Overview

ICBC provides RMB-denominated loan worth $50 million USD to Hana Bank to support its business

Commitments (Constant USD, 2023)$51,087,015

Commitment Year•2014Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•KoreaSector•Banking And Financial ServicesFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 4, 2014

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

Private Sector

Hana Bank Co., Ltd. (formerly KEB Hana Bank)

Loan description

ICBC provides RMB-denominated loan worth $50 million USD to Hana Bank to support its business

Interest type•Unknown

Narrative

Full Description

Project narrative

On September 4, 2014, it was announced that the Seoul Branch of the Industrial and Commercial Bank of China (ICBC) signed a RMB-denominated committed line of credit loan agreement worth $50 million USD with Hana Bank Co., Ltd. — a South Korean bank headquartered in Seoul — to support its business. As a committed line, the loan gave the borrower access to the loan with a certain amount of fees. It was expected to support Hana Bank's ability to lend in Chinese yuan and help globalize the yuan and meet the growing demand for it in the Korean market.

Staff comments

1. Given that that the prevailing exchange rate on September 4, 2014 was 1 USD = RMB 6.1386, AidData assumes for the time being that the face value of the loan was equivalent to RMB 306,930,000. This issue warrants further investigation.