South Korea’s fourth largest lender by assets, Hana Financial
Group (Hana), has announced it is collaborating with China Merchant
Bank (CMB) to strengthen its business in China.
A statement issued by Hana said that the co-operation agreement
was part of the bank’s strategy to grow global sales.
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The partnership with China’s sixth largest bank by assets will
cover all areas, including retail banking, with a particular focus
on growing Hana’s credit cards business in China.
Hana’s credit card unit, Hana SK Card, will eventually form a
synergy with CMB, which has a 23% market share in the sector in
China
Although both lenders agreed to invest in each other, CMB will
not participate in Hana’s financing of a 51.02% stake in the Korea
Exchange Bank, estimated to be around KRW4.69tr ($4.2 billion).
Hana has already financed KRW3.49tr of the deal and is looking
to raise the remaining capital by issuing common and preferred
shares to complete the takeover in February.
