South Korean Bank Ready to Invest in Russia’s State-Owned Companies

South Korean Bank Ready to Invest in Russia’s State-Owned Companies

11:58 24.03.2016(updated 12:21 24.03.2016) Get short URL
http://sputniknews.com/asia/20160324/1036879109/south-korea-banking-investment.html

South Korea’s Woori Bank is going to become one of the investors of the main large state-owned Russian companies in the near future.

MOSCOW (Sputnik) — South Korea’s Woori Bank is ready to invest in large state-owned Russian companies, chairman of the board of the bank’s Moscow branch Kim Kon Ho told Sputnik.

“We are interested in wholesale banking development in Russia. Therefore, our bank is ready to invest in large, possibly state-owned companies,” Kim said.

Woori Bank already has experience of investing in such companies, having previously acquired shares in the Norilsk Nickel mining company and the Perekrestok (X5) supermarket chain, the executive added.

Kim also expressed the intention to provide loans to Russian companies.

“The Russian Central Bank increased its key rate amid the economic crisis in the country. The Bank of Korea kept its benchmark rate unchanged at 1.5 percent. This can be another resource for our bank in terms of getting benefits because it gives us a competitive advantage,” the chairman said.

According to Kim, the main criterion for Korean banks in choosing investment projects is the security of the investment, which makes major businesses and state-owned companies priority targets for them.

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