BUSAN, May 14 (Korea Bizwire) — HSH Nord Bank, a German financial institution specializing in ship and marine affairs is expected to extend its reach to Busan, the largest port city in Korea.
According to the tripartite agreement, Busan will offer related services for the opening of the Nord Bank office and cooperate with Nord to offer various financial services, including not only ship related and offshore financing, but financial products for port, maritime distribution, and maritime facilities.
In addition, the agreement cosigned by Busan Mayor Suh Byung-soo and the vice-president of Nord Bank included provisions on information sharing among the three parties, implementation of joint projects, and promotion of mutual investment.
HSH Nord Bank is a strategic financial institution of Schleswig-Holstein Land, merging Landesbank Schleswig-Holstein and Hamburgische Landesbank. The City of Hamburg and Schleswig-Holstein Land jointly own 65.0 percent of its equity.
The bank manages 110 billion Euros of assets in ships, transportation, real estate, energy and other sectors. In particular, it lends US$22 billion to ship and maritime plants projects, the world’s second largest amount in the sector. Currently, it runs 13 offices in six countries including Germany, Greece, Luxemburg, Singapore, Hong Kong and the United States.
By John Choi (email@example.com)