Hana Bank becomes first Korean lender to open branch in Taiwan

Kim Jin-seok, second from right, Hana Bank's Taipei office chief, poses with officials representing Korean residents and companies operating in Taiwan, after holding an opening ceremony there, Monday. Courtesy of Hana Bank

By Lee Min-hyung

Hana Bank became the first Korean commercial bank to establish a branch in Taiwan, opening an office in Taipei on Monday aiming to tap into the country's investment banking market, the lender said.

Hana Bank is now the only lender here with a financial network in Korea's 10 major trading partners including China, the United States and Vietnam.

In June last year, Hana Bank received a license from Taiwan's financial authority to operate a sales office there. The license allows the lender to operate local currency-based corporate financing and retail banking businesses there.

The lender's Taipei office will serve as a key financial base for Hana to widen its corporate financing business in Asia. The office will also help Korean companies operating businesses there to receive the bank's diverse corporate-level financial services with more ease, according to the lender.

Hana aims to increase its foothold in Taiwan's public infrastructure market such as aviation, railroad and energy by offering a diverse set of corporate financing services for potential clients there.

This is also in line with Hana Financial Group Chairman Ham Young-joo's global vision of turning the lender into Asia's largest financial group.

“The opening of the Taipei office is meaningful, as the prolonged COVID-19 shock has caused difficulties in doing business here and abroad,” Lee Jong-seung, vice president of global business at Hana Bank, said. “We are going to provide an advanced level of financial services to local citizens as well as Korean companies there.”

Hana Bank is one of the most globally-active commercial banks here with sales offices in 25 countries. The lender is also preparing to apply for a license to operate an offshore banking business there to increase its presence in international finance.