Hana to broaden global reach with State Bank of India

Vice Chairman of Hana Financial Group Lee Eun-hyung, left, poses with State Bank of India Chairman Dinesh Kumar Khara, center, and State Bank of India Executive Director Challa Sreenivasulu Setty during an MOU signing ceremony in Mumbai, India, Aug. 2. Courtesy of Hana Financial Group

By Lee Yeon-woo

Hana Financial Group is set to broaden its global reach by joining forces with the State Bank of India, the biggest state-run commercial bank in India.

According to the group, Sunday, Hana Financial Group and the State Bank of India signed a memorandum of understanding in Mumbai, India, Aug. 2. The two agreed to establish a strategic partnership during the 56th annual meeting of the Asian Development Bank (ADB), which was held in Korea in May.

They plan to broaden their scope of cooperation, including co-financing in foreign financial markets, supporting each other's foreign branches together and collaborating in global business sectors such as trade finance.

Currently, Hana Financial Group operates two bank branches in India, one in Chennai and the other in Gurugram. The group is considering establishing two more branches in the country.

Hana is accelerating its efforts to form partnerships with major financial groups in Asia, including India, Singapore, Vietnam and Indonesia.

“By establishing this partnership, Hana can make a preemptive and proactive response in the Indian market while expanding global businesses,” said Lee Eun-hyung, vice chairman of Hana Financial Group. “We will seek various other opportunities, based on the strong will of both to expand globally, and help Hana leap as a top financial group in Asia.”