By Kim Jae-won
The Export-Import Bank of Korea (Korea Eximbank) will change its name to the Korea Bank of International Cooperation (KBIC) to reflect the state-run lender’s expanded role, its head said Thursday.
“We will change our name to KBIC as our role now has evolved from simple trade lending to include comprehensive investment banking,” said Kim Yong-hwan, chairman and CEO of the bank during a luncheon meeting with journalists of English newspapers and foreign media.
He said he will submit a bill to change its name to the National Assembly soon for the completion of related processes by the end of this year.
The bureaucrat-turned-banker said that Korea Eximbank aims to raise $11 billion this year mostly by issuing foreign currency-denominated bonds in a bid to tackle risks stemming from ongoing external uncertainties. The lender raised $10.3 billion last year, including Saudi riyal-denominated bonds, a first time for an East Asian lender.
Eximbank has been stepping up efforts to secure foreign funds amid concerns the eurozone debt crisis will deteriorate borrowing conditions. Earlier this month, the policy lender raised $2.25 billion by selling dollar-denominated debts.
Eximbank is expected to issue $200 million worth of "uridashi" bonds later this month. Uridashi bonds are debts denominated in a non-Japanese foreign currency sold directly to Japanese retail investors.