Shinhan Bank eyes W3.7tr investment in UK by 2030
Shinhan Bank CEO Jung Sang-hyuk met with Catherine West, parliamentary under-secretary of state for the FCDO's Asia-Pacific region, to discuss future investment strategies aligned with the UK's Modern Industrial Strategy and 10-Year Infrastructure Strategy.
The meeting builds on a memorandum of understanding signed with the UK Department for Business and Trade in November 2023. Since then, Shinhan Bank has invested 860 billion won ($627.5 million) in the UK.
The bank now plans to expand its total investment to 3.7 trillion won by 2030, further cementing its role as a leading example of public-private financial collaboration.
During a relocation ceremony for Shinhan Bank's London branch on Monday, the bank signed an additional MOU with UK Minister of State for Investment Poppy Gustafson to facilitate the expanded investment plan.
The bank aims to deepen industrial and policy ties between the two nations through strategic financial engagement.
'We aim to support a diverse range of industries in the UK while accelerating Shinhan's global competitiveness,' a Shinhan Bank official stated.
'Our London branch will serve as a key financial hub across Europe, the Middle East and Africa, fulfilling a crucial bridging role in the EMEA region.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Korea Herald
an hour ago
- Korea Herald
Major S. Korean shipbuilders launch joint task force for massive US investment project
Major South Korean shipbuilders have launched a joint task force to support the government's cooperation with the United States under a recently agreed-upon large-scale investment project in the US shipbuilding sector, officials said Sunday. The top three shipbuilders -- HD Hyundai Heavy Industries Co., Hanwha Ocean Co. and Samsung Heavy Industries Co. -- along with the Korea Shipbuilding & Offshore Engineering Association, have formed the TF and held an inaugural meeting recently, according to company officials. Their focus will be on supporting the "Make American Shipbuilding Great Again" initiative, under which the Seoul government has proposed investing $150 billion in the US shipbuilding industry. It was part of a broader $350 billion investment package in the US in exchange for Washington's lowering of reciprocal tariffs on South Korean imports to 15 percent from the initial 25 percent. "There will be various ways to implement the Korea-US shipbuilding cooperation, and the TF aims to support and facilitate those efforts," an official said. "The industry is working together with the government for the MASGA project through this task force." The envisioned investment represents the largest single-industry fund in the package and is structured primarily to support Korean shipbuilders' investments in the US through public finance. The MASGA project includes plans to build new shipyards in the US, train shipbuilding personnel and rebuild related supply chains, as well as build American ships and cooperate on maintenance, repair and overhaul projects, according to the Seoul government. But details are still being finalized. The entity plans to intensify discussions on the project starting in mid-August, following the industry's summer vacation period. "The TF could serve as a channel for collecting the industry's demands and delivering them to the government," the official added. (Yonhap)
Korea Herald
2 days ago
- Korea Herald
Poland signs $6.5 billion deal to purchase 2nd batch of K2 tanks
Poland on Friday signed a deal worth about US$6.5 billion to purchase the second batch of K2 tanks from major South Korean defense contractor Hyundai Rotem Co., Seoul's defense ministry said. The deal marks the largest-ever arms export contract won by a South Korean company and the first major one since the launch of the Lee Jae Myung administration in June. Under the deal, Poland will be supplied with 180 K2 tanks and 81 other support vehicles. It follows up on a contract Poland signed in 2022 for the first batch of 180 K2 tanks amid a major armament push after Russia's invasion of Ukraine. While the ministry did not specify the exact terms of the latest deal, 117 of the 180 tanks will reportedly be built by Hyundai Rotem, while the rest will be produced by Poland's state-owned defense company PGZ. The ministry said the latest contract includes production of a Polish variant of the K2 and development of other armored support vehicles, while opening the possibility of joint production and exports. South Korean Defense Minister Ahn Gyu-back and his Polish counterpart, Wladyslaw Kosiniak-Kamysz, attended the signing ceremony between Hyundai Rotem and Poland's armament agency in Gliwice in southern Poland. "Through the signing of the second K2 executive contract, (we) have created an opportunity to solidify our strategic partnership beyond a simple relationship between a supplier and a user," Ahn was quoted as saying at the ceremony. Before the ceremony, Ahn held talks with Kosiniak-Kamysz to discuss ways to deepen their countries' cooperation in the arms industry. Ahn pledged support and training for Poland's use of Korean weapons systems, including the K2 and K9 self-propelled howitzers, and also proposed cooperation in Warsaw's other defense projects, including its plan to acquire submarines. Ahn also invited his Polish counterpart to Seoul, to which Kosiniak-Kamysz replied he would make the visit at an early date, according to the ministry.
Korea Herald
2 days ago
- Korea Herald
Hanwha says US Navy chief toured Philly Shipyard ahead of Korea-US tariff deal
US Navy Secretary John Phelan and White House Budget Director Russell Vought visited Hanwha Group's Philly Shipyard in Philadelphia on Wednesday, just hours before South Korea and the US finalized their new tariff agreement, Hanwha said Friday. The visit is seen as a contributing factor in the deal, with a shipbuilding partnership between the two countries reportedly playing a key role. According to Hanwha, Phelan and Vought toured major production facilities at the Philadelphia site, guided by Hanwha Group Vice Chair Kim Dong-kwan, alongside other senior US government officials. The US delegation also visited Hanwha's welding training center and inspected equipment relocated from the company's Hanwha Ocean shipyard in Geoje, South Gyeongsang Province. Hanwha said the American officials' visit focused on reviewing the company's investments to bolster local shipbuilding capacity. Phelan emphasized that establishing a robust marine industry foundation was a top priority for both the Trump administration and the US Navy. Kim reiterated Hanwha's commitment to supporting the revitalization of US shipbuilding by establishing new shipyards and developing related industrial networks. On the day of the visit, Korea and the US agreed to reduce the planned reciprocal tariffs on imports to the US from 25 percent to 15 percent, including on automobiles and auto parts. Hanwha cited a US government source as saying that feedback from the delegation was delivered to US President Donald Trump and influenced the final outcome of the deal. During negotiations, Korea proposed the "Make American Shipbuilding Great Again," or MASGA, an initiative aimed at revitalizing the US shipbuilding industry. Of the $350 billion Korea pledged to invest in the US as part of the agreement, $150 billion will be allocated to enhancing the shipbuilding partnership. Kim also traveled to the US to support the negotiations. Hanwha's Philadelphia Shipyard, acquired for $100 million in 2024, has been positioned as a symbol of Korean support for the US shipbuilding industry. Trade Minister Yeo Han-koo, a member of Korea's tariff negotiation team, said business leaders, including Kim, worked closely with the government by sharing strategic information and leveraging their networks. 'I believe their support definitely contributed to the success of the deal," Yeo said in a briefing after the tariff deal concluded on Wednesday. Hanwha plans to expand the shipyard as a center for shipbuilding, maintenance, overhaul and repair for US naval vessels. The company said it will apply production and operations systems used in Korea to increase annual capacity from one ship to 10 by 2035.
