DOHA: Qatar Islamic Bank (QIB) has signed a memorandum of understanding (MoU) with Woori Bank, the most well-known bank of South Korea.
The signing of MoU comes in parallel with the visit of the South Korean president Park Guen-hye’s visit to Qatar. The MoU was signed by Bassel Gamal QIB’s Group CEO, and Lee Dong-gun, Deputy CEO of Woori Bank, and attended by senior executives representing both Banks.
The memorandum of understanding called for enhancing the cooperation between the two institutions in facilitating bilateral trade finance& corporate business. This partnership is aimed at servicing both Qatari and South Korean entities that are currently engaged in business activities in Qatar and/or South Korea; and companies that are intending in the future to set up such type of business arrangements.
Gamal said: “We are pleased to have partnered ourselves with Woori Bank, one of the leading banks in South Korea, and look forward to expanding our relationships with the South Korean market and Korean companies working in Qatar which has shown significant growth and development in the last several years. We believe that such cooperation between our institutions should facilitate engagements and exploit new financing opportunities.”
“The move by QIB also stemmed from the strong commercial relations between Qatar and South Korea, driven by large trade and business volume exchanges with South Korean companies bidding for opportunities in Qatar.” Gamal added.
“We hope that this MoU will serve as a starting point for mutual development and believe it will provide opportunities for Woori Bank and QIB in the upcoming era of increased trading between the two nations.,” said Lee Dong-gun, Deputy CEO of Woori Bank.
Woori Bank is one of the largest financial institutions in South Korea. The Bank offers a full range of commercial banking services and products including contracting & project financing.
Korea Trade-Investment Promotion Organisation of South Korea (KOTRA) played an effective role in bringing this MoU to a successful closing”.
Trade exchange between Qatar and South Korea hit the $30bn mark in 2014 compared to $26bn in 2013, marking a 15 percent increase. Key Qatari exports to South Korea are oil & gas products accounting for 30 percent of the energy sector’s demand in Korea, a leading importer of Qatar-supplied LNG. Meanwhile, electronics and automobiles stand out as Qatar’s main imports from Korea.
Qatar offers a world of business opportunities for both local and international companies. As leading Islamic Bank, QIB is committed to support these opportunities by offering Shari’a compliant banking solutions catered to meet the different needs of local and international companies across all type of businesses or industries they are operating in. Through a team of dedicated Relationship Managers, QIB strives to deliver customer service excellence and to become the trusted banking partner in helping companies move forward.
