BGF Retail Signs 'Win-Win Financial Business Agreement' with Hana Bank to Overcome COVID-19

BGF Retail and Hana Bank have signed a mutual growth financial business agreement.

[Asia Economy Reporter Lim Chun-han] BGF Retail and Hana Bank announced on the 9th that they have signed a win-win financial business agreement to support CU franchise owners who are struggling due to the prolonged COVID-19 pandemic.

The key points of this business agreement include ▲ operation of a CU-exclusive ‘Mobile Branch’ ▲ provision of credit guarantee foundation loan agency services ▲ operation of a win-win cooperation fund ▲ mutual joint marketing ▲ development of new products and services. Through this, CU franchise owners in Seoul and Gyeonggi areas can use the CU-exclusive ‘Mobile Branch’ on a separate webpage to handle and consult on all Hana Bank financial services non-face-to-face without visiting a branch. In provincial areas, prompt consultation services will be provided through nearby Hana Bank branches.

A CU Win-Win Cooperation Fund will also be operated to support liquidity for franchise owners. BGF Retail will deposit the fund amount and support interest rate reductions at the franchise headquarters level, allowing loans to be obtained at lower interest rates compared to market rates.

BGF Retail and Hana Bank plan to design joint marketing linking retail distribution and financial sectors to improve store profitability as well as stabilize the lives of CU franchise owners. Additionally, targeting the MZ generation, the main consumer group of convenience stores, they will develop various financial products and services such as cards, insurance, and currency exchange, and promote new business plans between the two companies utilizing CU as a lifestyle platform.

A BGF Retail official said, “Not only supporting CU franchise owners but also from a grand perspective to revitalize the local economy, the two companies have joined forces in the win-win financial business,” adding, “We will spare no effort to actively support so that the projects we pursue in the future create tangible benefits and become a model case of ESG management.”