LatAm: South Korea’s KEB Hana Bank to launch in Mexico

The National Banking and Securities Commission (CNBV) in Mexico has granted a new banking license to KEB Hana Bank, South Korea’s biggest lender. The CNBV, together with the Mexican finance ministry, believe that the bank’s launch will help contribute to development and competition within the market.

KEB Hana Bank will centre its activities around corporate finance and international trade, with a particular focus on trade between South Korea and Mexico.

According to RFi Group data, 25% of SMEs in Mexico currently hold a trade-related product, such as letters of credit; import/export finance; and factoring and guarantees. Strengthening this partnership will be vital to many Mexican SMEs.

After granting this license Mexico will now have 53 authorised banks, 48 of which are already operating. KEB Hana Bank is currently the largest banking institution in South Korea and operates in 24 countries across Asia, Europe and the Americas.

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