Hana Bank Becomes First Korean Bank To Clear Forex Forwards at LCH

Fazzaco learned that Hana Bank, the largest foreign exchange bank in South Korea, has become a clearing client of LCH, a well-known global clearing house.

The Seoul-headquartered bank is the first South Korean bank to have its foreign exchange (forex) forwards cleared through LCH ForexClear. Societe Generale is acting as the clearing broker for Hana Bank.

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Hana Bank highlighted that as a ForexClear member and client it will benefit from enhanced risk management, margin, capital and operational efficiencies.

Youngsun Moon, Head of FX & Derivatives Trading Section at Hana Bank, commented, “We are proud to offer our customers a wide range of FX services. Having access to ForexClear allows us to effectively manage our risk while benefiting from a number of efficiencies associated with clearing. We are pleased to be the first Korean bank to use the service, and believe this will help us to expand our position as the best Foreign Exchange Provider in Korea to the global market.”