ID :
27606
Fri, 10/31/2008 - 00:08
Auther :
Shortlink :
http://m.oananews.org//node/27606
The shortlink copeid
Kyongnam Bank brings in US$60 mln loan
SEOUL, Oct. 30 (Yonhap) -- A South Korean provincial bank said Thursday it has
secured a US$60 million loan from an overseas lender as part of efforts to help
dollar-strapped small companies.
Kyongnam Bank said the one-year loan carries an interest rate 1.74 percent higher
than the London Interbank Offered Rate. However, the bank based in Masan, 388 km
south of Seoul, did not disclose the name of the lender.
The money will be loaned to small businesses reeling from the dollar shortage,
Kyongnam Bank said, adding that the loan is not secured by the government.
The South Korean government has pledged to guarantee local lenders' foreign loans
totaling up to $100 billion in the wake of the U.S.-originated financial turmoil.
secured a US$60 million loan from an overseas lender as part of efforts to help
dollar-strapped small companies.
Kyongnam Bank said the one-year loan carries an interest rate 1.74 percent higher
than the London Interbank Offered Rate. However, the bank based in Masan, 388 km
south of Seoul, did not disclose the name of the lender.
The money will be loaned to small businesses reeling from the dollar shortage,
Kyongnam Bank said, adding that the loan is not secured by the government.
The South Korean government has pledged to guarantee local lenders' foreign loans
totaling up to $100 billion in the wake of the U.S.-originated financial turmoil.
