Hana Financial Group signs MOU with Sumimoto Mitsui Trust

Hana Financial Group Chairman Ham Young-joo, second from left, poses with SuMi Trust Director Takakura Toru, third from left, after signing an MOU to form a strategic business alliance between the two at the Grand InterContinental Seoul Parnas hotel in southern Seoul, Wednesday. Courtesy of Hana Financial Group

By Yoon Ja-young

Hana Financial Group signed MOU with Japan's Sumimoto Mitsui Trust Group to strengthen cooperation in global financial businesses.

According to Hana, it has been cooperating with the trust in diverse business areas that include not only trust but also global, digital, investment banking and asset management since 2014 when they began their cooperative relationship.

Most recently, GLN International, an affiliate of Hana Bank providing overseas payment services, received a strategic investment from SuMi Trust of the group last December. Their close cooperation in diverse areas has been cited as an example of synergy creation in the financial industry.

In the MOU, the two agreed to expand cooperation in five areas of stake investments, asset management, retail, digital innovation and expansion of global investment banking.

“The trust and cooperative relationship that the two groups have built during the past 10 years will be an example of financial cooperation between Korea and Japan. We hope to contribute to the financial diplomacy of the two countries,” Hana Financial Group Chairman Ham Young-joo said.

“Hana's strength in digital finance and expertise in private banking will combine with SuMi Trust's expertise in trust and asset management to create a new synergetic effect for both countries,” SuMi Trust Director Takakura Toru said.

Sumimoto Mitsui Trust Group is one of the four largest financial groups in Japan. It is especially known for its strength in the trust and real estate sector.