Hana Bank USA, the U.S. subsidiary of Hana Bank—one of South Korea’s four major banks (led by CEO Lee Byung-hyun)—officially opened its fourth branch on August 25 at the “The Bora” building (3194 W. Olympic Bl., LA) in Los Angeles’ Koreatown, marking its first step into California. The grand opening ceremony was attended by approximately 30 dignitaries, including Kwon Hong-sa, Chairman of Bandok Construction, Chung Sang-bong, President of the Korean Chamber of Commerce of Los Angeles, and Chung Byung-mo, President of the World OKTA LA Chapter.

A luncheon press conference followed, where the bank outlined its reasons for entering California and its future plans. VIP guests added a special touch by signing a Los Angeles Dodgers baseball and displaying it in the branch’s first-floor exhibition space. Lee Byung-hyun, CEO of Hana Bank USA, emphasized, “The Pacific Union Bank, which we operated as Woori Bank in the past, was sold to Hanmi Bank in 2004, halting our retail operations in the West.

However, today’s opening of the LA branch is not just an expansion of our network but a monumental moment to erase the past 20 years and reestablish our legacy as a retail powerhouse in the western U.S.” He added, “Through this branch, we aim to become a reliable financial partner for customers traveling between the U.S. and Korea, as well as the Korean community. Under the vast umbrella of the Hana Financial Group, we will strengthen our digital banking capabilities to grow into a trusted financial institution not only within the Korean community but across the U.S.” Lee Eun-hyung, Vice Chairman of Hana Financial Group, expressed, “The lifting of sanctions imposed by U.S. financial institutions has allowed us to open a new channel in the U.S., a long-cherished dream of Hana Financial Group. It is deeply moving to represent the group at this historic moment when that dream has become reality.”

He outlined the vision, saying, “The LA branch of Hana Bank USA will offer convenient and innovative financial services for individual customers and small businesses, as well as integrated solutions connecting retail and corporate banking, along with tailored wealth management services to meet the needs of different generations.” Kim Young-wan, Consul General of Los Angeles, delivered a congratulatory address, stating, “Southern California holds special significance as the heart of the Korean-American community. The presence of a global financial institution like Hana Bank establishing itself here as a partner to the community is highly meaningful. I hope Hana Bank will provide support that benefits the daily lives of Koreans and offer open financial services to those in need of social care, as it has pledged.”

Hana Bank USA is headquartered in Fort Lee, New Jersey, with previous branches in Manhattan and Flushing, New York. It acquired BNB Bank, founded by Korean-Americans in 2013, and has since grown under its current name. As of the second quarter of this year, its total assets stand at $646.16 million, with 55 employees and a net profit of $7.62 million for the first half of the year. The LA branch began a soft opening last week, and Kim Young-chan, the LA corporate manager, will serve as the inaugural branch manager. While Korean-American banks based in Southern California have been actively expanding into other states, the entry of Hana Bank USA—following First IC Bank, headquartered in Georgia—into Southern California is intensifying competition among Korean commercial banks in the region. Local Korean-American banks are closely monitoring the situation and preparing countermeasures amid growing tension.