SGI Seoul Guarantee Insurance announced on the 17th that it has signed a 'Business Agreement to Strengthen Business in the Eastern European Region' with Austria's Erste Bank.
Through this agreement, both companies plan to cooperate in issuing guarantees necessary for Korean companies entering the Eastern European market to secure global contracts.
They will share information on major investment projects in the European region, knowledge of the business environment in key industries, and work know-how through seminars, conferences hosted by each company, and ongoing information exchange.
Erste Bank operates more than 1,800 branches in seven Eastern European countries including Austria, the Czech Republic, and Romania. Based on over 16 million individual and corporate customers, its total assets reached 353.7 billion euros as of the end of last year.
SGI Seoul Guarantee Insurance has steadily expanded partnerships with overseas financial institutions, securing a credit limit to issue local guarantees worth 8 trillion KRW to 27 global financial institutions worldwide. Last year, it provided guarantees worth approximately 4.3 trillion KRW to companies expanding overseas.
Lee Myung-soon, CEO of SGI Seoul Guarantee Insurance, said, "It is meaningful to have created an opportunity to contribute to our companies' entry into Eastern Europe," adding, "We will continue to strengthen our global guarantee network and strive to discover collaborative models."
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