ID :
47999
Fri, 02/27/2009 - 19:34
Auther :
Shortlink :
https://www.oananews.org//node/47999
The shortlink copeid
IBK opens currency swap line with Japanese bank
SEOUL, Feb. 27 (Yonhap) -- The Industrial Bank of Korea (IBK) said Friday it has reached a 20-billion-yen (US$204.4 million) currency swap agreement with a Japanese bank to boost its foreign currency liquidity.
Under the 3-year swap facility signed on Wednesday, IBK will bring in the money
from Mitsui Sumitomo Banking Corp. in April to lend it to local smaller firms
suffering foreign currency shortages.
The money will carry an annual interest rate of 3.98 percentage points higher
than the yen-based London Interbank Offered Rate, IBK said.
In return, IBK said it has extended 300 billion won to the Seoul branch of the
Japanese lender.
"The deal is meaningful since it was agreed between individual lenders," said an
IBK official.
IBK, owned by the South Korean government, specializes in lending money to local
small and medium enterprises.
pbr@yna.co.kr
(END)
Under the 3-year swap facility signed on Wednesday, IBK will bring in the money
from Mitsui Sumitomo Banking Corp. in April to lend it to local smaller firms
suffering foreign currency shortages.
The money will carry an annual interest rate of 3.98 percentage points higher
than the yen-based London Interbank Offered Rate, IBK said.
In return, IBK said it has extended 300 billion won to the Seoul branch of the
Japanese lender.
"The deal is meaningful since it was agreed between individual lenders," said an
IBK official.
IBK, owned by the South Korean government, specializes in lending money to local
small and medium enterprises.
pbr@yna.co.kr
(END)
