South Korea’s KEB Hana Bank signed a memorandum of understanding with the Industrial and Commercial Bank of China (ICBC) to get on the mammoth Beijing-led infrastructure project dubbed One Belt One Road and bring other Korean peers on board.

The partnership with China’s largest state-run lender would help KEB Hana usher the way for Korean entities to participate in the China’s ambitious state initiative aimed at connecting Asia to Europe through infrastructure rebuilding across Asia.

ICBC will introduce Chinese firms wishing to issue debt in Korea. The two banks also agreed to strengthen their cooperation in the won-yuan clearing and settlement services. “We will find the best ways to maximize profits through the partnership by closely cooperating with ICBC,” according to an official from Hana Financial Group.

Hana Financial Group has been stepping up its efforts to bolster global business. “The business partnership with ICBC is part of our efforts to rake in more than 50 percent of profits from the overseas markets by 2025,” said an official.

Hana Financial Group is estimated to have made 30 billion won ($27.8 million) from the Chinese market during January to April this year, almost the same amount it earned from the country for full 2017. It is expected to generate 100 billion won from China and 450 billion won in combined profit globally, up 25 percent from last year.

Shares of Hana Financial Group closed Thursday down 0.45 percent at 44,000 won.

By Kim Dong-eun and Choi Mira

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]