Leading Among Commercial Banks in Regional Expansion, Completing South Korea's Top 10 Trade Hub Network
Playing a Key Role in Becoming Asia's Premier Financial Group
Hana Bank successfully entered the Taiwanese market as the first domestic bank by opening its Taipei branch on the 25th (local time). At the opening ceremony, (from left) Kang Byung-wook, Chairman of the Taiwan Korean Chamber of Commerce, Cho Jeong-ho, Chairman of the Taiwan Korean Association, Jung Byung-won, Head of the Korean Representative Office in Taipei, Kim Jin-seok, Manager of the Taipei Branch, and Kim Gyu-il, Chairman of the Taiwan Korean Economic Association, cut the congratulatory rice cake and took a commemorative photo.
[Asia Economy Reporter Song Hwajeong] Hana Bank announced on the 26th that it has successfully entered the Taiwanese market by opening a Taipei branch, becoming the first domestic bank to do so.
Hana Bank obtained approval from the Taiwan Financial Supervisory Commission in June last year and, after 10 months of preparation, opened the Taipei branch. As a result, it became the only bank with networks in all of South Korea's top 10 trading hubs, including China, the United States, Vietnam, Hong Kong, Japan, Taiwan, India, Germany, Singapore, and Mexico. With the opening of the Taipei branch, Hana Bank now has 194 networks across 25 regions worldwide.
The Taipei branch is implementing an active localization strategy by hiring local financial professionals fluent in English and Chinese and promoting collaboration with local financial companies. At the same time, based on the foreign exchange designated bank (DBU) license obtained from the Taiwanese financial authorities, it will conduct corporate and retail banking services in the local currency.
Domestic companies and Korean residents operating in Taiwan, as well as local companies trading with Korea, will now have access to various financial services, alleviating the financial demand and inconvenience caused by the previous absence of Korean banks in Taiwan.
The Taipei branch is also expected to play a key role as a major post in Asia for the group's global IB (Investment Banking) finance, in line with the vision presented by Hana Financial Group Chairman Ham Young-joo in his inaugural speech to become the "best financial group in Asia" by strengthening investment banking and corporate finance.
Initially, the branch plans to focus its efforts on targeting Taiwan's IB market, which is activated by government-led economic development plans in public infrastructure sectors such as aviation, railroads, and energy. Through collaboration with affiliates within Hana Financial Group and utilizing various networks including global financial institutions, the Taipei branch is expected to achieve results in infrastructure finance, aircraft finance, and other areas.
Additionally, the Taipei branch is preparing to apply for an International Banking Unit (OBU) license, which allows offshore financial operations, to establish its position as a major financial institution in Taiwan's international financial market and attract high-quality local companies.
Lee Jong-seung, Vice President of Hana Bank's Global Group, said, "The successful opening of the branch despite the prolonged difficulties caused by COVID-19 is very meaningful," adding, "We will provide a higher level of financial services and convenience not only to Korean companies and residents in Taiwan but also to local customers with trade demands with Korea."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
