HSH Nordbank will cooperate with the Export-Import Bank of Korea and the South Korean city of Busan that is home to the country’s ship finance providers.
The German bank’s move follows a memorandum-of-understanding between the mayors of Hamburga and Busan, Olaf Scholz and Suh Byung-soo, to collaborate in the areas of maritime industry, logistics, and trade.
HSH Nordbank board member Torsten Temp said, “”This step is consistent with our strategy of not only broadening but also deepening the relationship HSH Nordbank has with its Asian clients.
“Through this collaboration we are creating proximity to the Asian market and laying the foundations for closer ties with one of the world’s most important maritime locations.”
The collaboration comprises projects involving finance for Korean and international shipping companies, export finance, loan syndication, and refinancing. Collaboration in the areas of maritime logistics, infrastructure and equipment is due to be explored. There are also plans for the mutual deployment of employees for training.
HSH Nordbank’s Asian offices are in Hong Kong and Singapore, from where it also covers the South Korean market. The planned collaboration aims, in particular, to expand direct business with Korean clients. Until now, HSH Nordbank’s activities in Korean business have focused on providing assistance to international shipping companies with local operations.