Hana Bank and Korea Development Bank Sign Strategic MOU for 'Policy Finance and Commercial Finance Collaboration'

Hana Bank and Korea Development Bank signed a strategic business agreement on the 30th at Hana Bank's 'Club1 Hannam' located in Hannam-dong, Yongsan-gu, Seoul, to establish a successful collaboration model between policy finance and commercial finance. From the left in the photo are Sung Ju-young, Senior Vice President of Korea Development Bank; Kim Jung-tae, Chairman of Hana Financial Group; Lee Dong-gul, Chairman of Korea Development Bank; and Park Sung-ho, President of Hana Bank, posing for a commemorative photo. Photo by XXX

[Asia Economy Reporter Kiho Sung] Hana Bank announced on the 31st that it has signed a strategic business agreement with Korea Development Bank (KDB) to establish a successful collaboration model between commercial finance and policy finance.

On the 30th, at Hana Bank's 'Club1 Hannam' located in Hannam-dong, Yongsan-gu, Seoul, the agreement ceremony was attended by Lee Dong-geol, Chairman of KDB, Park Sung-ho, President of Hana Bank, and other officials from both banks. Kim Jung-tae, Chairman of Hana Financial Group, also attended to add significance to the synergy creation between policy finance and commercial finance.

Despite the rapid changes in the domestic and international financial environment and intense competition, both banks have maintained a cooperative and mutually beneficial partnership. Through this business agreement, as a commercial bank and a policy bank respectively, they agreed to share their competitive strengths and complement and cooperate in areas where each lacks capabilities.

To this end, both banks will promote close exchanges and cooperation in various areas including ▲ use of Hana Bank’s branch network (counters, ATMs) by digitally marginalized groups and KDB customers ▲ joint advancement of financial products, wealth management (WM), and digital services ▲ joint discovery and investment in promising companies to support innovative business growth ▲ financial support in the carbon neutrality sector and joint response to ESG (Environmental, Social, and Governance) green finance.

Hana Bank will provide various personal financial products and competitive digital financial services to existing KDB customers and utilize KDB’s accumulated know-how in various policy finance fields such as investments supporting carbon neutrality and innovative growth. In particular, through joint support in ESG areas such as financial support for innovative growth linked with KDB’s innovative company discovery platform ‘KDB Next Round’ and establishment of a green finance cooperation system, it plans to contribute to creating social value and play a differentiated role in the development of Korea’s industry.

KDB will be able to offer not only simple transactions such as deposits, withdrawals, and passbook updates through Hana Bank’s nationwide branches and automated machines starting from 2022 when joint IT development is completed, but also products and services for Hana Bank VIP customers to KDB customers. This is expected to improve financial accessibility for digitally marginalized groups such as senior customers and create synergies in asset management and digital service advancement.

President Park said, “I hope this business agreement becomes a successful collaboration model between policy and commercial finance by maximizing the sharing of each bank’s core competitive strengths and complementing lacking functions,” adding, “I expect this agreement to serve as a catalyst for Korean finance to take a leap to the ‘Next Level.’”

Additionally, President Park stated, “We will do our best to establish a solid mutual cooperation system between the two banks and provide ‘customer-centered’ products and services through active support for synergy creation.”

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