Hana Bank Executes First Won Swap With RFI

Hana Bank has successfully executed its first won swap transaction with a Registered Foreign Institution (RFI) in London, marking a significant milestone in the domestic bank's expansion of its won business. This transaction, carried out on August 19, represents the first instance where Hana Bank's London Money Center directly supplied liquidity in response to overseas won swap demand.

The establishment of the RFI system, introduced last year, aims to enhance the accessibility of won transactions for foreign banks and overseas branches of domestic banks, thereby promoting the globalization of the domestic foreign exchange market. Hana Bank's strategic move to open the HANA INFINITY (London Money Center) in July and its recent membership as a SwapAgent with the London Stock Exchange Group (LSEG) demonstrate its commitment to expanding its global reach.

Looking ahead, Hana Bank plans to further develop the London Money Center's business scope to include won-denominated government bonds, domestic stocks, and won derivatives trading, with the ultimate goal of positioning London as a core hub for global won business.

Brief written by urgent.news from BusinessKorea's own syndicated text. Machine-written — may contain errors; check the original before relying on it.