Hana Financial Group Launches Ambitious “Hana Growth for All Project”

Hana Bank logo shown at its headquarters in Jung District, central Seoul [NEWS1]

Hana Financial Group has announced a groundbreaking initiative named the “Hana Growth for All Project,” pledging an investment of 100 trillion won (approximately $70.5 billion) into the Korean economy by 2030. This project aims to foster national growth and enhance economic stability through an array of strategic efforts.

Comprehensive Investment Strategy

The project involves all of Hana’s subsidiaries, which encompass banking, securities, asset management, insurance, cards, capital, and venture capital units. This holistic approach ensures a robust implementation across six critical areas:

Key Areas of Focus

1. Supporting companies impacted by trade tariffs.
2. Promoting productive finance.
3. Expanding inclusive finance.
4. Protecting financial consumers.
5. Leading innovations in digital finance.
6. Providing comprehensive asset management services nationwide.

Allocation of Funds

Out of the 100 trillion won, the distribution is strategic:

• 84 trillion won will concentrate on productive finance, enhancing investments in small businesses and strategic projects.
• 16 trillion won will target inclusive finance, aimed at supporting business owners and economically vulnerable citizens adversely affected by recent economic stagnation.

Productive Finance Segment

Hana Financial Group plans to allocate 10 trillion won to the National Growth Fund, accounting for roughly 13% of the total 75 trillion won being raised from private and institutional sources.

• Internal Allocations:
  • 10 trillion won from its own funds.
  • Distribution includes:
    • 2 trillion won for venture capital.
    • 6 trillion won to support private fund formation.
    • 1.7 trillion won for investment in advanced industries.
    • 300 billion won aimed at promoting regional development.

In addition, the group will boost financing for Korea’s two main policy guarantee institutions and provide 50 trillion won in loans to high-potential companies. A robust 14 trillion won financing program will focus on supporting export-oriented SMEs, reinforcing supply chains, and offering services for foreign exchange risk management.

Inclusive Finance Initiatives

The 16 trillion won allocated for inclusive finance intends to alleviate debt burdens and bolster credit restoration for small business owners and financially vulnerable individuals.

Specific Programs Within Inclusive Finance

• Financial Assistance for Self-Employed Individuals: Hana will provide 12 trillion won over five years, including 1.25 trillion won annually in guaranteed loans backed by regional credit guarantee funds.

• Liquidity Support: An additional 1.1 trillion won will be allocated through specially designed loan products.

• Debt Adjustment Program: This initiative will offer 10 billion won annually to assist borrowers struggling to meet repayment obligations, even if they maintain a good credit status.

• Support for Young People and Low-Income Households: Hana aims to provide 4 trillion won in inclusive finance, enhancing programs to ease debt burdens and implementing a digital application process for debt restructuring.

Commitment to Consumer Protection and Digital Finance

Beyond the financial allocations, Hana Financial Group is determined to strengthen consumer protection and digital finance initiatives. This move is designed to foster trust among stakeholders and ensure fair practices within the financial landscape.

Chairman’s Vision

“Hana Growth for All Project is more than just a financial figure; it symbolizes our genuine commitment,” stated Chairman Ham Young-joo. “We are transitioning away from legacy practices that prioritize easy profits and focusing on redirecting capital into productive sectors for sustainable growth. We aim to be a true partner to all financial stakeholders, dedicated to practicing inclusive finance earnestly.”

As Hana Financial Group rolls out this ambitious project, the future looks promising for sustainability, growth, and inclusiveness within the Korean economy.

For more updates on financial initiatives in South Korea, stay tuned!

BY KIM MIN-YOUNG [[email protected]]

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