Hana Bank said on Thursday it signed a business agreement with Hanwha Ocean on Wednesday to secure a competitive edge for Korean shipbuilding.

The agreement was set up to support stronger competitiveness in shipbuilding, a national strategic industry, and expand funding to productive sectors through cooperation between the two sides.

Under the agreement, Hana Bank said the two will pursue cooperation across a range of areas, including funding support and the creation of investments and funds to promote productive finance, loan support linked to domestic and overseas manufacturing facility investment and exports, direct and indirect funding support for partner companies, and joint efforts on tailored financial consulting for partners.

The plan also aims to support the shipbuilding industry's global expansion and build a win-win financial support system that includes partner companies. The company said it expects the move to strengthen a stable growth foundation across the shipbuilding industry ecosystem and contribute to securing global competitiveness.

Ho-sung Lee (이호성), CEO of Hana Bank, said, "Hana Bank is continuously expanding productive financial support for the country's core industries." He added, "We will actively cooperate with Hanwha Ocean so we can serve as a catalyst for South Korea to leap forward as a leading country in the global shipbuilding industry."