Woori Bank wins US$250 mln in foreign credit lines

SEOUL, Nov. 13 (Yonhap) -- South Korea's No. 2 lender Woori Bank said Thursday it has clinched US$250 million in credit lines from two foreign banks in an effort to help dollar-strapped smaller companies import goods.

Woori Bank said in a statement that it has secured $200 million from Wachovia of
the U.S. and $50 million from a Japanese bank. Woori did not name the Japanese
lender.
"The money will be used to open letters of credit for small and medium
enterprises which have been suffering dollar shortages amid growing commodity
prices," said Woori Bank, a state-owned lender.
Woori Bank will actively seek to secure more dollar liquidity by continuously
contacting overseas lenders, it added.
In the wake of the U.S.-sparked global financial crisis, small and mid-size South
Korean companies are facing a shortage of dollar liquidity needed to bring in raw
materials.
The dollar crunch has been exacerbated by the local currency's tumble against the
greenback. The Korean won has plunged nearly 30 percent against the dollar this
year, sending local companies' import bills skyward.
pbr@yna.co.kr
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