Hana Financial Group said Monday it has signed a memorandum of understanding with Taiwan’s banking giant, CTBC Bank, to seek business expansion in overseas markets.

Under the new partnership, Hana and CTBC plan to support their overseas branches to expand businesses and optimize profits, as well as to discover new business opportunities together in various fields, including corporate finance and investment banking.

They also agreed to share business know-how to increase their assets further.

The signing ceremony was held at Hana Global Campus in Cheongna, Incheon on May 4, during the 56th annual meeting of the Asian Development Bank. Top executives of both companies, including Hana Financial Group Vice Chairperson Lee Eun-hyung and CTBC Bank Chairperson Morris Li attended the event.

"The MOU was pushed forward based on Hana Financial Group and CTBC Bank's commitment to global expansion, and is expected to play an important role in creating new growth engines in the future,” said Lee, the Hana vice chairperson.

Hana has been upgrading services to overseas customers by establishing solid partnerships with major global financial firms, especially in the fast-growing Asian market.

At the end of April last year, Hana Bank opened its branch in Taipei, becoming the first Korean bank to enter the Taiwanese market. It is speeding up the expansion of its operational network in major Asian countries.