Hana Bank said Sunday it has teamed up with HL Group and the Korea Trade Insurance Corporation to provide export financing support for auto parts suppliers facing potential damage from US tariffs.
The partnership, signed Friday, aims to reinforce the export supply chain of South Korea’s automobile industry and promote mutually beneficial cooperation by providing liquidity support to stabilize the operations of exporters expected to be affected by the tariff measures, the bank explained.
Under the agreement, Hana Bank will contribute 6 billion won ($4.3 million) and HL Group will add 2 billion won to create export financing worth about 100 billion won. The package includes full coverage of guarantee fees, low-interest loans and reduced foreign exchange fees.
The deal follows a similar agreement signed last month between Hana Bank, Hyundai Motor, Kia and the Korea Trade Insurance Corporation to provide 630 billion won in liquidity support to reinforce the auto industry’s export supply chain amid external uncertainties caused by US tariffs.
The bank added that a 30 trillion won financial support plan has already been rolled out to help stabilize small and medium-sized enterprises and small business owners expected to be impacted by the tariff situation.
“We will continue to strengthen public-private cooperation to secure the competitiveness of export companies, leveraging our leading foreign exchange capabilities,” said Hana Bank CEO Lee Ho-sung.
andreahaneu@heraldcorp.com
