President Ham Young-joo of KEB Hana Bank, right, shakes hands with Chairman Yoon Dae-hee of Korea Credit Guarantee Fund(Kodit) after signing two agreements on Dec. 4 at the bank’s head office in Seoul, for extending financial support for reformed growth and job creation to spur growth of social economy. (Photo: KEB Hana Bank)

KEB Hana Bank and Korea Credit Guarantee Fund (Kodit) signed two agreements at the head office of the bank at Chung District in Seoul on Dec. l4. One was on financial support for reformed growth and the creation of job and the other on the financial support for spurring the social economy.

The agreements are designed to provide financial support to leading business firms for reformed growth and socially inclined corporations to give a boost to economic growth and thereby create jobs.

The financial agreement says financial support will be provided to business firms with 275 products based on new joint growth standard and startups with great potential. KEB Hana Bank will come up with 9.5 billion won, which will be added to 500 million won worth of credit guarantees to be provided by Kodit. That will bring the total credit guarantees issued by Kodit to 273 billion won.

They will also strive to cut financial expenses for business firms with startups. Ones that have been operating less than 7 years can have 100 percent guarantee coverage and a 0.2 percent discount in the guarantee fees. Other firms will be given financial support from KEB Hana Bank to cover the 0.2 percent guarantee fee for three years.

The bank and Kodit will sign an agreement to provide financial support to socially-inclined business firms, cooperatives, and small-town business firms so they will be able to secure the capital in a reliable manner.

A total of 1.3 billion won worth of credit guarantees will be issued by Kodit, including 200 million won to be donated by KEB Hana. In addition, the bank will provide 0.3 percent guarantee fees to those firms for the next five years.

KEB Hana Bank (former Korea Exchange Bank) is the largest bank in South Korea measured in assets and the largest foreign exchange bank in South Korea. KEB Hana Bank is a part of Hana Financial Group Inc.

The Bank provides commercial banking, trust banking, foreign exchange, and merchant banking services primarily to retail and corporate customers in South Korea and internationally.

KEB Hana Bank offers small and medium-sized enterprise banking, investment banking, foreign exchange and trade finance, continuous linked settlement and clearing, custody and fund administration, and corporate banking services.

Hana Financial Group offers ample opportunities for all employees to realize their dreams and helps customer expand their assets and grow their businesses, building its presence as a financial institution that does its utmost to contribute to establishing a prosperous society and maximizing shareholder value.

With the Korean financial industry's most extensive overseas network, Hana Financial Group is poised to become one of the world's leading financial groups. This position is the result of the consistent business growth the group has shown since its inception in 1971 as Korea Investment & Finance, followed by its conversion to a commercial bank in 1991 and financial holding company in 2005.

Hana Financial Group dedicates itself to customer satisfaction and happiness through a comprehensive range of financial products and services for each stage of life.

As part of these services, its premier financial service network leads the industry by creating synergy among its subsidiaries in banking, securities, credit cards, capital, and insurance.