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Hana seeks to calm Yoon-induced nerves abroad with value-up pledge

Published: 10 Dec. 2024, 18:04 Updated: 10 Dec. 2024, 18:37

KIM JU-YEON
[email protected]

Hana Financial Group Chairman Ham Young-joo talks about the group's value-up strategy with global investors at a meeting in Hong Kong on June 18. [YONHAP]

Hana Financial Group promised foreign investors Monday that it will adhere to its value enhancement plan that was announced in October and manage its year-end common stock ratio at a stable level.

The group said it will ensure a stable Common Equity Tier 1 ratio by strengthening its risk-weighted management system in response to currency exchange risks, in a news release on Tuesday.

Hana said it established an emergency contact network in countries where it operates to monitor and respond to Korea’s financial situation around the clock, in the midst of political uncertainty following President Yoon Suk Yeol’s martial law declaration.

The group maintains tight communication with key offshore financial authorities, central banks and investors. Hana said it was holding virtual and face-to-face meetings with foreign investors to assure them of the group’s financial stability and Korea’s outlook.

It has been communicating with financial authorities in key hubs including the United States, Britain, Germany, Hong Kong and Singapore.

Hana Bank’s New York branch reported Korea’s financial situation to the Federal Reserve Bank of New York and the New York Department of Financial Services on Dec. 4, a day after martial law was declared and promptly canceled six hours later. Bank representatives in Britain and Germany reached out to the Prudential Regulation Authority under the Bank of England and Germany’s Federal Financial Supervisory Authority and Bundesbank, respectively.

“Amid the current situation of increased financial uncertainty, Hana Financial Group will do its best to ensure that individuals and businesses can safely carry out their economic activities,” said Hana Financial Group Chairman Ham Young-joo.

BY KIM JU-YEON [[email protected]]