Shinhan Bank, one of the major commercial lenders in South Korea, has become a confirming bank for a trade program run by the European Bank for Reconstruction and Development, the EBRD said Friday.
The cooperation is expected to help Shinhan Bank offer safer trade financing instruments to Korean firms that do business with nations in Eastern Europe, the Middle East and Africa.
In a statement, the EBRD said Shinhan Bank joined the multilateral lender's Trade Facilitation Program, which aims to promote trade with countries where the EBRD invests.
"Participation in the TFP will allow Shinhan Bank to guarantee the payment of letters of credit and other trade finance instruments which have been issued by TFP partner banks in EBRD countries of operations to exporters of Korean products," the statement said. (Yonhap)