Skye Bank Plc has entered into a $15 million credit agreement with the Korean Export-Import Bank for the purpose of boosting the operations of its customers.
According to a statement made available to THISDAY in Lagos, the credit line would be used for inter-bank export loan, letter of credit confirmation and for guaranteeing purposes for K-Exim’s guarantee cover. The statement further said that the credit figure would be increased to $100 million by the Korean bank if Skye Bank comes up with deals of that size.
Skye Bank, the statement noted, was the first bank to consummate a relationship with the Korean bank and the second to sign a deal with them after Zenith Bank. The bank said the Korean bank also expressed satisfaction with the turnaround time for the deals to be signed under the credit agreement. The Export-Import Bank of Korea (Korea Exim Bank) is an official export credit agency providing comprehensive export credit and guarantee programmes to support Korean enterprises in conducting overseas business. Since its establishment, the bank has actively supported Korea's export-led economy and facilitated economic cooperation with foreign countries.
Korea Exim Bank's primary services include export loans, trade finance, and guarantee programs structured to meet the needs of clients in a direct effort to both complement and strengthen the clients' competitiveness in global markets. The Bank also provides overseas investment credit, natural resources development credit, import credit, and information services related to business opportunities abroad.