Hana Bank secures foreign loans of US$120 mln

SEOUL, Nov. 25 (Yonhap) -- South Korea's fourth-largest lender Hana Bank said
Tuesday it has brought in a combined US$120 million in loans from foreign lenders
to refinance its debts and aid cash-strapped local importers.
The loans from several Canadian banks, including Bank of Montreal and Toronto
Dominion Bank, expire between three months to one year and carry interest rates
of 2.5-3 percent higher than the London Interbank Offered Rate, Hana said.
The debt, not backed by the Seoul government, will be spent to refund its
maturing debts and open letters of credit for small raw material importers, the
lender said.
In late October, the government pledged $100 billion state guarantees on local
lenders' foreign borrowings to ease the dollar crunch in the wake of a global
financial meltdown.
Hana Bank said it is also pushing to sell $100 million worth of foreign-currency
notes to Asian investors next month.
pbr@yna.co.kr
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