In a significant move towards expanding their global operations, two leading South Korean banks, Shinhan Bank and Hana Bank, will soon begin operations in Monterrey, Nuevo Leon, Mexico. This initiative comes in response to the relocation of supply chains by Korean manufacturing companies to various countries, including Mexico.

Shinhan Bank and Hana Bank, prominent financial institutions in South Korea, are preparing to launch their services in Monterrey. According to The Korea Economic Daily, these banks will offer corporate financing, foreign exchange services, and loans to Korean businesses operating in Mexico. This expansion is part of a broader strategy by six major South Korean banks to increase their global footprint. 

In May, Intercam opened its first Banking Service Center for the Korean community in Monterrey, featuring ATMs with Korean language interfaces. This development follows a decade-long trend of industrial growth in the region, spearheaded by the establishment of Kia Motors’ factory, which has attracted significant Korean investment. 

From January to March 2024, Monterrey recorded the highest direct foreign investment from South Korea in Mexico, amounting to US$436 million. The state leads in purchases from South Korea, particularly in machinery parts and accessories, while Mexico’s exports to South Korea are dominated by piston engines and related components. 

The arrival of Shinhan Bank and Hana Bank in Monterrey signifies a deepening economic relationship between South Korea and Mexico, fostering further industrial and financial collaboration.