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| Citibank Korea CEO Yoo Myung-soon, right, poses with Hyundai E&C President Yoon Young-joon after signing a memorandum of understanding to expand their global businesses by fulfilling their joint vision for environmental, social and corporate governance, at the headquarters of the Hyundai affiliate in Seoul, Feb. 24. Courtesy of Citibank Korea |
By Lee Min-hyung
Citibank Korea has signed a partnership with Hyundai Engineering & Construction (E&C) to expand their global businesses and commitment to fulfilling environmental, social and corporate governance (ESG) values, the lender said Sunday.
Under the partnership, Citibank Korea will help the Hyundai affiliate expand its global presence by offering a variety of corporate financial products. Both companies also pledged to share their experience and information on how to ensure ESG practices for sustainable growth while pushing ahead with joint projects.
The agreement was signed on the basis of Citibank's in-depth understanding of Hyundai E&C's strategy to win orders in the overseas construction market. Earlier, the lender had coordinated the syndicated finance for the Panama Metro Line 3 project, which a consortium of Korean construction companies ― including the Hyundai affiliate ― won in 2021.
Citibank said it would keep providing more financial services by taking advantage of its broad range of products and knowhow from its 160 global corporate banking bases.
"Since last year, Citibank Korea has set one of its main strategic goals as being the best ESG bank while pursuing the expansion of ESG finance," Citibank Korea CEO Yoo Myung-soon said. "We hope to create synergies with Hyundai E&C in its efforts to spearhead green businesses."
"Citi will continue to create a success story with Hyundai E&C by providing customized financial solutions for future eco-friendly and decarbonization overseas projects, such as offshore wind and hydrogen liquefaction, following the successful collaboration on the Panama Line 3 project in 2021."
Hyundai E&C is considered one of the frontrunners in driving Korea's construction growth. The company won 850 overseas projects from 62 countries since its foundation in 1947.
"We also expect more synergies to be created under the ESG finance partnership with Citibank Korea," an official from the company said.
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