South Korean bank sets sights on Xi'an zone

Hana Bank (China), the third-largest bank in South Korea, has signed an investment agreement with the high-tech development zone in Xi'an, capital of Shaanxi province, showing its desire to develop further in China.

The parent company of Hana Bank is Hana Financial Group, the second-largest financial group in South Korea, with assets of about $334 billion.

Under the agreement, Hana Bank will set up a branch in the Xi'an hi-tech development zone with registered capital of 100 million yuan ($16.3 million).

The branch, which will open in December, will be the bank's first in northwestern China, and it will be the second foreign bank in the zone.

Hana Bank is another important newcomer to the zone from South Korea after successful cooperation between that nation and the zone over a Samsung chip project.