Export-Import Bank and Shinhan Bank Sign MOU for Financial Cooperation in Foreign Transactions

Domestic Companies' Export Vitality Recovery and Future Growth Engine Secured through Cooperation between Two Banks
Establishing Financial Cooperation Models by Sector: Overseas SOC and Facility Investment, Innovative Company Investment, Trade
Expected Synergy between K-Sure's External Policy Finance Capabilities and Shinhan's Overseas Network

Kang Kyoo Bang, President of K-Sure (left in the photo), and Jin Ok-dong, President of Shinhan Bank, met on the 6th at K-Sure's Yeouido headquarters to sign a Memorandum of Understanding (MOU) for establishing a financial cooperation model between the two banks to restore export vitality of domestic companies and secure future growth engines.

[Asia Economy Reporter Kangwook Cho] Korea Eximbank and Shinhan Bank have joined hands to revive export momentum and secure future growth engines for domestic companies amid the sharp decline in global trade caused by the novel coronavirus disease (COVID-19).

Korea Eximbank announced that on the 6th, its President Visit Byung-kyu and Shinhan Bank President Jin Ok-dong met at the Eximbank Yeouido headquarters and signed a memorandum of understanding (MOU) to establish a 'financial cooperation model by sector' between the two banks.

The MOU signed that day mainly covers △project financing support for overseas SOC and facility investments △investment and financial support for domestic companies acquiring overseas firms and technology innovation companies △activation of trade finance, establishing a 'comprehensive partnership' between the two banks.

After signing the MOU, President Bang said, "The expansion of financial support cooperation between Eximbank, a policy finance institution dedicated to foreign transactions, and Shinhan Bank, a leader in domestic private finance, is expected to serve as a solid financial bridgehead for our companies, which are rapidly responding to COVID-driven changes such as K-Bio."

Taking this MOU as an opportunity, Eximbank and Shinhan Bank plan to jointly respond to the deteriorated external economic conditions such as the sharp decline in global trade and restrictions on international mobility, and prepare for the post-COVID era.

As a foreign policy finance institution, Eximbank has extensive experience in trade and overseas investment finance and mid- to long-term project support, while Shinhan Bank has vast specialized information and strengths in local finance based on its network of 157 branches in 20 countries overseas.

Accordingly, it is expected that providing local currency loan package financing utilizing Eximbank’s competitiveness in US dollar loans and Shinhan’s overseas network will greatly help resolve funding difficulties and invigorate order acquisition for our companies.

An Eximbank official said, "The signing of this MOU is significant in establishing a financial cooperation model between a policy bank and a private financial institution," adding, "We expect great synergy when the two banks engage in concrete project cooperation and support."

Meanwhile, the two banks plan to hold regular meetings of executives and regular consultations among sector-specific working-level staff based on this MOU.

This content was produced with the assistance of AI translation services.