NongHyup Bank Signs Business Agreement with Construction Mutual Aid Association for Overseas Construction Project Guarantee Support

Launch of Foreign Currency Payment Guarantee Product under Construction Guarantee Association MOU

On the 19th, at the NongHyup Bank headquarters in Jung-gu, Seoul, Son Byung-hwan, President of NH NongHyup Bank (right in the photo), and Choi Young-mook, Chairman of the Construction Mutual Aid Association (left in the photo), signed a "Guarantee Support Agreement Related to Overseas Construction Projects."

[Asia Economy Reporter Park Sun-mi] NH Nonghyup Bank announced on the 20th that it signed a 'Guarantee Support Agreement for Overseas Construction Projects' with the Korea Construction Guarantee Corporation (Chairman Choi Young-mook) at the Nonghyup Bank headquarters in Jung-gu, Seoul, to support domestic construction companies, and launched a foreign currency payment guarantee product under the Korea Construction Guarantee Corporation agreement (MOU).

This product is structured so that when a domestic construction company that has won an overseas construction contract applies for a guarantee from the Korea Construction Guarantee Corporation, the corporation issues a subrogation guarantee to NH Nonghyup Bank's domestic or overseas branches, and NH Nonghyup Bank issues a payment guarantee based on this subrogation guarantee.

Bank President Son Byung-hwan said, “Through the business agreement between the Korea Construction Guarantee Corporation, which has over 13,000 members, and NH Nonghyup Bank, which has a stable overseas network and expertise, this will help promote overseas exports and growth of construction companies,” adding, “We will continue to play a leading role in mutual growth with domestic construction companies through the development of various products and service support.”

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