Anna Jiwon Park has been covering the politics at The Korea Times since the summer of 2024, when she joined the press pool for the Office of the President in Korea. Prior to that, she spent about five years reporting extensively on financial markets, regulatory authorities and the financial industry. She joined The Korea Times in 2019 after spending eight years as a broadcast journalist at Arirang TV, Korea’s leading global broadcaster, covering politics, defense and culture.
KB Kookmin Bank to co-lead JFK airport project financing
The headquarters of KB Kookmin Bank located on Seoul's financial district Yeouido / Courtesy of KB Financial Group
By Anna J. Park
By Anna J. Park
KB Kookmin Bank announced Wednesday that it will jointly lead a financing project for constructing the New Terminal One (NTO) at John F. Kennedy International Airport.
The Seoul-based lender said it will be leading the project financing deal along with other global partners, including Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC) and ING Bank.
According to the bank, the participating financial companies jointly form a loan syndication of $6.6 billion, through which a group of lenders fund various portions of the loan needed for the rebuilding construction. KB Kookmin Bank submitted a co-financing commitment letter, vowing to support $300 million of the loan.
The bank explained that the co-leading of the project financing is the result of a strategic alliance between KB Financial Group and the Carlyle Group signed in 2020. The Carlyle Group is a key financier covering the costs for the JFK redevelopment plan.
“Through the strategic partnership with the Carlyle Group, KB Kookmin Bank is seeking various business opportunities in overseas investments, which will contribute to the growth of KB's global business,” Woo Sang-hyun, Vice President of CIB at KB Kookmin Bank, said.
The New Terminal One renovation of John F. Kennedy International Airport is slated to begin this summer, with its first new gates scheduled to open in 2026 before the full project is completed by 2030. The New Terminal One will be the largest international terminal at JFK.