Shinhan Bank CEO Jeong Sang-hyeok (정상혁) visited DYP’s factory in Hwaseong, Gyeonggi Province, on Jan. 30 to tour production of eco-friendly vehicle parts and discuss the company’s financing difficulties and support measures needed during its future growth, the bank said on Feb. 2.

DYP was founded in 1967 as Dongyang Precision Industries and is a global leading company in manufacturing pistons for internal combustion engines. It is a representative South Korean mid-sized company in materials, parts and equipment.

The site visit also included Kang Myung-kyu (강명규), head of the lending division of Shinhan Financial Group’s productive finance task force and head of Shinhan Bank’s credit group. They checked the company’s investment plans and funding needs and held in-depth discussions on financial support measures during the expansion of production facilities and 추진 of new businesses.

At the site, Jeong met DYP founder Chairman Hong Sun-gyeom (홍순겸) and President Yang Jun-gyu (양준규) and listened to an explanation of plans to expand production in line with rising orders in existing core industries, as well as a strategy to expand advanced innovation industries centered on eco-friendly vehicle parts. He also conveyed his intention to actively link Shinhan Bank’s financial capabilities so as to improve access to finance and speed of execution during future investment and growth.

Jeong said, "We will expand customised financial support that reflects industry characteristics so that companies with technological capabilities and growth potential do not miss opportunities to take off." He added, "We will do our best so that funding can be supplied more broadly to productive areas such as technology innovation companies and revitalisation of local economies."