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Shinhan Bank and Hana Bank have signed a deal to participate in a 1.2 trillion won syndicated loan managed by the African Export-Import Bank (Afreximbank).
A Shinhan official said the deal opens up an excellent opportunity for both Korean banks to boost overseas expansion in Africa as the region is expected to grow quickly in the coming years.
Shinhan's project financing experience overseas involves wind energy, telecommunications, commercial real estate, and in syndicated loan projects.
Meanwhile, Hana has managed the development of social overhead capital and is also involved in renewable energy.
The two major Korean lenders have agreed to ally global expansion on May 25.
