Mr Nicholls met senior representatives from KoFC
in Seoul today, marking the start of a fortnight-long Trade Mission throughout Asia.
is a government-owned agency whose mandate is to support the growth of the Korean economy through financing sectors of significant contribution to the overall economy.
was created late last year after the South Korean government separated the Korea Development Bank into two entities.
is our expectation that the government is highly likely to support KoFC
Some lawmakers protested the planned merger between KDB and KoFC
On the international front KoFC
provides financing to projects undertaken by Korean firms to aid in their international growth.
, which is rated at A/A-1 with a "stable" outlook by S&P, is a spin-off entity from Korea Development Bank, which is in the process of privatisation.
He also was very active and served as Grand Knight several times for Mumford Council 365 KofC
will continue to provide financial assistance to local small- and medium-sized companies and nurture industries, a role which the KDB has played for decades.
The government is legally obliged to cover the key policy banks' losses should the latter's capital reserve funds fail to do so, as per their respective establishing Acts (Article 31 of KoFC
Act; Article 44 of KDB Act; Article 37 of KEXIM Act; and Article 43 of IBK Act).
The Lee administration planned to have the KoFC
focus on loans for small businesses, while making the KDB a commercial bank.
The A/A-1 ratings of Korea Finance Corp match the long-term sovereign rating due to strong direct support from the Korean government to which the company is closed linked and the "almost certain" probability that the state would help KoFC
in extraordinary circumstances, S&P said.