Shinhan Bank will cooperate with the Korea Aerospace Industries Association to support financing and management for South Korean aerospace companies. It plans to identify financial demand among the association’s member companies and provide financial services tailored to each company’s situation, including loans, investment finance and technology finance.

Shinhan Bank said on Oct. 20 it signed a business agreement at its headquarters in Jung-gu, Seoul, with the Korea Aerospace Industries Association to foster the aerospace industry and support member companies.

Under the agreement, the Korea Aerospace Industries Association will identify the financial and non-financial support its member companies need and pass that on to Shinhan Bank. It will also introduce Shinhan Bank’s corporate support programs to member firms and share related information such as industry trends.

Based on this, Shinhan Bank will link services including credit, foreign exchange, investment finance, technology finance and policy finance, taking into account companies’ business structures and growth stages. It also plans to provide consulting on tax and accounting as well as environmental, social and governance (ESG) matters.

For company-by-company consultations and linking financial support, it will use the on-site network of Shinhan SOL Cluster Busan. It plans to set up briefings, seminars and consultation programs to support communication between member companies and the bank’s specialists.

A Shinhan Bank official said, "Through cooperation with the association, we will identify the actual funding needs of aerospace companies and work to ensure the necessary financial support is provided to companies with technological capabilities and growth potential."