A Subsidiary in Singapore
The Export-Import Bank of Korea (Korea Eximbank) has launched KEXIM Global (Singapore) Ltd., a subsidiary incorporated in Singapore.
An opening ceremony was held on Aug. 23 with the attendance of the bank's president Yoon Hee-sung, Korean Aambassador to Singapore Choi Hoon, and officials from major investment banks (J.P. Morgan, DBS and Deutsche Bank), international financial institutions (IFC and KfW), investment funds.
Immediately after the opening ceremony, KEXIM Global signed an investment agreement for an emerging country infrastructure fund with the International Finance Corp. (IFC) under the World Bank Group.
The investment, if realized, will be the first case of Korea Eximbank investing in an offshore fund through an overseas subsidiary. KEXIM Global is expected to build a deal sourcing network that can share investment business information with international organizations and advanced development financial institutions (DFIs).