US-focused financial expansion efforts intensify among major Korean banks post-tariff reduction
In a significant move, major Korean banks are strengthening their financial presence in the United States to support Korean companies expanding their operations in high-tech sectors such as semiconductors, electric vehicles, and energy infrastructure. This strategic expansion is driven by recent tariff agreements between Korea and the US that have lowered tariffs, encouraging Korean manufacturers like Samsung and Hyundai to increase local production in the US.
Shinhan Bank, a leading Korean financial institution, is at the forefront of this trend. Operating Shinhan Bank America based in New York, the bank is planning to intensify support for Korean businesses invested in shipbuilding, semiconductors, EV batteries, and biotechnology. Shinhan also opened a representative office in Georgia, where Hyundai Motor Group inaugurated an EV plant in March 2025. This office aims to provide project financing, energy infrastructure loans, and corporate lending locally to meet rising demand.
Woori Bank and Hana Bank also maintain subsidiaries in the US to similarly back Korean firms expanding stateside. Hana Bank intends to expand corporate banking services tailored to Korean companies adjusting to the evolving trade environment between Seoul and Washington.
KB Kookmin Bank and Nonghyup Bank maintain branches in New York. KB Kookmin plans to enhance monitoring of global and US tariff impacts and strengthen risk management, while it also supported Hyundai suppliers affected by tariffs through special guarantees in April 2025. NongHyup Bank, on the other hand, is diversifying its loan portfolio in corporate and infrastructure finance to build a more stable revenue base.
The geographic focus of this expansion reflects the industries targeted. The Georgia office ties directly to Hyundai’s new EV facility and regional energy projects. The overarching US presence, including New York and an emerging focus on Austin (not explicitly mentioned in the sources but known from Hyundai's EV investments and tech ecosystems), supports the financing needs in industries critical to US industrial policy—semiconductors, EVs, and energy infrastructure.
Conglomerates like Samsung and Hyundai are accelerating US production to hedge against tariff risks and secure access to policy incentives. This shift is driving up demand for financing in high-tech manufacturing, batteries for electric vehicles, and energy infrastructure. Korean banks are mobilizing to meet these growing financing needs, particularly in sectors tied to US industrial priorities.
Woori Bank is planning to open a retail branch in Austin, Texas, by late September or early October, to support Korean exporters and SMEs. NongHyup Bank's New York branch seeks to grow into a global profit center under a long-term strategy, including exploring additional affiliate entries to the US market to boost synergies between banking and non-banking units.
In summary, Korean banks are strengthening their US foothold by expanding local offices and branches particularly in industrial hubs like Georgia and New York to provide specialized financing solutions enabling Korean companies to localize production, mitigate tariff risks, and leverage US policy incentives in key tech-driven sectors.
Financing in technology sectors such as semiconductors and electric vehicle batteries is being intensively supported by Shinhan Bank through its subsidiary in New York. Woori Bank is also planning to offer corporate banking services tailored to Korean companies in fast-growing industries like biotechnology, with a potential retail branch in Austin, Texas.
To meet rising demand and sustain growth, NongHyup Bank's New York branch aims to evolve into a global profit center, exploring additional affiliate entries to the US market to enhance synergies between its banking and non-banking units. This strategic expansion of Korean banks in the US highlights their commitment to support Korean firms expanding their operations in high-tech sectors and industries critical to US industrial policy.
