State Bank of India (SBI), the country’s largest lender on 26 September 2014 announced that it has signed a Line of Credit (LoC) of 500 million dollar with Export-Import Bank of Korea (Korea Eximbank).
The LoC will be utilised to provide finance to SBI’s clients in India and neighbouring countries that have 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.
SBI’s regional head (East Asia), C Venkat Nageswar and Korea Eximbank’s member of Board of Directors, Young Whan Sul signed the agreement at Seoul. The entire process was facilitated by SBI’s subsidiary, SBI Capital Markets and the signing of the pact for LoC is being seen as a step towards further strengthening of Korea-India strategic partnership.
As per the announcement, this LoC will be in addition of the 200 million dollar LoC that was signed between the two institutions on 16 January 2014 to support Indian companies importing goods and services from Korea.
Where: at Seoul
When: on 26 September 2014