Hana Bank Signs MOU with KOTRA and Korea Trade Insurance to Support SME Overseas Expansion

Hana Bank announced on the 12th that it has signed a business agreement with the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Corporation to support the stable overseas expansion and export growth of domestic export companies.

Hana Bank signed a "Business Agreement for Supporting Stable Overseas Expansion and Export Growth of Domestic Export Companies" with the Korea Trade-Investment Promotion Agency (KOTRA) and the Korea Trade Insurance Corporation on the 11th. From the left, Jeonghyun Lee, Executive Director of Hana Bank's Foreign Exchange Business Group, Sanghyup Kang, Vice President of KOTRA, and Jinwook Jang, Executive Director of Korea Trade Insurance Corporation, are posing for a commemorative photo. Provided by Hana Bank

This agreement was established as part of building a public-private cooperation system to create a stable export environment for domestic small- and medium-sized as well as mid-sized export companies that are facing difficulties due to external economic uncertainties.

Hana Bank plans to provide substantial financial benefits to participating companies in KOTRA's Overseas Branch Establishment Program, including: special preferential 'Export Package Preferred Financing' linked to guarantee products; support for short-term export insurance premiums (group insurance); and preferential treatment for foreign exchange commissions and exchange rates, all aimed at alleviating funding difficulties for export companies.

In particular, through the Export Package Preferred Financing, Hana Bank will fully support guarantee fees for the first year and raise the support limit for export credit guarantee fees from 20 million won to 50 million won.

KOTRA will conduct a financial support demand survey among companies participating in the Overseas Branch Establishment Program and, in cooperation with Hana Bank and the Korea Trade Insurance Corporation, will also identify additional potential beneficiary companies.

Lee Jonghyun, Executive Director of Hana Bank's Foreign Exchange Division, stated, "We will continue to provide practical financial support to strengthen the global competitiveness of Korean export companies based on public-private cooperation."

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