Hana Financial clinches prelim nod to set up asset manager in Singapore

The group said that its entry in Singapore is a springboard to expanding globally.

Hana Financial Group has clinched preliminary approval from Singapore’s Monetary Authority of Singapore (MAS) to establish an asset management company in the city, reports Yonhap News Agency, based on an announcement by the bank.

The bank didn’t specify when the final approval will be granted.

"The envisioned asset management company will cooperate with other subsidiaries to diversify revenue streams and pave the way for making inroads into other advanced markets," said Hana Financial Group Chairman Kim Jung-tai.

The group plans to use its entry in Singapore as a stepping stone for expanding its presence globally, saying that its entry into the country’s asset management market will help it secure a key Asian market.

Hana Financial Group is South Korea’s third largest financial group by capitalization, and is the parent of KEB Hana Bank.

Photo courtesy of Sava Bobov.