Shinhan Card Issues $400 Million Overseas Social ABS

DBS and ING Banks Participate in Investment...
Financial Support for Vulnerable Groups
"Achieved $700 Million in Overseas Funding This Year...
Accelerating Diversification"

Shinhan Card announced on September 30 that it has issued overseas asset-backed securities (ABS) worth 400 million dollars (555 billion won).

Shinhan Card Headquarters, Euljiro, Jung-gu, Seoul. Shinhan Card

The average maturity is three years and six months. The securities were issued using credit card receivables as underlying assets and received the highest credit rating of 'Aaa' from the international credit rating agency Moody's.

Shinhan Card explained that the ABS was issued as a social ABS through collaboration with DBS Bank and ING Bank, both of which are leaders in ESG (Environmental, Social, and Governance) finance.

The funds raised will be used to provide financial support for vulnerable groups, such as individuals with low credit scores and low-income households.

Previously, in June, Shinhan Card raised 300 million dollars (approximately 416 billion won) through an overseas syndicated loan.

This year, the company has raised a total of 700 million dollars (approximately 971 billion won) from overseas sources.

A Shinhan Card representative stated, "With this issuance, we have diversified our funding sources and established a stable funding environment," adding, "We expect to further enhance funding stability through continued overseas financing and significantly reduce the burden of issuing domestic card bonds."

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