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Hana Bank, HL, K-Sure establish a fund for local businesses impacted by U.S. tariffs

Published: 14 Sep. 2025, 16:29 Updated: 24 Sep. 2025, 14:16

YOON SO-YEON
[email protected]

Executives from Hana Bank, HL, the Korea Trade Insurance Corporation (K-Sure) and the government pose for photos after signing an agreement to help local companies struggling amid the U.S. trade tariff at the Hana Bank main branch in Jung District, central Seoul, on Sept. 12. From left: Jang Young-jin, CEO of K-Sure; Park Jung-sung, director general for trade and investment at the Ministry of Trade, Industry and Energy; Jung Mong-won, chairman of HL Group and Hana Bank CEO Lee Ho-sung. [HANA BANK]

Hana Bank is providing export financing support to partner companies that may suffer direct or indirect damage due to U.S. tariff impositions, in cooperation with HL Group and the Korea Trade Insurance Corporation (K-Sure).

Hana Bank, HL and K-Sure signed the agreement at the Hana Bank main branch in Jung District, central Seoul, on Friday. The signing ceremony was attended by Park Jung-sung, director general for trade and investment at the Ministry of Trade, Industry and Energy; Jung Mong-won, chairman of HL Group; Jang Young-jin, CEO of K-Sure and Hana Bank CEO Lee Ho-sung.

Through the deal, Hana Bank promised to contribute 6 billion won ($4.3 million) and HL 2 billion won to a 100-billion-won fund that will be used to help local companies struggling due to U.S. trade tariffs. Companies eligible for the fund will be recommended by HL and will be provided full coverage of guarantee fees, preferential loan rates and discounts on foreign exchange commissions and exchange rates.

"This is the second case in which a bank and a private company joined forces for local companies struggling due to the United States' trade tariffs, through which we will provide financial support to diverse cases that need help, rather than just a single one," said Hana's Lee.

"Hana Bank will continue the cooperation between the private and public sectors to ensure the highest level of export industry, based on our foreign exchange capabilities."

Last month, Hana Bank signed with Hyundai Motor, Kia and K-Sure to put together a 630-billion-won fund to help the motor industry's exports.

BY YOON SO-YEON [[email protected]]