Shinhan Bank Signs 1 Trillion KRW Financial Support Agreement with POSCO Chemical

Up to 1 Trillion KRW Credit Support Over 3 Years to Strengthen Competitiveness of Secondary Battery Materials

[Asia Economy Reporter Yu Je-hoon] Shinhan Bank announced on the 28th that it has signed a business agreement with POSCO Chemical to foster the secondary battery materials industry, a national future strategic industry, and to strengthen international competitiveness.

According to this business agreement, Shinhan Bank will support loans worth 1 trillion KRW over the next three years, and POSCO Chemical will be able to receive prompt financial support for ▲facility investment-related loans ▲export-import related loans ▲overseas business-related loans to enhance the production competitiveness of cathode and anode materials, which are core materials for electric vehicle manufacturing.

A Shinhan Bank official said, "As POSCO Chemical is a leading company in the manufacturing of materials, parts, and equipment utilizing carbon-neutral core technologies, we expect that competitive financial support using K-Taxonomy will accelerate the company's growth and Shinhan Bank's achievement of net zero banking."

A POSCO Chemical official stated, "Prompt financial support is essential to timely supply the rapidly growing core materials for secondary batteries," adding, "Through collaboration with Shinhan Bank, a leading carbon-neutral bank, the secondary battery industry will gain further momentum in its growth."

Meanwhile, Shinhan Bank, which declared net zero banking (carbon neutrality) for the first time among commercial banks in November 2021, operates more than 20 eco-friendly financial products for carbon reduction and is the only commercial bank handling the 'Ministry of Environment Green Policy Finance Activation Secondary Compensation' loans, expanding financial support to companies contributing to carbon reduction.