Hana Bank Becomes Korea's First Financial Partner in Wellness Residence Project

Signed MOU with HDC Hyundai Development Company
Activating Wellness Residence and Providing Customized Comprehensive Asset Management Services
Lee Hosung: "We Will Do Our Best as a Partner Accompanying the Senior Generation into the Future"

▲ On the 22nd, at the HDC Hyundai Development Company headquarters in Yongsan-gu, Seoul, Lee Hosung, CEO of Hana Bank (left), and Jung Kyunggu, CEO of HDC Hyundai Development Company (right), are taking a commemorative photo after signing a business agreement to activate the wellness residence business and provide customized comprehensive asset management services for residents. Provided by Hana Bank.

Hana Bank announced on the 23rd that it had signed a memorandum of understanding (MOU) with HDC Hyundai Development Company at the HDC Hyundai Development Company headquarters in Yongsan-gu, Seoul, to activate the wellness residence business and provide customized comprehensive asset management services for residents.

This business agreement was established to build a cooperative system that meets the asset management needs of senior customers. Hana Financial Group, which provides optimized solutions throughout the entire life cycle of the senior generation based on its expertise in banking, securities, and insurance, is collaborating with HDC Hyundai Development Company, which is pursuing the wellness residence business.

To this end, the two companies agreed to cooperate in various areas, including: providing customized financial services such as asset management, tax, and inheritance; offering financial and non-financial programs within senior-specialized spaces; developing financial products linked to residential offerings such as deposit management trusts for residents; and supporting benefits from Hana Bank and its affiliates.

In particular, this agreement marks the first case in Korea where a bank participates as a strategic financial partner in a wellness residence business operated in the form of a private rental housing project by a comprehensive financial real estate company. It is expected to become a leading private sector cooperation model responding to a super-aged society, going beyond simple service partnerships to include: strengthening financial stability through resident deposit trusts and retirement asset management; establishing a joint resident life-cycle management system between financial institutions and construction companies; and supporting financial services based on actual residency.

The first business model, Seoulwon Wellness Residence, is an urban-type wellness residence being developed by HDC Hyundai Development Company at the Gwangwoon University station area in Nowon-gu, Seoul. It is optimally located to meet the recent senior housing trend of AIP (Aging In Place?continuing to live in the community). The site boasts strengths such as concentrated transportation, medical, cultural, and commercial infrastructure, and is expected to establish itself as a new form of urban senior housing facility by combining the asset management expertise of Hana Bank, a leading name in asset management.

Lee Hosung, CEO of Hana Bank, stated, "Hana Bank and HDC Hyundai Development Company have joined forces not only to help senior customers plan for their future financially as they enter the second act of their lives, but also to provide new experiences across all aspects of life care. We will work closely together to create diverse synergies, and will do our best to fulfill Hana Bank's role as a partner accompanying the senior generation into the future."

Meanwhile, in October last year, Hana Financial Group launched its senior-specialized brand 'Hana The Next' to support the successful retirement of the senior generation. Based on collaboration among its affiliates, the group provides life care services that go beyond well-living to include well-aging and well-dying for the (NEW) senior generation, covering both financial and non-financial areas such as retirement planning, inheritance and gift planning, and health management.