Latest news with #HanaFinancialGroup
Korea Herald
26-05-2025
- Business
- Korea Herald
Hana targets wealthy homeowners with reverse mortgage pension
'Hana The Next My Home Pension' offers lifelong income by leveraging home equity Hana Financial Group has launched a new pension product aimed at enticing seniors to tap into their home equity through a private reverse mortgage. The offering, "Hana The Next My Home Pension," targets homeowners whose properties exceed 1.2 billion won ($880,000) in declared value, which do not qualify for the government-backed reverse mortgage program from the Korea Housing Finance Corp. 'We developed this pension to help seniors prepare for the future as Korea undergoes a dramatic demographic shift, driven by the retirement of second-generation baby boomers and rising life expectancy,' a company official said. The new program is available to individuals aged 55 or older and their spouses, who must also be at least 55 years old. Applicants must have owned the home, either solely or jointly, for at least two years and be residing in it at the time of the application. Owners of multiple properties are eligible. The pension is structured through collaboration among Hana's affiliates. Homeowners entrust their property to Hana Bank, which manages it as a trust asset. Hana Life Insurance then provides lifelong monthly pension payments to both the owner and their spouse. Upon the owner's death, the right to receive payments transfers automatically to the surviving spouse, who continues receiving the same amount while living in the home. Hana emphasized that pension payments are guaranteed for life, even if the total disbursement surpasses the property's value. Liability is strictly limited to the trust-designated property. No claims will be made against heirs for any shortfall after the home is sold following the deaths of both policyholders, while any remaining proceeds from the sale will be passed on to them. Customers can choose from several payout options: a fixed monthly amount, a front-loaded plan with higher initial payments or a gradually increasing payout over time. To ensure long-term stability, a fixed interest rate is applied. The product is part of Hana's broader "Hana The Next" initiative, launched in October to expand services for seniors. The program offers life care support across financial and nonfinancial areas, including retirement planning, inheritance and gifting and health management.
![[Photo News] Hana honors parents](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F04%2F20%2Fnews-p.v1.20250420.2b99834a8da5452991ab884da00fb7ad_T1.jpg&w=3840&q=100)
Korea Herald
20-04-2025
- Entertainment
- Korea Herald
[Photo News] Hana honors parents
Hana Financial Group hosted a special concert for employees and their parents on Saturday at Chungnam National University in Daejeon, in celebration of Korea's upcoming 'Family Month' in May. The event featured a variety of activities, including performances of trot music -- a family-friendly genre of older Korean pop. Surprise video messages from parents and themed photo zones gave employees and their families a chance to create lasting memories. 'Hana Financial Group stands where it is today thanks to the sacrifice, dedication, trust and love of our parents,' said Chairman Ham Young-joo (sixth from left in the photo). (Hana Financial Group)
![[Photo News] Hana empowers inclusive art](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F04%2F17%2Fnews-p.v1.20250417.1689664fd84d472592f4e580dc0f1db7_T1.jpg&w=3840&q=100)
Korea Herald
17-04-2025
- Business
- Korea Herald
[Photo News] Hana empowers inclusive art
Hana Financial Group Chairman Ham Young-joo (center) poses with Grand Prize winners of the 'Hana Artverse' contest during the awards ceremony held at Hana Bank's headquarters in Eulji-ro, central Seoul, on Thursday. Now in its fourth year, the annual contest honors artists with developmental disabilities in celebration of South Korea's Day of Persons with Disabilities, observed on April 20. This year's contest drew 877 submissions, with 30 winners selected — 21 adults and nine children. 'At Hana Financial Group, we will walk alongside artists with developmental disabilities as they pursue their dreams in a world free of stereotypes,' Ham said. 'We will continue supporting efforts to enhance disability awareness.' (Hana Financial Group)
Korea Herald
16-04-2025
- Business
- Korea Herald
Wealthy Koreans shift focus from real estate to gold, bonds and crypto
