The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman Lee Duk-Hoon, “Korea Eximbank”), Korea Trade Insurance Corporation (www.ksure.or.kr, Chairman Kim Young-hak, “K-sure”) and Korea Development Bank (www.kdb.co.kr, Chairman Hong Kyttack, “KDB”) held the opening ceremony for their jointly established Marine Finance Center ("MFC") at Busan International Finance Center ("BIFC") on October 10.

The ceremony was attended by about 150 people, including Mayor of Busan Suh Byung-soo, Members of the National Assembly Kim Jung Hoon and Na Seong-lin, and Vice Chairman of the Financial Services Commission Jeong Chan-woo, along with many guests from financial institutions and the marine industry community.

The MFC is a cross-agency body consisting of the marine finance organizations of Korea Eximbank, K-sure, and KDB, with a combined personnel of 77. The Center opened for business on September 29 at BIFC, and has as its mandate the joint provision of marine finance in the fields of shipbuilding, offshore plants, marine transport, and equipment and materials.

MFC plans to maximize synergies among its participating agencies and serve as the hub of Korean marine finance by strengthening inter-agency coordination through a three-party 'Marine Finance Council' and joint operation of a 'One-Stop Service Center' designed to enhance customer service quality.

MFC is already making strides in expanding its financial support, starting with a USD 340 million ship financing last month to Greece's Oceanbulk Container, which ordered 8 container ships from Korean shipbuilder Hyundai Heavy Industries.

The opening ceremony on this day began with commemorative and congratulatory addresses, then proceeded to the ribbon cutting ceremony and ended with a tour of the office premises.

Korea Eximbank Chairman Lee Duk-Hoon said in his commemorative address that the bank will "do our part to help the Center become a truly comprehensive marine finance institution with a sectoral scope encompassing not just shipbuilding, offshore plants, and marine transport but also ports, logistics, and marine services."

K-sure Chairman Kim Young-hak said, "By concentrating marine finance functions in Busan this way, we hope to turn a city that is already the capital of Korea's marine industry to a global hub of marine finance."

KDB Vice Chairman Ryu Heuikyoung likewise remarked, "As well as helping shipbuilders and shipping firms navigate the post-crisis environment, the Center redouble efforts to position Busan as the Mecca of marine finance in the Asia Pacific region using our accumulated know-how in ship finance."

Meanwhile, MFC held a seminar in commemoration of its opening in the afternoon of the same day at Lotte Hotel Busan.


Attended by about a hundred people from the City of Busan, academia, research institutes, and the marine business community, the seminar featured discussions on a wide range of issues concerning the state of the shipbuilding and shipping industries and the method of financial support to be provided by the MFC.