Hana Bank announced on March 6 that its local subsidiary, KEB Hana Bank Germany, has received an international credit rating of Aa3 from Moody's, one of the top three global credit rating agencies.
KEB Hana Bank Germany, a wholly-owned subsidiary of Hana Bank, has been operating in Frankfurt, Germany, the financial center of Europe, since 1970, providing corporate banking services to Korean and local companies in Europe.
KEB Hana Bank (D) AG Germany, which holds a banking license in the European Union (EU), is also playing a leading role in Hana Bank's strategy to expand its sales network in Europe under the EU Single Passport Rule, which allows it to freely open branches in other EU member states.
Moody's assigned KEB Hana Bank Germany the same Aa3 rating as Hana Bank in the first-ever rating exercise, citing the bank's business structure, credit and liquidity risk management, and stable linkages to its parent, Hana Bank.
"We are the first Korean bank in Europe to achieve an Aa3 rating, the fourth highest in Moody's rating system," said an official from KEB Hana Bank Germany. "We expect this to strengthen the competitiveness of our local subsidiary in Germany by creating various types of local business opportunities with global financial companies and reducing funding costs through diversified funding channels."
