Hana Financial Group and TenGer Financial Group Sign Memorandum of Mutual Understanding Concerning Strategic Partnership
Ulaanbaatar, 9th October, 2012 – Hana Financial Group (“Hana”) and TenGer Financial Group (“TenGer”) have today signed a memorandum of mutual understanding (“MOU”) on their strategic partnership. The strategic partnership signifies the beginning of a long-term collaboration between Hana and TenGer, and the MOU outlines the framework for their mutually beneficial co-development of businesses in Mongolia and Korea, respectively.
Mr. Jung-Tai Kim, Chairman and Chief Executive Officer of Hana Financial Group said, “It’s a great honor to have the opportunity to sign Memorandum of Understanding with TenGer Financial Group as a long-term strategic partner of Hana Financial Group. We are confident that both groups can have more business opportunities and better positioned through this strategic alliance. This strategic alliance is just a starting point. Especially Hana Bank's strength in the business areas such as a retail and PB as well as Korea Exchange Bank's strength in the business areas such as corporate banking, trade finance and foreign exchange dominance in trade finance and foreign exchange will be the foundation of the further cooperation with TenGer. I hope that we can further explore the business opportunities in other areas that are mutually beneficial for both Hana and TenGer.”
According to Chuluun Ganbold, Chairman of TenGer, “We are very pleased to announce TenGer’s strategic partnership with Hana. Through this alliance, we aim to strengthen the competitive position of both groups in capturing business opportunities inMongoliaandKorea. We look forward to a long and rewarding relationship with Hana, and with the new customers we will serve in these markets.”
By forming this strategic partnership, Hana will enhance its ability to support its Korean customers in Mongolia by leveraging TenGer’s extensive branch networks and comprehensive range of financial products and services. Meanwhile, with the support of Hana, TenGer will effectively meet the diverse financial needs of its customers in Korea and other countries where Hana Bank is a major player. Both institutions have also agreed to continue exploring further cooperation in other business areas.
About Hana Financial Group
The Hana Financial Group, which was founded as the Korea Investment and Finance Corporation in 1971, was converted to Hana Bank in 1991 and has since maintained remarkable growth to become a representative, comprehensive financial group inKorea. By making Korea Exchange Bank a subsidiary of Hana Financial Group in 2012, Hana Financial Group has further enhanced its capacity as a leading financial group and is now poised to leap forward as a global financial group.
About TenGer Financial Group
The TenGer Financial Group, founded in 2001 and headquartered in Ulaanbaatar, Mongolia, is a holding company with a diversified portfolio, including XacBank, XacLeasing, TenGer Insurance, XacSecurity, TenGer Solutions, TianRong and TenGer Capital, all providing access to broad financial services. The flagship subsidiary of TenGer Financial Group – XacBank – is the 4th largest commercial bank inMongolia that has maintained its leading positions as a transparent and socially responsible banking institution. By launching the operations of TianRong, a micro credit subsidiary in Urumqi, Tenger Financial Group has enhanced its capacity further to emerge as a regional financial group.