Hana Bank Selected as Preferred Negotiator for MOEF EDCF Foreign Currency Vault

Hana Bank announced on the 17th that it has been selected as the first-priority preferred negotiation candidate for the Ministry of Strategy and Finance's Economic Development Cooperation Fund (EDCF) foreign currency custodian bank.

EDCF is a fund established in 1987 by the Government of the Republic of Korea to support the economic development of developing countries and promote economic exchange. The introduction of this foreign currency custodian bank was pursued to enhance the efficiency of loan management as the demand for executing foreign currency-denominated loans in foreign currency has recently increased.

Upon final selection, Hana Bank will perform foreign currency cash management, account management, foreign currency remittance, and currency exchange services as the foreign currency custodian bank for up to five years starting this year (a basic contract of three years, with the possibility of extension twice on a one-year basis).

A Hana Bank official stated, “Since being designated as the dedicated bank for EDCF in 1987, Hana Bank has accumulated approximately 37 years of management know-how,” and added, “Based on our experience, we hope to properly understand the purpose of this project and contribute to supporting the economic development of developing countries and promoting economic exchange on behalf of the Republic of Korea.”