Urisodara Gin Provides $200 Million in Supply Chain Finance and More to POSCO Indonesia Subsidiary

Woori Sodara Bank, the local subsidiary of Woori Bank in Indonesia, announced on the 18th that it signed a Memorandum of Understanding (MOU) on the 17th at its headquarters with Krakatau Posco, the local subsidiary of POSCO in Indonesia, to strengthen steel competitiveness.

According to the agreement, Woori Sodara Bank will provide comprehensive financial support including operating funds, supply chain finance, foreign exchange risk hedging, and loans for employees. In particular, Krakatau Posco received support of USD 200 million, the largest amount for a single company since Woori Bank's entry into Indonesia, enabling it to secure cost competitiveness and financial soundness amid the influx of Chinese imported materials.

This agreement was made after Woori Sodara Bank identified the financial needs of POSCO affiliates and partners operating locally, such as foreign exchange risk management, securing cost competitiveness, and quick cash flow with export-import partners, and proposed customized financial support.

Kim Eung-cheol, the head of the corporation, said, “We plan to expand financial support to POSCO affiliates and partners operating locally through this MOU,” adding, “We will continuously strive not only to provide short-term financial support but also to achieve long-term mutual growth between Krakatau Posco and Woori Sodara Bank.”