Hana Financial Group Vice Chair Lee Eun-Hyung (right) and Xavier Musca, CEO of Credit Agricole CIB and deputy general manager of Credit Agricole SA, pose at a signing ceremony held at the French financial giant’s headquarters situated in Montrouge, France on Wednesday. (Hana Financial Group)
Hana Financial Group, one of South Korea's top four finance conglomerates, has joined hands with Credit Agricole Corporate and Investment Bank to strengthen cooperation in expanding its business in Europe, the firm said Friday.
The two entities have signed an agreement to expand cooperation in corporate and investment banking, treasury and trade finance, and financing for environment, social and governance-related initiatives.
Hana Financial Group Vice Chair Lee Eun-Hyung, Xavier Musca, the CEO of Credit Agricole CIB and deputy general manager of holdings company Credit Agricole SA, and Gerald Massenet, senior country officer for Korea at Credit Agricole CIB attended the signing ceremony held at the group’s headquarters situated in Montrouge, France, Wednesday.
"The cooperation between two financial institutions, which have built trust in both Korea and France, will elevate the global presence of Hana Financial Group in the European financial market," Lee said.
The agreement was enabled through Lee's suggestion to strengthen cooperation for corporate and investment banking and create a strategic partnership during his visit to the Credit Agricole Group's subsidiary in London in September, the firm explained.
Through the agreement, Hana Financial Group will seek to cement its foothold in Europe. Having opened an office in Budapest earlier this month, it is set to open a branch in Poland this year. It will further expand the size of the investment banking desk and global baking center of Hana Bank's London branch.
Over the years, Hana Bank has been proactively expanding its business in Europe, having launched a branch in London in 1968 and Paris in 1974. It was the first Korean bank to open a branch in France, the firm explained.
Credit Agricole Group opened a bank branch in Korea in 1974, the first for a French financial institution.
Meanwhile, Hana Financial Group has been stepping up its globalization efforts. It has expanded to 26 regions, strengthening partnerships with leading financial institutions in each country such as Taiwan's CTBC Bank, State Bank of India and Saudi Export-Import Bank.
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