Shinhan Bank, Relocation of London Branch..."Strategic Transition for Global Competitiveness"

[Financial News] Shinhan Bank announced on the 22nd that it has relocated its London branch in the UK and signed a strategic business agreement with the Africa Finance Corporation. 
Shinhan Bank's London branch has been fulfilling its role as the regional headquarters for Europe, Middle East, and Africa (EMEA) by establishing a 'GCM (Global Capital Market) Desk' in January this year. Jin Ok-dong, Chairman of Shinhan Financial Group, conducted investment presentations (IR) for local institutional investors while touring major European bases, including London, last May, strengthening investment banking (IB) as well as corporate finance, financial investor (FI) business, and investment finance capabilities in advanced capital markets.
President Jeong Sang-hyeok said, "London is the center of global finance and a city where finance and innovation converge," adding, "The relocation of Shinhan Bank's London branch, which has been a key base for realizing global financial strategies for over 30 years, is a strategic transition to enhance global competitiveness, beyond mere spatial movement."
He continued, "The start at 8 Bishopsgate, symbolizing the future of the London financial market, is an important turning point for further developing Shinhan's global competitiveness," adding, "As the headquarters covering the entire EMEA region, we will faithfully serve as a financial bridge connecting Europe, the Middle East, and Africa."
Shinhan Bank has partnered with the Africa Finance Corporation to expand infrastructure investment and financial cooperation within Africa. The Africa Finance Corporation is the largest multilateral development finance institution in Africa, with experience in infrastructure project investments exceeding $12 billion across 35 countries.
Through the business agreement, they agreed to cooperate in various fields, including △joint evaluation and financing of infrastructure projects within Africa △support for Korean companies entering (or planning to enter) Africa △provision of trade finance and related services to activate Korea-Africa trade.
In particular, they plan to strengthen the role of K-Finance by establishing a practical cooperation system in major business areas to alleviate restrictions on Korean companies' access to the African market and connect it to the expansion of infrastructure investment and project finance participation by Korean companies.
A Shinhan Bank official said, "This is a new milestone in cooperation between Korean financial institutions and African development finance institutions, and a proactive response case to the African market, a beneficiary region of global supply chain restructuring," adding, "We will expand the cooperation system not only in finance but also in responding jointly to climate change and sustainable development areas such as infrastructure modernization."
zoom@fnnews.com Lee Jumi Reporter