Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Hana, Saudi EXIM Bank join hands to support Korean firms in Middle East
Hana Financial Group Vice Chairman Lee Eun-hyung, left, speaks with Saudi Export-Import (EXIM) Bank Chairman Saad Al-Khalb before they attend the signing ceremony at the headquarters of Saudi EXIM Bank, Monday (local time). Courtesy of Hana Financial Group
By Lee Yeon-woo
Hana Financial Group announced Tuesday that it signed a memorandum of understanding (MOU) with the Saudi Export-Import (EXIM) Bank to bolster cooperation in the Middle East.
This MOU marks Saudi EXIM Bank's first collaboration with a private financial institution from Korea. A visit by Saudi EXIM Bank Chairman Saad Al-Khalb to Hana Bank last December paved the way for Hana's proposal for a joint business in Saudi Arabia.
Major figures, including Hana Financial Group Vice Chairman Lee Eun-hyung, Saad Al-Khalb and Korean Ambassador to Saudi Arabia Park Joon-yong, attended the ceremony that took place at Saudi EXIM Bank's headquarters on Monday (local time).
Both parties are planning to enhance cooperation in various areas. This includes jointly identifying global projects in the Middle East, offering support in terms of funds, credit lines and guarantees to their respective global network and providing financial solutions and expertise to companies in both countries.
Ahead of the signing ceremony, the Hana delegation visited the National Development Fund (NDF) of Saudi Arabia. During the visit, they exchanged insights on the Saudi Vision 2030 initiative and explored potential collaborations, such as joint ventures and investments with the NDF's associated banks and financial institutions.
With this business agreement, Hana Financial Group aims to fortify the cooperative foundation between the two nations and serve as a financial bridge. Additionally, the group seeks to offer specialized financial services to businesses looking to expand their footprint in the Middle East, the group explained.
"For companies engaged or aiming to participate in initiatives like NEOM City under the Saudi Vision 2030, we intend to increase their access to Middle Eastern local finance and provide tailored financial support, especially in eco-friendly infrastructure, construction and renewable energy sectors," the group stated.
"I am grateful that Hana found a true partner in the financial sector through this visit, especially as collaborations between Korea and Saudi Arabia are diversifying," Lee remarked. "Hana was at the forefront of supporting Korean firms entering the Middle East market back in the 1970s. In keeping with that tradition, we are committed to backing Korean businesses financially, fostering a second ― and even a third Middle East boom."