"Overseas Business Expansion and ESG Collaboration"…Korea Citibank Partners with Hyundai Construction

Expecting Synergy Effects from Eco-Friendly Projects like Offshore Wind Power and Hydrogen Liquefaction

Yoo Myung-soon, President of Citibank Korea (right), and Yoon Young-joon, President of Hyundai Construction, are taking a commemorative photo after signing a "Business Agreement for Global Business Expansion and ESG Value Implementation" at Hyundai Construction headquarters in Gye-dong, Jongno-gu on the 24th of last month. (Photo by Citibank Korea)

[Asia Economy Reporter Minwoo Lee] Citibank Korea has partnered with Hyundai Engineering & Construction to expand overseas business and promote ESG (Environmental, Social, and Governance) initiatives.

Citibank Korea announced on the 4th that it signed a Memorandum of Understanding (MOU) with Hyundai Engineering & Construction on the 24th of last month at Hyundai Engineering & Construction’s headquarters in Jongno-gu, Seoul, for "global business expansion and ESG value implementation."

Accordingly, Citibank Korea will actively support Hyundai Engineering & Construction’s overseas market penetration while sharing relevant information and experiences to strengthen the relationship and enhance cooperation between the two companies for sustainable growth and ESG value implementation.

Last year, Citibank Korea solely underwrote syndicated financing for a consortium of domestic construction companies, including Hyundai Engineering & Construction, participating in the Panama Metro Line 3 construction project. The MOU was signed based on an understanding of Hyundai Engineering & Construction’s overseas construction market bidding strategy and local financing.

Myung Soonsun, CEO of Citibank Korea, said, "Since last year, Citibank Korea has set becoming the ‘Top ESG Bank’ as one of its key strategic goals and has been focusing on expanding ESG finance. We expect synergy in securing Hyundai Engineering & Construction’s eco-friendly projects such as offshore wind power and hydrogen liquefaction." He added, "Hyundai Engineering & Construction, recognized as a global leading company in ESG construction sector evaluations, is carrying out eco-friendly and low-carbon future projects overseas. Citibank will provide optimal customized financial solutions, continuing the successful collaboration following the Panama Line 3 contract, and together we will create ongoing success stories."

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