Emirates NBD, a leading bank in the region, announced today the signing of a Memorandum of Understanding (MoU) with Construction Guarantee, a South Korean government organisation, mandated to promote the development of the construction industry in South Korea.
Giel Jan M. Van Der Tol, General Manager- Wholesale Banking, Emirates NBD and Wan-Dae Jun, Chairman and President, Construction Guarantee signed the non-binding MoUthat will enable Emirates NBD and Construction Guarantee to focus on joint marketing to South Korean Contracting Companies in the GCC, against counter guarantee of Construction Guarantee.
“At Emirates NBD, we are driven by our strategic objective to become the banking partner of choice for corporate organisations and become the dynamic Wholesale banking powerhouse in the Middle East region. Specifically in the contracting sector, we anticipate a significant resurgence and influx of foreign companies interested to participate in these contracts, as Dubai gears up to host the World EXPO in 2020,” said Giel Jan M. Van Der Tol- General Manager- Wholesale Banking.
Wan-Dae Jun, Chairman and President, Construction Guarantee, said: “Construction Guarantee is extremely pleased to sign this MoU with Emirates NBD as the significant strengths of the bank complement the specific requirements of our client companies, and encourages us to promote Emirates NBD as a banking partner of choice for South Korean contractors. Our two organisations also share strong synergies as we are celebrating the 50th year anniversary of our operations, and we look forward to strengthening this relationship further through jointly growing the contracting business across the UAE and GCC.”
“With this MoU, Emirates NBD is pleased to initiate a new relationship with a South Korean entity, which will enable us to expand our contracting facilities to South Korean contracting companies who are clients of Construction Guarantee,” said Faisal Lalani- EVP & Head, Institutional & International Banking, Emirates NBD. “This partnership is a significant step forward and creates a win win situation for all partners. Korean contractors can maximise the benefit of contracting facilities from a leading bank in the region, while Emirates NBD will be able to minimise its risk exposure, because of the counter guarantee provided by Construction Guarantee.”