The four major banks in South Korea are set to provide a total of 2 trillion won in financial support for companies partnering with SK Hynix. Hana Bank and Woori Bank will each contribute 750 billion won, while KB Kookmin Bank and Shinhan Bank will each provide 250 billion won. The banks plan to alleviate the financial burden on semiconductor material, parts, and equipment companies through full coverage of guarantee fees and preferential loan rates.
According to the financial sector on October 20, Hana, KB Kookmin, Shinhan, and Woori Banks signed a business agreement for 'Financial Support to Strengthen the Semiconductor Industry Export Supply Chain' with SK Hynix and the Korea Trade Insurance Corporation on October 19 at the semiconductor cluster in Yongin.
Under this agreement, SK Hynix and the four banks will jointly contribute 100 billion won, while the trade insurance corporation will provide export credit guarantees worth 20 times that amount, totaling 2 trillion won. Based on this, the banks will supply working capital to SK Hynix's first to third-tier partner companies.
Hana Bank and Woori Bank will each establish a guarantee fund of 375 billion won, which includes a special contribution of 30 billion won and an additional 7.5 billion won from SK Hynix. They will also support approximately 12.4 billion won in guarantee fees. Hana Bank will offer benefits such as preferential loan rates and foreign exchange fees.
KB Kookmin Bank and Shinhan Bank will each implement financial support of 250 billion won. KB Kookmin Bank will cover the full guarantee fee for three years, regardless of the loan amount, while Shinhan Bank will jointly contribute a total of 16.625 billion won, including its own contribution of 14.125 billion won and 2.5 billion won from SK Hynix, providing full guarantee fee support and preferential guarantee rates.
During the signing ceremony, the banks also delivered guarantee certificates to the first supported companies. Hana Bank issued its first guarantee certificate to Hanyang ENG, while KB Kookmin Bank issued its first certificate to Raon Robotics.
The banking sector aims to expand productive finance into the semiconductor field, following support for the automotive and shipbuilding industries. They expect to improve financing conditions across the entire semiconductor supply chain, not only for first-tier partners directly dealing with large corporations but also for second and third-tier partners.
Seo Yoo-seok, Deputy Head of Hana Bank's Corporate Group, stated, "To continuously enhance the global competitiveness of the semiconductor industry, it is crucial to strengthen the competitiveness of small and medium-sized partner companies that make up the supply chain, including materials, parts, and equipment. We hope this agreement will reduce the financial burden on partner companies and serve as a catalyst for timely funding."
* This article has been translated by AI.
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