'Young rich' under 50 show strong appetite for virtual assets, overseas stocks More wealthy South Koreans are eyeing diversification of their investments, seeking out safe-haven assets such as gold and bonds in their portfolios instead of real estate, a traditional investment here, research conducted by a think tank under Hana Financial Group showed. The wealthy are increasing their stake in cryptocurrency as well. The Hana Institute of Finance released the 2025 Korea Wealth Report Wednesday. This year, the online survey was conducted on 3,010 Hana Bank customers in December. Of the respondents, 884 with over 1 billion won ($702,100) in financial assets -- including cash, bonds and stocks -- were classified as "wealthy." Those with between 100 million won and 1 billion won in financial holdings -- 1,545 of the respondents -- were defined as "well-off." While 40.4 percent of the wealthy responded they are likely to up their savings this year, 32.2 percent also answered they are likely to invest in gold, a staple safe-haven asset. Thirty-two percent and 29.2 percent showed an inclination to invest in bonds and exchange-traded funds, respectively. "The wealthy are trying to minimize the risk amid uncertainties through diversified investments," the think tank assessed. This year, the wealthy are less inclined to make new investments in real estate. The wealthy's inclination to purchase real estate stood at 44 percent, inching down from 50 percent last year. The inclination to sell, on the other hand, rose from 31 percent to 34 percent on year, according to the report. 'Though the wealthy -- who are accustomed to building wealth on real estate -- had prioritized real estate investment rather than financial assets, they are showing a different stance this year,' the think tank viewed. With major economies stepping up to embrace cryptocurrency in their regulatory boundaries over the years, more are showing interest in the investment tool. Of the "well-off" respondents, one-third had experience investing in virtual assets. The amount of the virtual assets owned by the respondents rose by a yearly average of 15 percent in the past three years. Some 34 percent of the virtual asset investors held more than four types of cryptocurrencies. Over 70 percent of the investors have put in more than 10 million won in crypto. Over five out of 10 virtual asset investors responded they are to continue their investments in crypto this year. Three responded they stood neutral. While profitability was the main reason for taking interest in virtual assets, increased investment accessibility and the growth potential of cryptocurrency were also cited as reasons to invest. "The wealthy anticipating growth of virtual assets shows the sector has matured. Yet, the polarization for preference was distinct with the lack of a regulatory safety net and understanding of the new technology,' Yoon Sun-young, a researcher at the think tank, said. The "young rich," respondents in their 40s or younger with financial assets over 1 billion rose by a yearly average of 6 percent in the past five years. They were strongly inclined to invest in foreign equity, planning to increase the foreign equity investment to 40 percent of their portfolios. "The wealthy are showing stronger interest in financial investments and the young rich are leading the shift. They are leading investment trends such as crypto and are strongly inclined to use financial investments to increase assets," Hwang Sun-kyung, a researcher at the think tank, said.
Korea Herald
04-04-2025
- Business
- Korea Herald
Hana financial unveils W6.3tr relief plan for SMEs after US tariffs
South Korean financial service providers are scrambling to respond to the 'reciprocal" tariffs announced by US President Donald Trump on Wednesday. Hana Financial Group, one of the country's top four financial groups, has pledged 6.3 trillion won ($4.38 billion) in support of the small and medium-sized enterprises expected to be hit the hardest by the US tariff measures. The support package aims to assist SMEs and small merchants amid growing concerns that volatility in financial and foreign exchange markets will continue following the US decision to impose tariffs on all imports, the group explained Thursday. Hana Bank, the group's main lending arm, will allocate 6 trillion won to help provide liquidity to SMEs. The bank plans to offer financial support to businesses facing liquidity shortages due to the new tariff policy, including interest rate reductions and loan maturity extensions. Additionally, the bank will set aside 24 billion won to support auto parts businesses — one of the sectors expected to suffer the most under the new tariffs — through a partnership with the Korea Credit Guarantee Fund later this month. To further aid exporters, Hana Bank will consider delaying credit rating downgrades for businesses impacted by the tariffs and exempting them from existing trade financing limits. For small merchants, the bank has allocated 300 billion won in new loans, which will be offered at preferential interest rates. Hana Financial Group Chair Ham Young-joo stated, 'We will expand financial support to help SMEs and small merchants that are expected to struggle with the US' imposition of 'reciprocal tariffs.'' Meanwhile, other major financial institutions are also preparing responses to the trade policy shift. Shinhan Financial Group will hold an emergency meeting convened by Chair Jin Ok-dong on Friday afternoon to address increased market volatility. Its affiliates, including Shinhan Bank and Shinhan Card, are set to hold separate strategy sessions. KB Financial Group likewise plans to hold an executive meeting with Chair Yang Jong-hee in attendance.
