The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Kim Yong-hwan, “Korea Eximbank”) announced on January 16 that it signed an agreement with ICICI Bank to increase the ceiling on its credit line to the Indian bank from the current USD 800 million to USD 1 billion on January 15.

This makes the credit line the largest ever established by Korea Eximbank with any single bank.

* ICICI Bank Limited is the second-largest bank after State Bank of India and the largest commercial bank in India (total assets basis). Its operations include commercial finance, investment, and financial advisory services.

Accompanying President Park Geun-hye during her state visit to India as a member of the economic mission, Korea Eximbank Chairman Kim Yong-hwan met with Mr. Murali Ramakrishnan, Chief Executive of Hong Kong Branch and Regional Head for North Asia, Sri Lanka, Middle East and Africa of ICICI Bank, at the New Delhi office of ICICI Bank on January 15 and signed the above agreement.

Korea Eximbank’s credit line with ICICI Bank began in 2007 with a ceiling of USD 200 million, which subsequently grew to USD 800 million.

The agreement between the two banks to raise the ceiling by yet another USD 200 million is expected to provide a further boost to Korean companies with customers or operations in India, as ICICI Bank would be able to tap into the credit line to extend more loans to local companies importing goods from Korea or from local subsidiaries of Korean companies.

Some 400 Korean companies including Hyundai Motor Company, Samsung Electronics, and GS E&C, along with their subcontractors, are currently in India and expanding their operations.

ICICI Bank is the largest private commercial bank in India, with total assets of USD 122.7 billion as of the end of 2013.

Its network of 3400 domestic branches and 19 overseas branches and subsidiaries makes financial cooperation with ICICI Bank a vital element in Korea Eximbank’s plan to increase financing to Korean companies operating in India.

After the signing ceremony, Chairman Kim noted, "This agreement will serve as a financial bridge for Korean companies targeting the Indian market. Korea Eximbank will exploit ICICI Bank's extensive financial network to provide the fullest possible support to Korean businesses entering India."