Nara Bank and Hyundai Motor America Announce Strategic Partnership for a Joint Marketing Program
LOS ANGELES--March 31, 2003--NARA BANK, N.A. (the "Bank"), a wholly owned subsidiary of Nara Bancorp, Inc. , today announced a strategic partnership with Hyundai Motor America ("HMA"). Nara Bank and HMA signed a definitive agreement to jointly market the Bank's automobile loan program in conjunction with the 2003MY Hyundai XG350 and XG350L.Beginning April 1, 2003 through June 30, 2003, Hyundai Motor America will offer a current cash rebate in effect plus a Callaway Great Big Bertha 2 Driver (approximate retail value of $500), and Nara Bank will offer a special auto loan rate, on approved credit, to all customers purchasing a 2003MY Hyundai XG350 or XG350L. This special auto loan rate will be 2% less than the current prevailing auto term rate provided to Nara Bank's A, B, and C-tier customers.
During the three-month marketing campaign, Nara Bank and Hyundai Motor America will jointly advertise the program in California and New York, areas covered by Nara Bank's retail branch offices. Both parties are hopeful that up to 500 customers will participate in this promotion.
Benefits to Customers:
| -- | Current cash rebate in effect by Hyundai Motor America |
| -- | Callaway GBB2 Driver (retail value $500) |
| -- | 2% reduction in auto loan rate by Nara Bank |
"We are proud to be partnered with Hyundai Motor America and their top product, the XG350," said Benjamin Hong, President & CEO of Nara Bank. "This partnership with Hyundai Motor America is a perfect fit for Nara Bank's ongoing strategy of providing the best financing option to our clients. The real winner in this partnership is the customer of Nara Bank and Hyundai Motor America."
"Nara Bank is a leader in lending in the Korean-American community and we believe this program will make it possible for even more people to enjoy the style, performance, and comfort of the Hyundai XG350," said Finbarr O'Neill, President & CEO of Hyundai Motor America. "Hyundai XG350 has been rated as an outstanding luxury car providing superb value and a full complement of comfort and convenience features."
For additional information, please visit Nara Bank website at www.narabank.com or Hyundai Motor America website at www.hyundaiusa.com.
About Hyundai Motor America
Hyundai Motor America, based in Fountain Valley, California, is a subsidiary of Hyundai Motor Company of Korea. Hyundai cars and sport utility vehicles are distributed in the United States by Hyundai Motor America and are sold and serviced through more than 600 dealerships nationwide.
About Nara Bancorp, Inc.
Nara Bancorp, Inc. is the parent company of Nara Bank, N.A. which was founded in 1989. Nara Bank is a full service community bank headquartered in Los Angeles with eighteen branches and offices nationwide. Nara Bank operates full service branches in California and New York with loan production offices in Seattle, Chicago, Atlanta and New Jersey and a representative office in Seoul, Korea. Nara Bank was founded specifically to serve the needs of Korean-Americans, one of the fastest growing segments of the Asian ethnic group over the past decade. Presently, Nara Bank serves a diverse group of customers mirroring its community. Nara Bank specializes in core business banking products for small and medium-sized companies with emphasis in commercial real estate and business lending, SBA lending and international trade financing. Nara Bank is a member of the FDIC and an Equal Opportunity Lender. For more information on Nara Bank call our Los Angeles office at 213-639-1700 or New York office at 212-279-2790 or visit our website at www.narabank.com. Nara Bancorp, Inc. stock is listed on Nasdaq under the symbol "NARA".
Forward-Looking Statements
This press release may contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements, including, but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results, described in other documents the Company files from time to time with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended September 30, 2002 and Annual Report on Form 10-K for the fiscal year ended December 31, 2001, and particularly the discussion of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.