Korea Eximbank forms consultative body with 5 Chinese banks

Korea Eximbank will form a consultative group with five Chinese banks to help Korean firms win large overseas projects.

The South Korean trade bank signed a memorandum of understanding with the the Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China and Bank of Communications.

Under the agreement, the state-run trade bank and five Chinese banks will hold a regular consultative meeting every three months to discuss co-financing for South Korean companies' big overseas projects in areas such as shipbuilding, plant construction and mergers and acquisitions, according to Eximbank.

"With the launch of the consultative body, we are discussing with the Chinese banks for the first time about co-financing our companies win big overseas projects such as massive shipbuilding," said an official at the Eximbank.

Eximbank also plans to form a similar consultative group with three Japanese banks on Feb. 20. The three banks include the Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFC and Mizuho Corporate Bank.

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Tags: overseas projects, consultative body, Korean banks, Korea Eximbank, Chinese banks, Korean firms, Industrial and Commercial Bank of China, China Construction Bank, Bank of China, Agricultural Bank of China and Bank of Communications