Korea Citibank Signs Syndicated Loan Agreement with Hanwha Solutions Europe Branch
Providing Syndicated Finance Advisory Worth 430 Million Euros
Korea Citibank announced its withdrawal from the domestic consumer finance sector. Photo taken on the 19th at the Korea Citibank headquarters in Jongno-gu, Seoul. Photo by Jinhyung Kang aymsdream@
View original image[Asia Economy Reporter Minwoo Lee] Citibank Korea partnered with Hanwha Solutions Europe branch to provide advisory services for syndicated financing.
Citibank Korea announced on the 8th that it signed a syndicated loan agreement with Hanwha Solutions' European subsidiary, 'Hanwha EU Energy Solutions,' on the 25th of last month. Accordingly, Citibank Korea, as the sole lead manager, provided advisory services for syndicated financing worth 430 million euros (approximately 576.2 billion KRW) based on the overseas project finance insurance from Korea Trade Insurance Corporation.
A Citibank Korea official explained, "This agreement concerns large-scale joint financial support from Korea Trade Insurance Corporation and global banks for investments in renewable energy power generation projects such as solar and wind in the European region," adding, "It is expected to have a positive impact on related domestic industries such as solar module exports as business expands in Europe."
This agreement is evaluated as part of ESG (Environmental, Social, and Governance) management through green financing between Citibank Korea, Korea Trade Insurance Corporation, and global banks. Previously, in February last year, Citibank Korea and Korea Trade Insurance Corporation signed a memorandum of understanding to support Korean companies' exports and overseas expansion, expanding various financial supports in the eco-friendly business sector of Korean companies.
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Yoo Myung-soon, CEO of Citibank Korea, stated, "Based on Citibank's global network, we will spare no effort to support the overseas market entry of green industries promoted by domestic companies."
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