[Woori Financial Group] Concluded an MOU for Strategic Alliance with RBS
[2011.10.14]
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[Woori Financial Group] Concluded an MOU for Strategic Alliance with RBS
- Issue of Korea’s first covered bonds to stabilize the domestic mortgage loan market
Woori Financial Group concluded an MOU for strategic alliance with RBS (Royal Bank of Scotland) on October 13, local time.
The alliance is squarely aimed at covered bond issuances. As Woori plans its very first issuance of the covered bonds in Korea, this agreement will help analyze market needs for future issuances and build foreign investor confidence in Korea’s legal system and market structure, so as to allow the Korean holdings group to expand abroad and start issuing covered bonds in the global market as well.
RBS is the third largest bank in the UK by asset, with branches and securities divisions that are actively in operation in Seoul. RBS assets measured 2,500 trillion won ($2.15 trillion) as of the end of 2010, and it was named the world’s seventh largest bank by ‘The Banker’ magazine
