Daewoo International selects HSBC’s renminbi forfaiting solution

HSBC will provide a renminbi export documentary credit forfaiting solution for Daewoo in Korea.

Daewoo International Corporation has chosen HSBC’s renminbi export documentary credit forfaiting solution in Korea. According to HSBC, this is its first sizeable renminbi finance deal in the country, with Daewoo International expecting its forfaiting volumes to reach $100 million per month for the 6-12 month tenor.

“As Korean chaebols like Daewoo International continue to expand overseas, they are able to leverage HSBC’s global network and in-depth knowledge in order to capitalise on international business opportunities,” said Hyun Sook Son, head of trade and supply chain at HSBC for Korea. “The success of this deal paves the way for more renminbi finance opportunities in Korea.”

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