KB Kookmin Bank Signs 'Overseas Foreign Currency Payment Guarantee' Agreement with Mechanical Equipment Construction Mutual Aid Association

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KB Kookmin Bank announced on the 7th that it signed a business agreement with the Mechanical Equipment Construction Mutual Aid Association on the 3rd and will support foreign currency guarantees for the association members' overseas projects.

The business agreement ceremony held at the new building of KB Kookmin Bank in Yeouido, Yeongdeungpo-gu, Seoul, was attended by Kim Jong-seo, Acting Chairman of the Mechanical Equipment Construction Mutual Aid Association, Lee Sang-shin, Head of the Foreign Exchange Business Division at KB Kookmin Bank, and officials from both organizations.

Through this agreement, both parties agreed to expand the scope of foreign currency payment guarantees to support necessary guarantee services not only for the association members' overseas construction projects but also for defense projects carried out abroad.

Additionally, KB Kookmin Bank plans to cooperate by utilizing the global network of its overseas subsidiaries and foreign branches to support the issuance of local guarantees and actively support export-import financing tailored to the financial needs of the association members.

Lee Sang-shin, Head of the Foreign Exchange Business Division at KB Kookmin Bank, said, “Issuing foreign currency payment guarantees to overseas clients is very important for the successful overseas expansion of domestic companies. Based on KB Kookmin Bank’s long-standing experience and know-how, we will collaborate with the Mechanical Equipment Construction Mutual Aid Association to contribute to the activation of foreign currency guarantees for the association members’ overseas projects overall.”

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