Hana Financial Group said on May 4 it signed a strategic business agreement with the Seoul Veterinary Medical Association for mutual cooperation and shared growth.

The agreement was promoted in response to an increase in pet-owning households and growth in the animal healthcare market.

The two institutions agreed to expand cooperation in various areas, including preferential financial services for association members, tailored financial consulting and joint business development.

Hana Financial will provide an integrated solution spanning finance, investment and payments based on cooperation among its affiliates, including Hana Bank, Hana Capital and Hana Securities.

Hana Bank will offer fee reductions when animal hospital operators introduce retirement pension plans. Hana Capital will support expanded credit-loan limits and preferential interest rates linked to medical equipment leases. It will also provide lease financing to hospital directors planning to open or already operating hospitals to support the introduction of medical equipment.

Hana Securities plans to provide asset management support benefits to association members, including non-face-to-face account opening and purchase coupons for domestic stock trading.

A Hana Financial official said, "We will contribute to establishing a foundation for stable growth of the animal healthcare industry by providing financial support for veterinarians," adding, "We will expand industry-specific financial services based on group collaboration."