Expanding Middle East Business... Hana Financial, First in Korea to Partner with Saudi Export-Import Bank

MOU Signed with Saudi Export-Import Bank
Expansion of Cooperative Projects in the Middle East
Financial Support for Companies Entering Saudi Arabia

Hana Financial Group has become the first domestic financial group to partner with Saudi Arabia's Export-Import Bank and financial authorities. The group plans to carry out various cooperative projects in the Middle East region.

On the 25th (local time), Hana Financial Group announced on the 26th that it signed a memorandum of understanding (MOU) with the Saudi Export-Import Bank in Riyadh, Saudi Arabia, to expand cooperative projects in the Middle East region.

The Saudi Export-Import Bank, established in February 2020, is a bank and export credit agency created to expand non-oil sector exports, one of the key goals of Saudi Arabia's national development project, "Saudi Vision 2030." This is the first time a domestic private financial company has signed an MOU with the Saudi Export-Import Bank. The opportunity arose when Saad Al Kalb, Chairman of the Saudi Export-Import Bank, personally visited Hana Bank in December last year to propose a visit to Saudi Arabia and cooperative projects.

The MOU signing ceremony was attended by key figures including Lee Eun-hyung, Vice Chairman of Hana Financial Group; Saad Al Kalb, Chairman of the Saudi Export-Import Bank; and Park Jun-yong, Ambassador of the Republic of Korea to Saudi Arabia. Through this agreement, both parties plan to strengthen cooperation in various areas such as ▲joint discovery of global projects in the Middle East ▲support for funds, credit, and guarantees through their global networks ▲providing financial solutions and know-how to companies in both countries.

Additionally, Hana Financial Group officials visited the Saudi National Development Fund (NDF), which promotes internal national development through banks and funds, and met with Abdullah Al-Nemr, Vice President of the Saudi National Development Fund. They shared key business issues and goals related to "Saudi Vision 2030" and discussed collaboration plans including joint projects and investment participation with affiliated banks and economic funds.

Hana Financial Group aims to strengthen the cooperative foundation between the two countries through this MOU and serve as a bridge via finance. The group also plans to provide differentiated financial services to companies planning to enter the Middle East market.

Specifically, Hana Financial Group will enhance access to local Middle Eastern finance for companies participating (or planning to participate) in "Saudi Vision 2030" projects such as "Neom City," and provide specialized financing in eco-friendly infrastructure/construction and renewable energy sectors. Furthermore, Hana Bank will expand professional financial solutions utilizing its global network and trade finance expertise for companies considering exports and imports in the Middle East. Since entering the Middle East in 1977, Hana Financial Group has been the only domestic bank to enable direct guarantees from the Saudi Central Bank for construction project owners. Currently, it operates Hana Bank branches in Abu Dhabi and Bahrain, as well as a Dubai office.

Lee Eun-hyung, Vice Chairman of Hana Financial Group, stated, "Just as Hana Financial Group was the first to support and encourage companies entering the Middle East in the 1970s, we will continue to do our best to provide financial support so that Korean companies can create a second and third Middle East boom in the region."

Eunhyung Lee, Vice Chairman of Hana Financial Group (left), signed a business agreement on the 25th (local time) at the headquarters of the Saudi Export-Import Bank (Saudi EXIM) in Riyadh, Saudi Arabia, and took a commemorative photo with Saad Al Kalb, Chairman of the Saudi Export-Import Bank (right), and Junyong Park, Ambassador of South Korea to Saudi Arabia. (Photo by Hana Financial Group)

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