KB Kookmin Bank, Special Contribution and Guarantee/Insurance Premium Support Business Agreement
Supporting the Activation of Export-Import Financing for Small and Medium Enterprises with the Korea Trade Insurance Corporation
[Asia Economy Reporter Park Sun-mi]KB Kookmin Bank announced on the 15th that it has signed a business agreement with Korea Trade Insurance Corporation to activate export-import financing for small and medium-sized enterprises (SMEs) and mid-sized companies through 'special contributions and support for guarantees and insurance premiums.'
The signing ceremony held at the Korea Trade Insurance Corporation in Jongno-gu, Seoul was attended by Huh In, CEO of KB Kookmin Bank, Lee In-ho, President of Korea Trade Insurance Corporation, and officials from both organizations.
Under this agreement, companies applying for export-import financing at KB Kookmin Bank using export credit guarantees (comprehensive purchase) and import insurance (global supply chain) products will receive support for guarantee fees and insurance premiums. To this end, KB Kookmin Bank contributed a special fund of 30 billion KRW to Korea Trade Insurance Corporation related to the agreement.
Both institutions will provide various benefits including ▲operation of a special guarantee limit up to twice the maximum limit assignable per customer ▲preferential guarantee rates ▲support for customer-paid guarantee fees ▲discounts on insurance premiums for import insurance products. KB Kookmin Bank plans to provide additional benefits such as ▲waiver of overseas remittance fees ▲discounts on letter of credit fees to comprehensively support foreign exchange transactions of companies eligible for the special contribution.
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A KB Kookmin Bank official stated, “We signed this agreement with Korea Trade Insurance Corporation to assist small and medium-sized export-import companies struggling due to the COVID-19 crisis and to provide services tailored to actual demand,” adding, “We will establish ourselves as a reliable lifelong financial partner to strengthen the competitiveness of export-import companies.”
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