Chairman and President of the Export-Import Bank of Korea (Korea EXIM) Dong-Kyu Shin announced Friday the opening of KEXIM Asia Limited (KEXIM Asia), a wholly owned subsidiary in Hong Kong.

KEXIM Asia, a deposit-taking company under the Banking Ordinance, will extend medium and long-term loans to South Korean and local companies investing in China and Southeast Asia. It willalso invest in the securities issued by those companies.

KEXIM Asia will be functioning as the market window to the Asian market when Korea EXIM raises funds in the international capital market.

Korea EXIM is an official export credit agency set up by the South Korean government in 1976. It provides comprehensive export credit and project finance to support Korean enterprises conducting business internationally.

Korea EXIM also administers two government funds: Economic Development Cooperation Fund (EDCF) and Inter-Korea Cooperation Fund (IKCF).

Director-General of Investment Promotion Mike Rowse congratulated Korea EXIM on its setting up of banking operation inHong Kong. He said, "The economic growth and liberalization of theChinese mainland market after its accession to the WTO, combined with Hong Kong's proximity to the Chinese mainland, are creating fresh prospects for financial institutions based in Hong Kong."

Source: Xinhua