To Support National Growth

KoFC to provide 9 tln won in loans and investments, especially to SMEs, green and new growth engines


(L) Chairm Kim Yong-hwan of Korea Eximbank (R)Exec. Dir. Lee Jae-min of Korea Eximbank, 2nd R, and Chairman John Walker of Macquarie Group attend a ceremony to sign an MOU for joint support for Korean firms taking on overseas M&As and project finances on March 22.

Korea Eximbank concluded an MOU with Macquarie Securities (Chairman John Walker) at bank headquarters on March 22 for joint support of Korean companies expanding into overseas M&A and Project Finance (PF) projects.
The main points of the agreement include exchange of information about overseas M&A and PF, joint project discovery and financing, sharing of M&A appraisal techniques, and exchange of human resources. Macquarie Securities is the Korea subsidiary of the Macquarie Group, a leading investment bank in the Asia-Pacific region and a global provider of banking, financial advisory, investment, and funds management services with more than 15,000 employees in 28 countries. After signing the MOU, Chairman Kim Yong-hwan and Chairman John Walker discussed international financing expertise of Korea Eximbank and strategies for combining the knowledge and network accumulated by global investment bank Macquarie.
The two chairmen also discussed joint provision of financial/non-financial services for M&As as well as large plant orders implemented by Korean companies.
An official from Korea Eximbank stated, "Korean companies are increasingly merging or acquiring overseas companies in order to secure the latest platform technologies and natural resources as well as to expand in the new & renewable energy industry. Under this MOU, Korea Eximbank and Macquarie Securities will collaborate to more effectively and quickly assist Korean companies expand into overseas markets."
A representative from Macquarie Securities added, "The Macquarie Group is very pleased to be concluding the MOU with Korea Eximbank and looks forward to further expanding Macquarie's global expertise."
Since the first acquisition financing by Korea Eximbank in 2007, the Bank has provided a total of $2.5 billion for overseas M&A projects as of the end of 2010 to assist Korean companies expand into overseas markets as well as secure platform technologies and natural resources.
In addition, Korea Eximbank has increased cooperative partnerships with Macquarie Securities after the first joint support of $50 million in 2009 provided for the acquisition of DeWind, a company with core technologies in wind power turbines.
Key achievements by Korea Eximbank in Overseas M&A Support
EUR0 200 million provided to Doosan Heavy Industries & Construction to finance the acquisition of Skoda Power, a Czech company with platform technologies in manufacturing wind turbines (2009)
$750 million provided to Korea National Oil Corporation for the acquisition of shares of British company Dana Petroleum (2010)
$63 million provided to Daewoo Shipbuilding & Marine Engineering for the acquisition of Angola Partrind Shipbuilding Plant (2010) With this MOU as the springboard, Korea Eximbank plans to continuously bolster its overseas M&A support in order to provide comprehensive support to Korean companies expanding into foreign markets.
The Export-Import Bank of Korea (Korea Eximbank) is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries. Korea Eximbank's primary services include export loans, trade finance, and guarantee programs structured to meet the needs of clients in a direct effort to both complement and strengthen the clients' competitiveness in global markets. The bank also provides overseas investment credit, natural resources development credit, import credit, and information services related to business opportunities abroad
Furthermore, the bank is responsible for the operation of two government funds: the Economic Development Cooperation Fund (EDCF), a Korean Official Development Assistance program, and the Inter-Korean Cooperation Fund (IKCF), an economic cooperation program with North Korea. The bank strives to become "Your Partner for Global Business" as reflected in its vision by continuously fostering innovation and development throughout its operations. nw

photos on courtesy of Korea Exim Bank