CKI Arranged U$58 million Syndicated Loan

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2008-08-27 11:10

Seoul--(뉴스와이어)--Citibank Korea Inc. (CEO Yung-Ku Ha, www.citibank.co.kr) recently arranged a U$58 million syndicated loan jointly with Hana Bank, IBK, KB, and KEB for Dalian Daeyang Shipyard Co., Ltd., an independent subsidiary of South Korean shipping company Daeyang Shipping Co., Ltd., and had a loan agreement signing ceremony.

The syndication is evaluated as a good example of providing funding in foreign exchange to a company with good business prospective, especially because it came at a time when the market conditions make it hard to secure foreign currencies for banks. Daeyang’s shipyard project that is estimated to cost U$128million began construction in 2006 and with the help of the syndicated bank facility, the project is expected to be completed in the first half of next year.

Daeyang Shipping (CEO Y.K Chung, www.dyship.com) is a specialized bulk service provider established in 1993 and has grown its business around raw material transportation such as coal, iron ore and grain. Last year it recorded KRW 724billion in sales and KRW 68.9billion in net profit. With its growing international profile strengthened by differentiated business operations, Daeyang Shpping is planning domestic/overseas IPO in 2009.

About Citibank Korea Inc.

Citibank had opened its first branch in Korea in 1967, and was born newly as Citibank Korea Inc. (CKI) through integration with KorAm Bank in 2004.

CKI serves customers at 230 branches (as of June 2008) in Korea by providing the first class financial products and services based on the various products and know-how of Citi with global network including more than 100 years of history and 200 million customers in more than 100 countries. CKI delivers new financial world to the customers through development of innovative financial products and services, encompassing from corporate and investment banking to consumer banking, private banking, and wealth management.

Furthermore, Citibank Korea Inc., as a responsible corporate citizen, conducts diverse community activities in the areas of financial education, next generation education, woman, diversity, community, and environment consistently in corporation with sound non-profit organizations.

웹사이트: http://www.citibank.co.kr