HDFC Bank has signed a Master Inter Bank Credit Agreement with Export Import Bank of Korea for a $300 million line of credit. 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 will also be utilised towards funding requirements of consumers for the purchase of cars manufactured by Korea related companies. The pact is likely to promote and increase the HDFC Bank's business with Korean entities and products.
HDFC Bank is one of India’s premier banks providing a wide range of financial products and services using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking.
