State Bank of India & the Export-Import Bank of Korea sign Untied Line of Credit
Sep 26, 2014
Mumbai : State Bank of India (SBI), India’s largest Bank and The Export- Import Bank of Korea (Korea Eximbank) an official export credit agency of Korea, today signed a Loan Agreement for an Untied Two-Step Line of Credit for a USD 500 million. This line will be in addition to Line of Credit of USD 200 million signed between two institutions on January 16, 2014 to support Indian companies importing Goods and Services from Korea.
This Untied Line of Credit can be utilised to finance SBI’s clients in India and its neighbouring countries having business relationships either by way of equity participation or regular trade with Korean companies globally, as well as joint ventures or subsidiaries of Korean companies.
The agreement was signed by Mr. Young Whan Sul, Senior Executive Director, Member of Board of Directors, Korea Eximbank and Mr. C. Venkat Nageswar, Regional Head (East Asia), SBI at Seoul at Korean Exim’s, Head Office. Mr Rajnish Kumar, MD & CEO, SBI Capital Markets Ltd graced this occasion with his presence.
On this occasion, Mr. Rajnish Kumar, MD & CEO, SBI Capital Markets Ltd, said that: “This signing is a step towards further strengthening of Korea-India strategic partnership and will help foreign currency financing for corporates in India and neighbouring countries partnering with Korean conglomerates”.
On the occasion Mr Lee Duk-Hoon Ch, Chairman and President of Korea Exim Bank said that: “This partnership with SBI will significantly benefit Korean companies’ ambition to investment in India and ultimately help to increase much required foreign investments in India”.