Shinhan Bank and Gisaeseolbi Geonseol Gongjejoap Sign Business Agreement on 'Overseas Construction Project Guarantees'

Sharing Know-How on Network-Based Certificate Issuance Operations Across 20 Countries Worldwide

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 16th that it has signed a business agreement with the Mechanical Equipment Construction Mutual Aid Association regarding guarantees for overseas construction projects.

The Mechanical Equipment Construction Mutual Aid Association, one of the top three construction-related mutual aid associations in Korea, is a special-purpose mutual aid association established in 1996 under the Construction Industry Basic Act. It provides financial services such as guarantees, loans, and mutual aid (insurance) necessary for the construction industry, and since March last year, it has also been offering direct guarantee services related to overseas guarantee projects.

Under this agreement, Shinhan Bank and the Mechanical Equipment Construction Mutual Aid Association plan to support various guarantees required for construction companies' overseas expansion, including bid guarantees, contract performance guarantees, and defect guarantees. In particular, Shinhan Bank will share its expertise in issuing overseas guarantee certificates based on its local network of 165 branches in 20 countries worldwide, while the Mechanical Equipment Construction Mutual Aid Association will cooperate in various fields such as sharing information on overseas construction sites requiring guarantee issuance.

A Shinhan Bank official stated, "In line with the group's vision of 'Easier, More Comfortable, and Newer Finance,' we will strive to ensure smooth guarantee operations for overseas construction projects," adding, "We will continue to support the global market expansion of domestic construction companies and contribute to the development of the Korean construction industry."

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