Construction Guarantee and Bank of Hope to support guarantees for construction firms expanding into the U.S.

[Financial News] Construction Guarantee is joining forces with the Korean-American bank Bank of Hope to support domestic construction companies expanding into the U.S. It plans to provide financial support, including issuing re-guarantees for construction projects won locally.
Construction Guarantee said on the 12th that it had signed an MOU at Bank of Hope’s U.S. headquarters on the 4th to support overseas construction guarantees. The plan is to combine Construction Guarantee’s expertise in overseas guarantees with Bank of Hope’s local financial network to provide domestic construction companies with the financial services they need through a one-stop service.
Construction Guarantee said the need for financial support for construction companies preparing to enter the U.S. had grown amid $350 billion in U.S. investment tied to last year’s tariff negotiations and the realization this year of investment in shipbuilding and energy.
Bank of Hope has a business network across the U.S., including in California, New York, New Jersey, Texas and Georgia. The two organizations plan to use it to provide guarantee support tailored to local projects and financial conditions.
Construction Guarantee stepped up its overseas guarantee business in 2014 and currently provides about KRW 1.7 trillion worth of overseas guarantees annually through more than 30 global banks.
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