In 2009 Hana Bank China was licensed to perform transactions involving China’s currency, the remnimbi, and debit card transactions. A year later, the Hana Financial Group acquired an 18.44% stake in the Bank of Jilin Co. Ltd.[6] In January, 2011 the group entered into a strategic alliance with the China Merchants Bank, which has large potential for growth in China and a credit card and retail banking business in local markets.