Hana Bank said on Feb. 18 it signed a business agreement with Lotte Hotels and Resorts on Feb. 13 at its headquarters in Euljiro, Jung-gu, Seoul, to support tailored financial products for residents of senior residences.

The agreement was designed to systematically support a range of financial needs of senior residence residents, including living expense management, fund management and asset transfers. The two sides plan to continue cooperation in various areas, including support for resident-only financial products, development of joint programmes and services, and joint marketing.

Hana Bank will provide customised financial products and comprehensive wealth management services based on Hana Financial Group's senior-focused brand Hana The Next. It plans to link private banking channels such as PB centres and Club1 to support integrated solutions that also cover asset transfer planning, including inheritance and gifts.

It also plans to strengthen differentiated services combining finance and housing by responding to demand for asset management and succession through Living Trust-based financial products such as will substitute trusts and by presenting ways to manage funds using housing assets.

Kim Jin-woo (김진우), a deputy head of Hana Bank's wealth management group, said the agreement was meaningful in that it set the direction of financial support based on the actual lives of senior residence residents. He said the bank would support customers so they can manage their assets stably and operate funds needed for their later years in a rational way through senior-tailored financial products such as Hana The Next and Living Trusts.