Gyeongnam Bank Issues 'Advance Payment Refund Guarantee' for K-Shipbuilding Industry's Rebound

Considering Export and Employment Effects of Shipbuilding Industry

Issuance of RG for Regional Medium-sized Shipbuilders

BNK Gyeongnam Bank has joined the government's financial support policy to provide K-Chosun Industry with an opportunity for a new leap forward.

Gyeongnam Bank Headquarters.

Accordingly, it announced on the 12th that it has issued a 'Refund Guarantee (RG)' to a regional medium-sized shipbuilding company.

A Refund Guarantee is a guarantee in which a guarantee institution pays the advance payment received from the shipowner on behalf of the shipbuilder if the shipbuilder fails to build the ship within the specified period or goes bankrupt.

Recently, the domestic shipbuilding industry is in a situation where additional financial support is needed due to increased orders, rising ship prices, and an increased proportion of advance payments.

Accordingly, the Ministry of Trade, Industry and Energy and the Financial Services Commission have introduced policies to expand financial support for shipbuilders so that the domestic shipbuilding industry can continue its order activities without disruption.

BNK Gyeongnam Bank actively participated in the policy and issued an RG to K-Chosun, a regional medium-sized shipbuilding company, considering the impact on the regional economy such as shipbuilding exports and employment effects.

Jung Yong-taek, Vice President of K-Chosun, said, "With the issuance of the RG, we can focus on ship orders while alleviating financial concerns. We will strive harder to become a company that enhances the competitiveness of the shipbuilding industry and contributes to regional and national economic growth."

Sang-ho Park, Head of the Credit Sales Headquarters, said, "Recognizing the urgent need for financial support as the shipbuilding industry expands further, we decided to issue an RG to a regional shipbuilding company. We expect this to help the new leap of the K-Chosun industry and revitalize our regional economic ecosystem centered on shipbuilding."

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