HDFC Bank partners with Export-Import Bank of Korea for a $300m credit agreement
HDFC Bank, the leading private sector bank in India, has signed a Master Inter Bank Credit Agreement with the Export-Import Bank of Korea, with a total value of US $300 million. The signing ceremony took place in GIFT City, Gujarat, and aims to help HDFC Bank raise foreign currency funds, which will be used to support Korea-related businesses.
Credit line to be used for funding Korea-related businesses
The credit line will be utilized by HDFC Bank for the funding requirements of companies with equity participation by Korean firms, companies having business relationships with Korean companies, and consumers who wish to purchase cars manufactured by Korea-related companies. HDFC Bank is planning to make its first drawdown under the program by May, and the agreement is expected to increase the bank’s business with Korean entities and products.
Representatives from both banks present at signing ceremony
Mr. Choun-Jae Lee, Head of the Interbank Finance Department and Director General of a team from the Export-Import Bank of Korea, led the signing ceremony. Also present were Ms. Ki-young Jung, Senior Loan Officer of the Interbank Finance Department, and Mr. Kisang Kim, Chief Representative of the New Delhi Representative Office, representing the Export-Import Bank of Korea. HDFC Bank was represented by Mr. Arup Rakshit, who serves as the Group Head of Treasury, Sales, Analytics, and Overseas Business, Mr. Kapil Bansal, who is the Executive Vice President and Head of Overseas Business Treasury, and Mr. Anand Iyer, who serves as the Head of GIFT City IBU.
This agreement is expected to promote and expand HDFC Bank’s business relations with Korean entities and products, and also strengthen the bank’s ability to raise foreign currency funds.
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