Hana Financial Group announced on Sunday that it had signed a contract with the State Bank of India to establish a strategic partnership, aiming jointly to expand their global business.

The SBI is India's largest government-owned commercial bank, operating in 25 different regions worldwide, including the US and China.

This partnership came after the two financial firms conducted a sideline business meeting during the 56th annual meeting of the Asian Development Bank Board of Governors in May, held in Incheon, Korea.

The memorandum of understanding signing ceremony held in Mumbai, India on Wednesday was attended by Hana Financial Group Vice Chairman Lee Eun-hyung, SBI Chairman Dinesh Kumar Khara and SBI Managing Director Challa Sreenivasulu Setty.

"Through the establishment of a partnership with India's largest bank, we not only gain an edge to proactively and preemptively conduct business in the Indian market but also opened up opportunities for diverse overseas ventures,” Lee said.

Currently, Hana Financial Group operates two affiliated Hana Bank branches in India, located in Chennai and Gurugram, and it is currently considering opening two additional branches.

Both companies have laid out plans to broaden the scope of their strategic cooperation, encompassing a range of global business initiatives, including: joint investments in overseas financial markets, mutual support for their respective overseas branches, incentives for each other's clients, as well as collaboration in the fields of investment banking and trade finance.

"With a shared determination for global expansion, we will actively support both companies in identifying more opportunities," Hana Financial Group Vice Chairman Lee added.

The Korean financial group also highlighted that this partnership is meaningful as it anticipates India to play a pivotal role in the global economy and financial landscape this year as the host of the upcoming annual Group of 20 summit in New Delhi, India, in September.

This partnership is also part of Hana Financial Group's recent efforts to become a globally leading finance firm with its business spanning from banking to securities brokerage services.

As of the end of 2022, Hana Financial Group had expanded across 25 countries, with more than 4,500 employees overseas.

According to the group, its global profit has been increasing every year by an average of 15 percent over the past four years.

In 2022, the group’s global revenue stood at 712.7 billion won ($532.2 million), up 25.6 billion won from the year before, taking up roughly 20 percent of the total revenue.