Hana Bank Launches Exclusive Loan Products for POSCO Construction Partner Companies

On the 11th, at the Euljiro headquarters in Jung-gu, Seoul, Jiseonggyu, CEO of Hana Bank (left), is taking a commemorative photo with Han Seonghee, CEO of POSCO Construction (center), and Kim Sangtaek, CEO of SGI Seoul Guarantee, at the joint win-win loan business agreement ceremony for financial support to POSCO Construction's partner companies. Photo by Hana Bank

[Asia Economy Reporter Kim Min-young] Hana Bank is launching a loan product for POSCO Engineering & Construction's partner companies.

On the 11th, Hana Bank announced that it signed a business agreement for the 'Together Win-Win Loan' to support the financing of POSCO Engineering & Construction's partner companies with POSCO Engineering & Construction and SGI Seoul Guarantee at its Euljiro headquarters in Jung-gu, Seoul.

This loan is a financial program that allows small and medium-sized partner companies of POSCO Engineering & Construction, which lack collateral, to receive guarantees based on their contract relationship with POSCO Engineering & Construction and obtain loans from financial institutions.

According to this agreement, POSCO Engineering & Construction will recommend partner companies that lack funds necessary for contract execution after signing a subcontract, and SGI Seoul Guarantee will provide guarantees so that the recommended companies can receive loans stably without providing separate collateral.

Hana Bank will support loans within a certain range of the contract amount by applying interest rates lower than market rates, and partner companies can repay the loan in installments with the payment settlements received from POSCO Engineering & Construction as the construction progresses, reducing the burden of preparing separate repayment funds.

Jung Sung-kyu, CEO of Hana Bank, said, “It is meaningful to provide financial services that support win-win cooperation and mutual growth between large corporations and small and medium-sized enterprises,” and added, “We will continue to do our best to support small and medium-sized enterprises, which play a pivotal role in the national economy, especially during the difficult times caused by the novel coronavirus (COVID-19).”