Hana signs State Bank of India deal to drive global ambitions

Hana Financial Group has signed a memorandum of understanding with the State Bank of India with a joint goal to expand global business.

Hana Financial Group Vice Chairman Lee Eun-hyung, left, poses for a photo with State Bank of India Chairman Dinesh Kumar Khara, middle, and its Managing Director Challa Sreenivasulu Setty following the signing of a business agreement in Mumbai on Aug. 2. [HANA FINANCIAL GROUP]

Hana Financial Group has signed a memorandum of understanding with the State Bank of India with a joint goal to expand global business.

Hana partnered with the Mumbai-headquartered bank to push joint investment in overseas financial markets and cooperate on investment banking, it said on Sunday.

Hana Financial Group Vice Chairman Lee Eun-hyung, State Bank of India Chairman Dinesh Kumar Khara and its Managing Director Challa Sreenivasulu Setty met in Mumbai on Wednesday to sign the business agreement.

The State Bank of India is the country’s largest lender and has operations in 25 countries, including the United States and China.

The two banks built a strategic partnership during the Asia Development Bank’s annual meeting held in Incheon in May.

“The partnership has helped us to preemptively and actively respond to the Indian market and to roll out various businesses abroad,” Lee Eun-hyung, Vice Chairman at the Hana Financial Group, said in a statement.

Hana further vowed to create more partnerships with global financial companies to expand its footprint outside Korea, including joint investments and the sourcing of deals.

Hana runs two branches in India and plans to open two more.

BY JIN MIN-JI [jin.minji@joongang.co.kr]