Hana Bank said Friday that it has signed a strategic partnership with HD Hyundai Heavy Industries and the Korea Trade Insurance Corporation, known as K-Sure, to strengthen financing support for South Korea’s shipbuilding supply chain.

The signing ceremony, held at Ulsan City Hall, was attended by key dignitaries, including Minister of Trade, Industry and Energy Kim Jung-kwan, Ulsan Mayor Kim Doo-gyeom, Hana Bank CEO Lee Ho-sung, HD Hyundai Heavy Industries CEO Lee Sang-kyun, and K-Sure President Jang Yeong-jin.

Under the partnership, Hana Bank and HD Hyundai Heavy Industries will contribute a combined 28 billion won ($19.1 million) — 23 billion won and 5 billion won, respectively — to establish a special fund. The fund is designed to support up to 400 billion won in financing and liquidity for small and medium-sized enterprises in the shipbuilding sector, with support expected to begin in the first quarter of this year.

The initiative is part of Hana Financial Group’s “Hana All Growth Project,” launched in October, under which the group has pledged to provide 100 trillion won in financial support to export-oriented SMEs by 2030. The program seeks to extend the performance of large shipbuilders to subcontractors and equipment suppliers, helping stabilize management across the supply chain.

Eligible companies will be partner firms recommended by HD Hyundai Heavy Industries. Support measures include full exemptions on guarantee fees, preferential loan interest rates, and discounts on foreign exchange commissions and exchange rates, according to Hana Bank.

“This marks our third case of expanded public-private cooperation, following similar initiatives for the automotive and auto parts sectors last year,” Hana Bank CEO Lee Ho-sung said. “We will continue to provide practical financial support to enhance export competitiveness and support regional economies.”

Source: The Korea Herlad