Export-Import Bank of Korea signs USD 30m credit facility with Deutsche Bank, entering digital supply chain market
The Export-Import Bank of Korea (KEXIM) and Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) announced today a USD 30m revolving credit facility supporting the competitiveness of the Korean export apparel industry.
As a part of this facility, KEXIM will acquire the export receivables of Korean apparel exporters generated from the supply of clothing to Gap Inc. (NYSE: GPS) from Deutsche Bank, GPS’s key trade finance bank. This collaboration will greatly benefit Korea’s apparel industry suppliers by supporting financing liquidity and reducing their cost of financing. Furthermore, as the entire digital supply chain finance process is paperless between suppliers, their buyers, and the financial institutions supporting them, operations are made more efficient with shortened processing times.
This marks the first time that KEXIM is entering the digital supply chain market. Going forward, KEXIM plans to support digital supply chain finance in earnest in order to help smooth operations for Korean suppliers and boost competitiveness for Korean industry.
Deutsche Bank APAC Head of Corporate Bank and Fixed Income & Currencies David Lynne said, “As a global leader in supply chain finance, finding new ways to make cross-border trade easier and more efficient for our clients is core to our business. Collaborating with KEXIM on this groundbreaking solution, a first of its kind for an export credit agency, is a prime example of how we can support buyers with a more diversified pool of suppliers and help suppliers optimize their cash flows. Innovative approaches like these strengthen domestic industries and global supply chains simultaneously.”
“We are delighted to be entering the financial supply chain market, and to be partnering with Deutsche Bank, an undisputed leader in this space. Healthy, efficient financial supply chains are crucial to the strength of the Korean export sector. We are keen to play a constructive role in supporting Korean exporters, directly and indirectly, in the financial supply chain and will increasingly explore opportunities to do so,” said Lee Jae-hong, Director General, Trade Finance Department, The Export-Import Bank of Korea.
For further information please contact:
Deutsche Bank AG
Media Relations
Amy Chang
Phone: +852 2203 8434
Email: amy.chang@db.com
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 12 March 2021 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
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The Export-Import Bank of Korea (KEXIM) and Deutsche Bank (XETRA: DBKGn.DB / NYSE: DB) announced today a USD 30m revolving credit facility supporting the competitiveness of the Korean export apparel industry.
As a part of this facility, KEXIM will acquire the export receivables of Korean apparel exporters generated from the supply of clothing to Gap Inc. (NYSE: GPS) from Deutsche Bank, GPS’s key trade finance bank. This collaboration will greatly benefit Korea’s apparel industry suppliers by supporting financing liquidity and reducing their cost of financing. Furthermore, as the entire digital supply chain finance process is paperless between suppliers, their buyers, and the financial institutions supporting them, operations are made more efficient with shortened processing times.
This marks the first time that KEXIM is entering the digital supply chain market. Going forward, KEXIM plans to support digital supply chain finance in earnest in order to help smooth operations for Korean suppliers and boost competitiveness for Korean industry.
Deutsche Bank APAC Head of Corporate Bank and Fixed Income & Currencies David Lynne said, “As a global leader in supply chain finance, finding new ways to make cross-border trade easier and more efficient for our clients is core to our business. Collaborating with KEXIM on this groundbreaking solution, a first of its kind for an export credit agency, is a prime example of how we can support buyers with a more diversified pool of suppliers and help suppliers optimize their cash flows. Innovative approaches like these strengthen domestic industries and global supply chains simultaneously.”
“We are delighted to be entering the financial supply chain market, and to be partnering with Deutsche Bank, an undisputed leader in this space. Healthy, efficient financial supply chains are crucial to the strength of the Korean export sector. We are keen to play a constructive role in supporting Korean exporters, directly and indirectly, in the financial supply chain and will increasingly explore opportunities to do so,” said Lee Jae-hong, Director General, Trade Finance Department, The Export-Import Bank of Korea.
For further information please contact:
Deutsche Bank AG
Media Relations
Amy Chang
Phone: +852 2203 8434
Email: amy.chang@db.com
About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.
This release contains forward-looking statements. Forward-looking statements are statements that are not historical facts; they include statements about our beliefs and expectations and the assumptions underlying them. These statements are based on plans, estimates and projections as they are currently available to the management of Deutsche Bank. Forward-looking statements therefore speak only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events.
By their very nature, forward-looking statements involve risks and uncertainties. A number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in the financial markets in Germany, in Europe, in the United States and elsewhere from which we derive a substantial portion of our revenues and in which we hold a substantial portion of our assets, the development of asset prices and market volatility, potential defaults of borrowers or trading counterparties, the implementation of our strategic initiatives, the reliability of our risk management policies, procedures and methods, and other risks referenced in our filings with the U.S. Securities and Exchange Commission. Such factors are described in detail in our SEC Form 20-F of 12 March 2021 under the heading “Risk Factors”. Copies of this document are readily available upon request or can be downloaded from www.db.com/ir.
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