Hana Financial Group Signs Deal With CTBC Bank for Global Business Expansion

Hana Financial Group signed a business deal with Taiwan's CTBC Bank, and this was announced on Sunday, May 7. This is a strategic move to achieve the South Korean financial holding company’s goal of expanding its presence in the global market.

Moreover, Hana Financial Group said that its partnership with Taiwan’s leading private lender will help the company become the best financial service provider in Asia, which is its ultimate goal.

According to The Korea Times, the cooperation between Hana and CTBC Bank will include a variety of things, such as mutual support from their respective branches overseas and jointly finding business opportunities in investment and corporate banking fields. They will also share their expertise with one another to boost their assets abroad.

The contract signing ceremony took place at Hana Global Campus, located in the district of Cheongna International City, on May 4. The event was scheduled while officials of Hana Financial and CTBC Bank were all attending the annual meeting of the Asian Development Bank (ADB) at the Songdo International Business District in Incheon. The latter’s chairman Morris Li was also present at the event.

HFG’s vice chairman Lee Eun Hyung said that the memorandum of understanding (MOU) with the Taiwan-based bank is a "reflection of a strong will between the two companies for global business expansion."

He added, "We expect that the deal will contribute to facilitating financial cooperation on the country-to-country level between Korea and Taiwan. We will continue to work on enhancing cooperation with other companies in various companies to visualize our goal of becoming Asia's No. 1 banking group."

In any case, Korea IT Times reported that under the agreement, Hana Financial and CTBC Bank are expected to promote the growth of their companies in the market. With their joint efforts, they will work on growing their global prime assets.