Nov. 1, 2009 (The Korea Times) -- By Yoon Ja-young

Staff Reporter

Hana Card said Sunday that it plans to become one of the top three players in the local card industry by 2014. The plastic issuer made an official debut Monday, splitting from the bank and standing on its own as a credit card business.

The credit card company announced that it aims to get a 12-percent market share and 10 million credit card memberships by 2014. Currently, it holds around 4 percent.

Market watchers were waiting to see whether Hana would launch a joint venture with SK Telecom (NYSE:SKM) , the country's biggest telecommunication service operator, but the two failed to reach a deal. Yet, Hana said it would continue talks over the joint venture with the telecom giant.

The credit card firm believes a strategic tie with businesses in other industries such as retail and telecommunications is essential to overcome big competitors in the market.

"The plastic card so far has provided only a limited range of services. Hence, one had to get another card issued to get other kinds of services," Lee Kang-tae, the first CEO of Hana Card said. The former vice president of Samsung Tesco is set to lead the newly launched Hana Card, after the credit card company looked for an expert in the retail industry.

The CEO said credit cards would be able to provide customer services anywhere if the card is coupled with telecommunication technology or retail services.

"The launch of Hana Card will give a fresh boost to the card business of Hana Financial Group (OOTC:HNFGF) ," he added.

The group plans to nurture the credit card company as its cash cow, generating 30 percent of its earnings.

Amid fierce competition in the already saturated credit card market, the company said it would focus on developing new options.

Hana Card is 100-percent owned by Hana Financial Group. Its capital stands at 300 billion won.