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| Hana Financial Group Chairman Kim Jung-tai, left, and Sumitomo Mitsui Trust Group President Tetsuo Ohkubo smile after agreeing to expand their ties at the Hana Global Campus in Incheon, Friday. Courtesy of Hana Financial Group |
By Park Hyong-ki
Hana Financial Group and Japan's Sumitomo Mitsui Trust Group have agreed to expand their ties in asset and trust management and jointly to develop new digital businesses, the Seoul-based holding company said Sunday.
To mark the fifth anniversary of their partnership, executives from the two sides met to discuss their alliance at the Hana Global Campus in Incheon's Cheongna International City last Friday.
They said they will also seek to collaborate in infrastructure and aviation financing globally and exchange human resources.
KEB Hana Bank has forged a strategic alliance with Netherlands-based Arena Aviation Capital in commercial aircraft leasing and financing. The bank and Arena are seeking to provide these services in Japan.
Also under the expanded alliance, Sumitomo Mitsui Trust will help launch Hana Financial's Global Loyalty Network (GLN) digital platform in Japan this year.
GLN will enable customers to make digital transactions wherever they are in the world through a decentralized system using blockchain technology.
Besides KEB Hana Bank, Hana Financial Investment has participated in the Hana-Sumitomo Mitsui alliance.
"We will further use each other's strength to expand our global reach," Hana Financial Chairman Kim Jung-tai said.
The two financial groups signed their first agreement in December 2014 to forge ties in investment banking.
In February 2018, they further expanded their relations by agreeing to work together in financial technology and real estate investment management.
Sumitomo Mitsui Trust is the fifth-largest financial group by net profit in Japan.
The group has businesses in asset management, real estate trusts and brokerages, with particular strengths in real estate, according to Hana Financial Group. Sumitomo Mitsui Trust Bank is Japan's largest trust bank.
