K-Sure and Hanmi Bank Announce Strategic Partnership
The Korea Trade Insurance Corporation (K-SURE) has formed a strategic partnership with Hanmi Bank to support the expansion of Korean companies into the American market. This agreement was formalized on January 6 in Los Angeles and aims to create a robust support framework as Korean investment in the U.S. is projected to rise.
Strategic Partnership Details
The collaboration is designed to provide competitive export financing, which is crucial for Korean businesses facing challenges in securing local funding for their projects. The partnership will facilitate financial backing for:
- Export and contract deals
- Supply chain investments
- Energy and new industry projects in the U.S.
Additionally, both organizations will enhance information sharing regarding local investment opportunities. This initiative will allow better identification of financing needs among Korean firms.
K-SURE and Hanmi Bank’s Roles
K-SURE, South Korea’s official export credit agency, will combine its policy financing capabilities with Hanmi Bank’s corporate banking expertise. This strategic alliance is particularly advantageous for small and medium-sized enterprises, especially those in sectors related to K-culture, including food and beauty.
Established in 1982, Hanmi Bank was the first Korean-American bank in the U.S. and is publicly traded on NASDAQ. It operates 32 branches and five loan production offices across nine states. Under the leadership of Bonnie Lee, Hanmi Bank has been actively supporting Korean businesses through dedicated services, specifically its “Korea Desk” established in 2019 and an office in Seoul at the International Finance Center (IFC).
Support for Korean Businesses
K-SURE’s CEO, Jang Young-jin, emphasized the importance of this partnership in boosting the competitiveness of Korean firms in the U.S. market. He stated, “We hope this partnership with Hanmi Bank, a leading Korean-American financial institution, will provide meaningful support to Korean companies preparing to enter the U.S. market.”
This collaboration aims to ensure that financing does not hinder the growth of small and mid-sized companies as they prepare for expansion into the U.S.
