Shinhan Bank and Korea Eximbank Sign Business Agreement to Support Domestic Companies' Foreign Trade Financing

Jin Ok-dong, President of Shinhan Bank (right in the photo), is taking a commemorative photo with Visit Kyu, President of the Export-Import Bank of Korea, at the business agreement ceremony held on the 6th at the headquarters of the Export-Import Bank of Korea located in Yeouido-dong, Yeongdeungpo-gu, Seoul. Photo by Jin Ok-dong

[Asia Economy Reporter Haeyoung Kwon] Shinhan Bank signed a business agreement with the Export-Import Bank of Korea on the 6th to support financial transactions for domestic companies' overseas trade.

Overseas trade refers to all overseas economic activities of domestic companies, such as exports, imports, and overseas expansion, and the Export-Import Bank of Korea is a policy financial institution dedicated to supporting overseas trade. This business agreement was made to restore export vitality of domestic companies and secure future growth engines amid the recent sharp decline in global trade due to the novel coronavirus disease (COVID-19), aiming to enhance global competitiveness.

The main contents include a comprehensive partnership to expand financial support for overseas trade through ▲project financing support for domestic companies' overseas social overhead capital (SOC) and facility investments ▲investment in technology innovation companies involved in overseas acquisitions and overseas market entry ▲activation of trade finance.

In particular, regarding the recent increase in domestic companies' overseas expansion, it is expected that Shinhan Bank's strength of 157 overseas networks in 20 countries and the Export-Import Bank of Korea's rich experience in overseas policy finance will come together to provide more practical and extensive financial support.

A Shinhan Bank official said, "We hope this business agreement will be of practical help in expanding domestic companies' overseas businesses and investing in technological innovation," adding, "We will continue to cooperate with the Export-Import Bank of Korea to revitalize domestic companies' overseas trade."

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