Mumbai: India’s largest private sector bank, ICICI, and Export-Import Bank of Korea, an official export credit agency supporting Korean companies, signed a loan agreement on 21 August for a line of credit.
Under this agreement ICICI Bank’s Hong Kong branch would avail $200 million revolving line of credit from Korea Exim Bank, ICICI Bank announced at a press conference here.
This line of credit would be used by ICICI Bank to finance the foreign currency needs of Indian companies and those from the neighbouring countries having equity participation by Korean companies or having business relationship with them.
This line of credit is the first of its kind to be extended by the Korea Exim Bank to any bank in the world.
The agreement was signed by K V Kamath, MD and CEO of ICICI Bank and Cheon-sik Yang, Chairman and President of Export-Import Bank of Korea.