Dec 14, 2012
December 10th 2012 – Doha Bank and The Export-Import Bank of Korea entered into a bilateral Memorandum of Understanding on December 1st at the Doha Bank Head Office at West Bay. The agreement was signed by Mr. Chris Fellner, Doha Bank’s Head International Banking and Mr. Seop Shim, Senior Executive Director of Korea ExIm Bank, in the presence of other senior representatives from both banks. The delegation from Korea ExIm Bank is in Doha these days to attend the COP 18 conference, as “Green Finance” is one of the key initiatives of the Korean bank.
While Doha Bank is the leading trade finance bank in Qatar and has opened its Korea Representative Office already back in November 2008, Doha Bank remains the only Qatari bank with a presence in Seoul and well established network there. The office supports the financial handling of the tremendous trade flows between the GCC and South Korea such as oil and gas exports and large imports from cars to machinery, in close coordination with the Doha Bank team in Qatar, Kuwait and the UAE, the Korean banking partners of Doha Bank and the Korean companies who are active and present in Qatar, Kuwait and the UAE including the just opened fully operative branch of the bank in Abu Dhabi. Doha Bank customers profit from this network not only through quick and reliable banking services, but also from the intense know how about Korea that is available in and through Doha Bank.
The Export-Import Bank of Korea (Korea ExIm Bank) is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises in conducting overseas business. Since its establishment in 1976, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries all over the world. For Korean companies with international activities across all industry segments, the Korea ExIm Bank is the “bank of first choice” for international trade and projects, given their vast experience in international activities combined with the availability of preferential terms and conditions for credits.
Chris Fellner said: “Today’s signing of our agreement is the logical next step to further strengthen the cooperation with Korea ExIm Bank. While the relationship between the banks has already been established many years ago, this new level of cooperation will also help to provide excellent and combined support from both banks to the project owners and the contractual partners of the upcoming large infrastructure projects here in Qatar. It is not only an agreement between the banks, but customers will see and experience the benefits.”
Seop Shim added “The partnership with Doha Bank marks an important milestone in Korean ExIm Bank's ability and commitment to serve all Korean companies in their international activities, also in Qatar. All GCC countries are an important business partner for the Korean companies. The leading position Korean companies have taken in the tendering stage of infrastructure projects here in Qatar is a very good reason to strengthen the cooperation with Doha Bank and we jointly look forward to supporting our customers.”
Re-disseminated by The Asian Banker