 |
| KEB Hana Bank Foreign Investment Department chief Kim Bum-rae, left, shakes hands with Banque Pour Le Commerce Exterieur Lao Public Vice President Lachay Khanpravong after signing a memorandum of understanding at the Crowne Plaza Vientiane hotel, Friday. / Courtesy of KEB Hana Bank |
By Nam Hyun-woo
KEB Hana Bank has signed a memorandum of understanding (MOU) with the top Laos bank by assets for their strategic partnership, the Korean bank said Sunday.
Toward that end, KEB Hana Bank Foreign Investment Department chief Kim Bum-rae and Banque Pour Le Commerce Exterieur Lao Public (BCEL) Vice President Lachay Khanpravong signed the MOU.
The agreement was aimed at boosting the two lenders' partnership on remittance and trade financing. KEB Hana said the collaboration will allow the two sides to provide financial services to Laotians working in Korea.
Last October, the Human Resources Development Service of Korea and its Laotian counterpart signed a service commitment agreement of the recruitment of foreign workers.
Since 2004, Korea has been running an employment permit system to have more migrant workers protected by the law.
The system requires Korean employers to provide four types of insurance to foreign employees. The four include salary and accident insurance.
Under the agreement, Laos became the 16th country to dispatch workers protected by the system to Korea. The system will take effect in the second half of this year.
"Under the partnership with BCEL, KEB Hana will be able to provide improved financial services to Laotian workers in Korea," a KEB Hana Bank official said. "As a specialist in the foreign exchange business, KEB Hana will spare no efforts to provide quality services to meet the needs of the global market."
KEB Hana has been showing expertise in providing remittance services for migrant workers in Korea. The bank has a marketing team responsible only for foreigners here, providing counseling services in eight languages.
![[INTERVIEW] Hip-hop group Uptown returns after 13 years with new lineup](https://img.koreatimes.co.kr/upload/thumbnailV2/0eae35da5e9c40c38cf439e550a2eb3e.jpg/dims/resize/178/optimize)
![[INTERVIEW] ASTRO members aim to shine in musical theater](https://img.koreatimes.co.kr/upload/thumbnailV2/df16760dc50f469d93434f66a069465c.jpg/dims/resize/178/optimize)
