Hana Bank "Providing Special Financial Support for Export Companies Affected by COVID-19"

Provision of Export Finance Support Products and Consulting through Financial Support Agreement with Korea Trade Insurance Corporation

[Asia Economy Reporter Park Sun-mi] Hana Bank announced on the 25th that despite the prolonged difficulties in the business environment caused by COVID-19, it is providing special financial support to export companies by collaborating with guarantee institutions to assist South Korea's small and medium-sized enterprises (SMEs) and mid-sized companies leading the export industry.

Since March, Hana Bank has actively supported the liquidity of export companies through the special sales of 'With Loan Export Finance,' aimed at promoting exports in the materials, parts, and equipment industries as well as emerging markets, following a special business agreement with the Korea Trade Insurance Corporation. Despite challenging external conditions, the number of companies supported and the guarantee amount provided by Hana Bank in collaboration with the Trade Insurance Corporation increased approximately tenfold compared to March.

Additionally, in June, Hana Bank launched 'With Loan Export Finance II' through a business agreement with the Korea Credit Guarantee Fund to share the financial costs of export SMEs and further reduce foreign exchange fees, providing tangible financial benefits. Since the agreements with the Trade Insurance Corporation and the Credit Guarantee Fund, Hana Bank has supported about 230 companies, contributing to liquidity support and trade expansion for a total of approximately 850 companies with a scale of 350 billion KRW.

Hana Bank is also promoting convenience for export companies through digital innovation. In May, it launched 'Hana One Q FX,' a non-face-to-face foreign exchange trading platform that allows customers to conduct foreign exchange transactions directly without visiting branches or making phone calls, creating an environment for efficient foreign exchange transactions.

Cho Jong-hyung, Head of Hana Bank’s Foreign Exchange Business Division, stated, “As a specialized foreign exchange bank, Hana Bank practices 'finance that grows together with export companies and shares happiness,' and is planning various support measures for export companies in the future.” He added, “We will do our best to provide practical help to activate trade for export companies.”

This content was produced with the assistance of AI translation services.