December 22, 2024

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Hana Financial Group Chairman Ham Young-joo (Hana Financial Group)

Hana Financial Group on Tuesday announced bolstered engagement with foreign investors and regulators, as market volatility intensifies amid South Korea's ongoing political turmoil.

The group said that it sent letters to overseas investors on Monday, assuring them of the implementation of value-enhancement measures based on its commitment to improving shareholder rights and reinforcing its strong fundamentals. In October, the finance giant unveiled a corporate value-up plan, outlining targets and measures to boost corporate and shareholder value.

The letters were sent in response to growing investor uncertainty as market volatility spreads, triggered by political turmoil following President Yoon Suk Yeol’s short-lived martial law declaration last week and the subsequent impeachment talks.

In the letter, Hana Financial Group disclosed it has strengthened its risk-weighted asset management system to mitigate exchange rate-related risks, ensuring capital adequacy remains stable through year-end.

The group also pledged to increase investor engagement through top executives, including subsidiary CEOs, by hosting both in-person and online meetings to communicate the group’s stability measures and reassure confidence in the Korean financial system.

Additionally, the firm has activated a 24-hour response system to monitor developments in the Korean market from its overseas headquarters and coordinate with financial authorities in key regions.

Hana Bank’s New York branch has provided updates to the Federal Reserve Bank of New York and the New York Department of Financial Services, while the group’s London branch and German subsidiary in Europe, along with its Hong Kong and Singapore branches in Asia, have undertaken similar efforts in their respective regions.

Chairman Ham Young-joo said, "Amid heightened financial uncertainty, Hana Financial Group is committed to fulfilling its core financial role, ensuring individuals and businesses can maintain stable economic activities.

By Choi Ji-won (jwc@heraldcorp.com)