Shinhan Card Issues 330 Billion KRW Overseas ABS... "Financial Support for Vulnerable Groups"

Collaboration with ING Bank... Received Moody's Highest Rating Without Payment Guarantee

Shinhan Card has issued overseas asset-backed securities (ABS) worth 320 billion KRW.

Shinhan Card announced on the 29th that it successfully issued ABS worth 230 million euros (approximately 330 billion KRW). The ABS issued this time has an average maturity of 5 years, and currency and interest rate swaps were used to eliminate risk factors arising from exchange rate and interest rate fluctuations.

The ABS, issued based on credit card receivables as underlying assets, involved the Dutch ING Bank as an investor. It received the highest rating of ‘Aaa’ from the international credit rating agency Moody’s without payment guarantees from overseas credit insurance companies or banks.

In particular, this ABS was issued as a social ABS through collaboration with ING Bank, which is recognized as a specialist in ESG (Environmental, Social, and Governance) finance. The funds raised through this will be used for financial support projects for vulnerable groups such as low-credit and low-income individuals.

A Shinhan Card official stated, "Despite the ongoing volatility in domestic and international financial markets, we successfully issued ABS based on high external credibility and excellent assets," and added, "We will continue to actively pursue ESG financial strategies to enhance social value and promote eco-friendly management."

On the 28th (local time), at the ING Bank headquarters in Amsterdam, Netherlands, Namjun Kim, Head of Shinhan Card's Management Planning Group (sixth from the right), Gertjan van Turn, Head of ING Bank's Global Investment Division (fifth from the right), Jacomine Vels, Global Head of ING Bank's ESG Finance (fourth from the right), Mark Peter de Boer, CEO of ING Bank (third from the right), and Philip van Hoof, ING Korea Representative (first from the right), along with other officials, took a commemorative photo after the ABS issuance signing ceremony. (Photo by Shinhan Card)

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