Korea's Hana Financial teams up with China's CIC for $850m fund

South Korean 10,000 won note is seen on U.S. 100 dollar notes in this picture illustration taken in Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

Korea’s banking giant Hana Financial Group is partnering with China’s sovereign wealth fund China Investment Corporation (CIC) to set up a W1 trillion ($850 million) cross-border fund.

A Korea Times report said the fund will be the first of its kind to be launched through a partnership between a Korean financial services firm and a foreign sovereign wealth fund.

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