On June 20, Shinhan Bank announced that it had signed a business agreement with the Engineering Guarantee Fund at its headquarters in Jung-gu, Seoul, to strengthen financial support for engineering companies expanding overseas.
On the 20th, at the Shinhan Bank headquarters in Jung-gu, Seoul, a commemorative photo was taken after signing a business agreement with the Engineering Guarantee Fund to strengthen financial support for engineering companies expanding overseas. (From left) Sanghyuk Jung, President of Shinhan Bank, Jaewan Lee, Chairman of the Engineering Guarantee Fund. Photo by Shinhan Bank.
The Engineering Guarantee Fund is a special corporation under the Ministry of Trade, Industry and Energy, established to contribute to the development of the engineering and energy industries. It provides specialized financial services such as various guarantees and mutual aid to its members.
Through this business agreement, Shinhan Bank will be able to more quickly support the issuance of guarantees required for overseas engineering projects. When the Engineering Guarantee Fund issues a counter-guarantee to Shinhan Bank's overseas branches or local subsidiaries, Shinhan Bank will use this as a basis to issue various guarantees locally, such as bid bonds, performance bonds, and defect liability bonds, to ensure smooth project execution.
Shinhan Bank plans to share its accumulated business expertise based on its global network of 167 locations in 20 countries, while the Engineering Guarantee Fund will cooperate in various areas, including sharing information on overseas project sites, to help domestic companies successfully enter overseas markets.
Sanghyuk Jung, President of Shinhan Bank, said, "We will actively support our companies so that they can conduct overseas business more stably by utilizing Shinhan Bank's global network."
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