South Korea’s financial majors Shinhan Financial Group and Hana Financial Group on Monday have declared partnership in global reach to save cost and unnecessary competition.

Under the partnership, they will seek common business opportunities abroad, jointly address challenges and share global networks.

Overseas expansion by Korean financial institutions mostly centered in Southeast Asia, lessening benefit from global outreach.

“With the latest partnership, Shinhan and Hana have become a cooperative partner, not rivals.

We will join forces to build global competitiveness against rising uncertainties,” said Cho Yong-byoung, chairman of Shinhan Financial Group at the signing event held Monday at Lotte Hotel Seoul in Sogong-dong, Seoul.

Hana Financial Group Chairman Kim Jung-tai envisioned the teamwork will help Korean names compete better with multinationals.

By Lee Sae-ha and Lee Ha-yeon

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