Woori Bank will provide financial support worth 2 trillion won to help Hyosung Group expand investment in advanced strategic industries.

Woori Bank said on June 15 it signed a business agreement with Hyosung Group on productive financial support to foster advanced strategic industries at the group’s headquarters in Mapo-gu, Seoul.

The two sides set a total financing limit of 2 trillion won over the next 5 years and agreed to cooperate to expand investment in advanced strategic industries.

Under the agreement, Woori Bank plans to provide financing limits to key Hyosung Group affiliates including Hyosung, Hyosung Heavy Industries, Hyosung TNC and Hyosung Neochem.

The agreement applies a pre-set credit limit structure that sets loan limits in advance at the investment planning stage. Companies can use needed funds quickly without repeating separate financing procedures at each investment execution point.

Woori Bank plans to use the arrangement to provide stable backing for raising investment funds aimed at securing Hyosung Group’s future growth engines and strengthening global competitiveness.

Yong-pil Noh (노용필), head of Woori Bank’s corporate sales strategy department, said, "This is a leading example of productive finance that supports companies' future investment through preemptive financial support for advanced strategic industries." He said the bank will provide optimal financial solutions so Hyosung Group can focus on securing future growth engines and strengthening global competitiveness.