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The Export-Import Bank of Korea (www.koreaexim.go.kr, Chairman BANG, Moon kyu, “Korea Eximbank”) and Shinhan Bank (CEO JIN, Ok-dong) joined hands to help restore the export vitality of Korean companies and secure future growth engines amid the slowdown in global trade due to the COVID-19 pandemic.
President Bang Moon-kyu and Shinhan Bank President Jin Ok-dong met at the headquarters of Korea Eximbank and signed a memorandum of understanding (MOU) to establish a "financial cooperation model."
Under the MOU, the two banks will provide financial support for △ overseas SOC and facility investment projects and △ Korean companies’ acquisition of overseas companies and funding and investment in high-tech innovative companies, and △ they will establish a more comprehensive partnership to revitalize trade financing.
After signing the MOU, Chairman Bang said, "As the bilateral financial cooperation between Korea Eximbank, an export credit agency, and Shinhan Bank, a leading commercial financial provider in Korea, increased, we expect our joint support will be able to serve as a strong financial bridgehead for Korean companies rapidly responding to changes caused by the pandemic, especially those companies in bio industry also dubbed as K-Bio."
With this MOU, Korea Eximbank and Shinhan Bank will take joint actions against challenging external economic conditions, including a sharp drop in global trade and restrictions on global mobility, and prepare for the post-COVID-19 era in the future.
As a policy bank, Korea Eximbank has abundant experience in providing trade finance and overseas investment financing and supporting long-term projects, while Shinhan Bank has strong expertise in dealing with local finance based on its vast network covering 157 branches and offices in 20 countries.
Hence, Korea Eximbank’s provision of loans in USD through Shinhan Bank's overseas network is expected to greatly help Korean companies ease funding strains and boost trade in the end.
Korean Eximbank official said, "The signing of the MOU is meaningful in that it has established a financial cooperation model between a state-run bank and a private financial institution." He added, "If the two banks decide to provide joint-support for a project of their interest the future, this will create great synergy in itself."
The two banks are planning to hold regular meetings at the management level and working-level sectoral meetings to keep the bilateral cooperation momentum built through this MOU.