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Photo courtesy of Yonhap News |
[Alpha Biz= Paul Lee] Hana Financial Group has decided to carry out a large-scale capital increase at its U.S. subsidiary for the first time in three years, aiming to proactively meet growing financial demand from individual and corporate customers in the United States.
According to the financial industry on December 18, Hana Bank will conduct a USD 100 million paid-in capital increase in Hana Bank USA on December 23. Hana Bank USA was established in 2013 after Hana Bank acquired Broadway National Bank (BNB), which had been operating in New York. Earlier this year, all regulatory sanctions imposed by U.S. financial authorities on Hana Bank USA for more than a decade were fully lifted.
This marks the third capital increase by Hana Bank for Hana Bank USA, following previous injections of USD 36.5 million in 2016 and USD 65 million in 2022. Through the latest capital increase, Hana Bank plans to significantly expand its lending capacity for both individual and corporate customers. Once completed, the per-customer lending limit at Hana Bank USA will double from USD 16 million to USD 32 million.
Hana Bank USA also plans to revamp its retail financial services for Korean expatriates and local customers. While its mortgage lending has previously focused on rental property owners, the bank intends to launch home mortgage loans for general individual customers starting next year. In addition, non-face-to-face account opening and mobile international remittance services will be introduced.
Hana Financial Group plans to accelerate its U.S. market expansion, starting with the capital increase at Hana Bank USA. The group currently operates three subsidiaries—Hana Bank USA, Hana New York Financial, and Hana LA Financial—as well as one branch, the Hana Bank New York Branch. The New York branch focuses on investment banking operations and lending to global blue-chip companies, while the two financial subsidiaries support Korean companies operating on the U.S. East and West Coasts.
As of the end of October, the combined loan balance of Hana Financial Group’s U.S. operations stood at USD 3.88 billion, representing a 69% increase compared to 2020.
Looking ahead, financial demand from Korean companies expanding into the United States is expected to rise further from next year, as approximately USD 350 billion in Korean investment is set to be deployed in stages under the Korea–U.S. tariff agreement. In response, Hana Financial Group is considering additional network expansion, including potential new locations in Texas and other regions. The group recently opened an LA branch of Hana Bank USA in August, marking its first new U.S. location in 22 years.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
