NH Nonghyup Bank Signs Financial Support Agreement with POSCO Chemical

Support of 500 Billion KRW Over the Next 3 Years to Strengthen Competitiveness of Secondary Battery Materials

[Asia Economy Reporter Eunju Lee] NH Nonghyup Bank announced on the 30th that it signed a business agreement for the 'Financial Cooperation Program to Strengthen Competitiveness of Secondary Battery Materials' at Nonghyup Bank located in Seodaemun-gu, Seoul on the 29th.

Nonghyup Bank plans to provide financial support worth 500 billion KRW over the next three years, through which POSCO Chemical will invest in domestic and overseas production facilities related to cathode and anode materials, the core materials of secondary batteries. As of the end of this year, the production capacity of cathode materials is 105,000 tons and anode materials is 82,000 tons, and they plan to expand these capacities to 610,000 tons and 320,000 tons respectively by 2030.

Through this agreement, Nonghyup Bank will strengthen ESG management by taking the lead in fostering the secondary battery materials industry, a national future strategic business, and securing international competitiveness. Lee Yeon-ho, Vice President of the Corporate Investment Finance Division, said, "We have taken a meaningful first step together for the growth of the eco-friendly future material secondary battery business," and added, "Nonghyup Bank will continue to take the lead in providing prompt financial support for ESG-practicing companies."

This content was produced with the assistance of AI translation services.