HDFC Bank, EXIM Bank of Korea in credit line pact

AHMEDABAD: HDFC Bank on Wednesday announced that it has signed a “Master Inter Bank Credit Agreement” with Export Import Bank of Korea for a $300 million line of credit. The pact was signed by the two entities at GIFT City in Gandhinagar, as per a release. This agreement will help HDFC Bank raise foreign currency funds which it would extend to Korea-related businesses.

“This line of credit would be utilised by HDFC Bank towards funding requirements of companies having equity participation by Korean companies as well as companies having business relationship with Korean companies,” it said. It will also be utilised towards funding requirements of consumers for the purchase of cars manufactured by Korea related companies, said the release.