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| Citibank Korea headquarters in Seoul / Korea Times file |
Citibank increases support for Korean companies expanding into green industries overseas
By Yoon Ja-young
Citibank Korea announced that it signed a syndicated loan agreement with Hanwha EU Energy Solutions on Feb. 25, to support Hanwha's business in Europe. Hanwha EU Energy Solutions is the European subsidiary of Hanwha Solutions.
As the sole coordinator, Citibank Korea, signed the 430 million euro syndicated loan facility based on the overseas investment insurance of Korea Trade Insurance Corporation (K-SURE). Hanwha Solutions will fund its renewable energy investments in Europe, including France, Spain and Portugal, and gain momentum for additional business expansion through the agreement, according to the bank.
The agreement covers large-scale joint financing between K-SURE and global banks for Hanwha Solutions' investment into renewable energy projects in Europe, including solar PV and wind power, and is expected to have a positive impact on related domestic industries, such as solar PV module exports, following the future expansion of business in the region.
This agreement is meaningful for Citibank Korea and K-SURE since the green financing deal shows their strong ESG commitment. After signing an MOU to support Korean companies' exports and overseas expansion in February of 2021, Citibank Korea and K-SURE expanded their financial support to help Korean companies foray into green industries overseas.
"We are delighted to support Hanwha Group's global ESG projects with K-SURE through this agreement," Citibank Korea CEO Yoo Myung-soon said.
"Citibank Korea will spare no effort in supporting Korean companies expanding into green industries overseas based on our global network," she added.
After opening its first branch in Korea in 1967 and its new launch as Citibank Korea Inc. (CKI) through integration with KorAm Bank in 2004, the lender has been providing innovative financial products and services based on its global network in more than 160 countries.
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