Most Innovative Private Bank in the World" 2024, according to published reports.
## Where it falls short

- Clients needing an offshore booking centre — no dedicated offshore PB platform.
- Those expecting transparent terms — thresholds and fees are not officially published.
- Investors sensitive to misselling history (DLF, Lime, H-index).
- Non-residents without Korea ties: focus on KRW and the domestic market.
Group scale is confirmed by FY2025 results: HFG net income of KRW 4.0029 trillion (+7.1%, first time above KRW 4 trillion); total assets of KRW 878.0 trillion including trust accounts; Hana Bank net income of KRW 3.7475 trillion.

## Q/A

### What is the minimum entry threshold?

Per press reports, the ladder starts at VIP Club from KRW 300 million, then Gold Club from KRW 500 million and Club1 from KRW 3 billion; thresholds are not officially disclosed.

### Are deposits insured?

Yes: KDIC insures up to KRW 100 million per depositor per institution effective 1 September 2025. Investment products and funds are not covered.

### What is Club1?

Flagship UHNW centres jointly operated by Hana Bank and Hana Securities: Club1 Samsung (dedicated space since 21 August 2019), Club1 Hannam (2021) and Club1 Dogok (opened 6 August 2025).

### Is there an offshore private banking unit?

Hana’s [published PB-centre directory](https://www.kebhana.com/cont/goldclub/goldclub03/index.jsp) lists Gold Club and Club1 locations in South Korea. The overseas network does not by itself establish a dedicated offshore PB booking service: the contracting entity, account jurisdiction and available services depend on the specific mandate. The [2025 annual report](https://www.hanafn.com:8002/download/10079975/crossDownload.do) records 114 Hana Bank overseas units in 27 regions and 199 group points of presence. The network includes the Korea Exchange Bank heritage and corporate, retail and foreign-exchange services.

### How did the bank answer for misselling cases?

For DLF (2020) the bank paid a KRW 16.78 billion fine and compensated investors 40–80%; for Lime (2022) compensation reached 65%. In its [offering circular dated 6 April 2026](https://links.sgx.com/FileOpen/Hana%20Bank%202026%20CBP%20Update%20-%20Base%20Offering%20Circular%20%28April%206%2C%202026%29.ashx?App=Prospectus&FileID=69139), Hana disclosed a November 2025 FSS preliminary penalty notice of approximately KRW 300 bn concerning Hong Kong index-linked products; at the stage described in that circular, the final amount was subject to SFC and FSC consideration. Separately, the bank paid KRW 97.1 bn in compensation in 2024 and KRW 13.6 bn in 2025, with KRW 31.1 bn remaining at 31 December 2025.

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