Chairman Jin Okdong Meets with ICBC: Discusses Expansion of Won-Yuan Currency Swaps

Meeting Held During Visit to China as Part of Economic Delegation

Shinhan Financial Group announced on January 8 that Chairman Jin Okdong, who visited China as part of an economic delegation, met with the Chairman of the Industrial and Commercial Bank of China (ICBC) on January 5 to discuss collaboration measures, including the expansion of private currency swaps.

Jin Okdong, Chairman of Shinhan Financial Group (right), had a meeting with Liao Lin, Chairman of the Industrial and Commercial Bank of China, on the 5th and is taking a commemorative photo. Provided by Shinhan Financial Group

Chairman Jin met with Liao Lin, Chairman of ICBC, to discuss cooperation on funding, such as expanding private currency swaps, in order to more stably respond to foreign currency liquidity needs while expanding overseas operations. Since 2008, Shinhan Financial Group has signed won-yuan currency swap agreements with ICBC, contributing to the stability of liquidity in the financial markets of both countries.

During the meeting, they also exchanged views on mid- to long-term cooperation, including the possibility of reducing foreign currency funding costs through regional currency swaps in overlapping areas of their global network operations.

In addition, they discussed the potential for joint cooperation in overseas investment and corporate finance (investment banking), leveraging both companies' global networks.

Shinhan Financial Group plans to use this discussion as an opportunity to advance a structural cooperation model that not only expands simple transactions but also simultaneously secures capital soundness and funding efficiency, enabling agile responses to changes in the external financial environment.

Chairman Jin stated, "ICBC is a partner with an unparalleled network and financial strength in the global financial market," adding, "With this meeting as a starting point, I hope that practical cooperation between the two groups will take a leap forward and lead to joint growth opportunities in the global market."