ICICI Bank and Korea Eximbank sign Line of Credit
January 23, 2014
New Delhi: ICICI Bank has signed an agreement for a USD 200 million Line of Credit with The Export-Import Bank of Korea (Korea Eximbank). With this, the total volume of credit lines between the two institutions has reached USD 1 billion, making it Korea Eximbank’s single largest credit line relationship with any partner bank.
This new Line of Credit would be availed by ICICI Bank through its Hong Kong branch, and can be utilised to finance its corporate clients having business relationships with Korean companies globally as well as joint ventures or subsidiaries of Korean companies.
The agreement was signed by Mr. Murali Ramakrishnan, Chief Executive of ICICI Bank's Hong Kong branch and Regional Head for its North Asia, Sri Lanka, Middle East and Africa operations, and Mr. Kim Yong-Hwan, Chairman and President of Korea Eximbank, during the state visit of the President of South Korea to India last week.
On this occasion, both institutions reaffirmed their intent to increase mutual cooperation, so as to further strengthen and support trade and investment flows between India and Korea.
About ICICI Bank Ltd: ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of USD 124.00 billion at March 31, 2013. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and its largest securities brokerage firm, mutual fund and private equity firm. ICICI Bank’s presence currently spans 19 countries, including India.
About Korea Eximbank: The Export-Import Bank of Korea (Korea Eximbank) is an official export credit agency of South Korea which provides export-import and overseas investment credit to support Korean enterprises conducting business overseas. Korea Eximbank, as an Export Credit Agency of Korea, has established USD 6.19 billion credit lines with 42 banks in 20 countries so far.
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