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Santander Mexico, Bancomext sign MOUs with South Korea's K-sure

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Santander Mexico, Bancomext sign MOUs with South Korea's K-sure

and Banco Nacional de Comercio ExteriorSNC, or Bancomext, signed memorandums of understanding with the KoreaTrade Insurance Corp., known as K-sure, to promote trade and investment betweenthe two countries, according to recent statements.

SantanderMéxico said April 7 that it signed an MOU with K-sure worth $500 million to financethe export of Korean products and services to Mexico. The accord includes strengtheningthe relationship between the banks with the exchange of business know-how and cooperationin human resources development through seminars and other activities.

"Santanderand K-sure will cooperate in promoting trade between both countries, highlightingthe leadership Santander has developed in trade finance," Santander MexicoCEO Héctor Grisi Checa said in the statement. Santander'sfinancial support of Korean firms looking to invest in Mexico will benefit localservice providers and create jobs, he added.

The announcementcame shortly after Bancomext said that it had reached an MOU with K-sure establishingcooperation mechanisms between the two countries for co-financing and co-guaranteesof loans in Mexico or in third-party countries.

The MOUwill allow Bancomext to support greater commercial integration between the two countriesin terms of technology, capital goods, equipment, parts and services. The agreementalso creates information mechanisms to identify business opportunities for Mexicanand Korean firms.

Accordingto Mexican government data, there are over 1,700 Korean companies in Mexico, mainlyin the science and technology, auto, and energy sectors. Korean investment in Mexicogrew 24x between 2000 and 2015, and total bilateral trade reached $17.5 billionin 2015.