Hana cuts ribbon on U.S. subsidiary's branch in Los Angeles

Hana Bank’s U.S. subsidiary opened a branch in Los Angeles on Monday, marking the group’s first new U.S. channel in 22 years and the first branch launch for Hana Bank USA since the lender acquired Broadway National Bank in 2013.

Lee Eun-hyung, vice chairman of Hana Financial Group, third from left in the first row, poses for a photo with business executives at the opening ceremony for Hana Bank USA's new branch in Los Angeles on Aug. 25. [HANA FINANCIAL GROUP]

Hana Bank’s U.S. subsidiary opened a branch in Los Angeles on Monday, marking the group’s first new U.S. channel in 22 years. It is also the first branch launch for Hana Bank USA since the lender acquired Broadway National Bank in 2013.

The move follows the lifting of regulatory restrictions in May. U.S. financial authorities had imposed limits after years of losses, but the bank returned to profit in the third quarter of 2022. With the curbs gone, Hana Bank USA can now broaden its business lines and expand its distribution network.

Hana Financial Group said the Los Angeles branch complements its East Coast operations and strengthens its nationwide reach. The group already runs a New York branch and two affiliates, KEB Hana Bank NY Financial and KEB Hana Bank LA Financial, focusing on investment banking, corporate lending and trade finance.

The new branch will concentrate on community banking, offering localized services tailored to the region.

“Many Koreans have built dreams and visions here in Los Angeles, forming a community and growing together. It is deeply meaningful to announce a new beginning for our group in such a place,” said Lee Eun-hyung, vice chairman at Hana Financial Group.

“We will provide not only convenient and innovative financial services for our customers but also integrated financial solutions that combine retail and corporate banking to help the Korean community in Los Angeles and the wider region prosper,” Lee added.

Lee Eun-hyung, vice chairman of Hana Financial Group, fourth from left, joins guests in a ribbon-cutting ceremony at the opening ceremony of Hana Bank USA's Los Angeles branch on Aug. 25. [HANA FINANCIAL GROUP]

Hana Financial Group first started operations in the United States in 1977. Korea Exchange Bank, acquired by Hana Bank in 2015, had operated branches in major West Coast cities, including Los Angeles and Seattle until 2004.

Hana Bank is set to open one branch in Poland and two in India in the second half of this year.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]