Overview

ICBC (Seoul Branch) provides a ¥600 million RMB loan to Minmetals Korea Co., Ltd for unspecified purposes

Commitments (Constant USD, 2023)$99,867,100

Commitment Year•2014Country of Activity•KoreaDirect Recipient Country of Incorporation•KoreaOverseas Jurisdiction•KoreaSector•Industry, Mining, ConstructionFlow Type•Loan

Status

Project lifecycle

Implementation

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Jul 31, 2014

Start (actual): Jul 31, 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% Chinese ownership

Funding agencies

State-owned Commercial Banks

Industrial and Commercial Bank of China (ICBC)

Receiving agencies

State-owned companies

Minmetals Korea Co., Ltd (韓國五礦株式會社)

Loan description

ICBC (Seoul Branch) provides a ¥600 million RMB loan to Minmetals Korea Co., Ltd for unspecified purposes

Interest type•Unknown

Narrative

Full Description

Project narrative

On July 31, 2014, the Seoul Branch of the Industrial and Commercial Bank of China (ICBC) signed a ¥600 million RMB (approximately 100 billion KRW) loan with Minmetals Korea Co., Ltd. — the Korea-based subsidiary of Chinese state-owned company, China Minmetals Corporation Limited — for unspecified purposes. A Memorandum of Understanding (MOU) was signed between the parties for the ¥600 million RMB (approximately 100 billion KRW) credit limit, and ¥10 million RMB was drawn down the day of. This transaction represented the first RMB-based business agreement between a Chinese company in Korea and a Chinese bank as well as the first loan to a Chinese company in Korea.