KEB Hana Bank signed a memorandum of understanding with Industrial & Commercial Bank of China Ltd. to work together on opportunities arising from China's Belt and Road initiative, Maeil Business News Korea's Pulse reported reported May 24, citing an official from the South Korean lender.
Under the agreement, ICBC will refer Chinese companies looking to raise debt in South Korea to KEB Hana Bank. The two lenders also agreed to enhance cooperation in South Korean won-Chinese yuan clearing and settlement services.
The partnership will help KEB Hana Bank in facilitating the participation of South Korean companies in China's Belt and Road initiative.
KEB Hana Bank's partnership with ICBC is part of the South Korean lender's efforts to garner more than 50% of profits from overseas markets by 2025, the official said.
