Shinhan Bank said on Tuesday it signed a business agreement with OCI Holdings on productive finance support and joint cooperation for future growth at OCI Building in Jung-gu, central Seoul, on April 20.

The agreement was designed to expand financial support for future growth sectors such as semiconductors, advanced materials and solar power.

The two sides plan to pursue financial support and arranging for facility investment and working capital. They also plan to cooperate on businesses related to building a global solar value chain. The agreement includes green finance support for ESG management and carbon neutrality implementation.

Shinhan Bank is reviewing financial support related to OCI Holdings' overseas businesses. Options being discussed include foreign-currency payment guarantees and loans from overseas branches for a project by its Malaysian joint venture to build a new polysilicon plant for semiconductors.

Shinhan Bank plans to expand cases of financial support that lead to corporate investment and industry growth through the cooperation.

A Shinhan Bank official said the agreement is meaningful in supporting, through finance, stronger competitiveness in the advanced materials industry and an expanded foundation for future growth. The official added that the bank will continue to expand productive finance that supports corporate production activities and innovative growth.

An OCI Holdings official said it will strengthen future growth engines based on cooperation with Shinhan Bank and push ahead with the group's ultra-innovation economy projects without a hitch.