Shinhan Bank and Samsung Heavy Industries to Provide 300 Billion Won in Special Guarantees to Partner Companies

Shinhan Bank and Samsung Heavy Industries will jointly contribute a total of 21.3 billion won to the Korea Trade Insurance Corporation. Using these funds, Korea Trade Insurance Corporation will provide special guarantees totaling 300 billion won to Samsung Heavy Industries’ partner companies.

On the 13th, at the 'Hotel Hyundai by Lahan Ulsan' located in Dong-gu, Ulsan, during the 'Mutual Growth Financial Support Agreement Ceremony for Strengthening Export Competitiveness of the Shipbuilding Industry and Expanding Productive Finance,' (from right) Shin Sanghyuk, CEO of Shinhan Bank, Choi Seongan, CEO of Samsung Heavy Industries, and Jang Youngjin, President of the Korea Trade Insurance Corporation, are posing for a commemorative photo. Provided by Shinhan Bank

On May 14, Shinhan Bank announced that it had signed a “Mutual Growth Financial Support Agreement for Strengthening Export Competitiveness of the Shipbuilding Industry and Expanding Productive Finance” with Samsung Heavy Industries and Korea Trade Insurance Corporation. The signing ceremony was attended by Shin Sanghyuk, President of Shinhan Bank; Choi Seongan, CEO of Samsung Heavy Industries; and Jang Youngjin, President of Korea Trade Insurance Corporation.

This agreement was established to stably supply liquidity to Samsung Heavy Industries’ partner companies, thereby strengthening the export supply chain of the shipbuilding industry and supporting mutual growth between large corporations and small to medium-sized enterprises.

Under the agreement, Shinhan Bank and Samsung Heavy Industries will contribute 17.8 billion won and 3.5 billion won, respectively, to Korea Trade Insurance Corporation, jointly totaling 21.3 billion won. Based on these funds, Korea Trade Insurance Corporation will provide special guarantees totaling 300 billion won to Samsung Heavy Industries’ partner companies. The eligible companies are those recommended by Samsung Heavy Industries, and they will be able to receive both liquidity support through the special guarantees and full support for guarantee fees.

A Shinhan Bank representative stated, “This agreement is meaningful in that it alleviates the actual financial burden on small and medium-sized enterprises that make up the shipbuilding export supply chain, in line with the government’s policy of expanding productive finance,” adding, “We will continue to expand customized financial support to further strengthen the competitiveness and build stable supply chains for key national industries, including shipbuilding.”

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