Workout programme eyed for Dongbu Metal

Woori Bank's expected to set aside provisioning.

It has been reported that the creditor banks in Korea have agreed to place Dongbu Metal under a workout programme.

According to a research note from Nomura, it expects the creditor banks under its coverage to set aside KRW48bn in additional provisioning against their loans extended to Dongbu Metal.

Nomura noted that it expects Woori Bank to set aside KRW26bn as additional provisioning against its loan made to Dongbu Metal.

The bank does not hold any collateral against the loan, as per Woori Bank’s management.

Here's more from Nomura:

Hana Financial Group has the largest exposure to the company, at KRW63bn. However, we expect the bank to set aside KRW8bn in additional provisioning as we estimate the value of assets held as collateral against its loan to Dongbu Metal at KRW55bn.

We expect Shinhan Financial Group and JB Financial Group to set aside KRW9bn and KRW5bn in additional provisioning, respectively as the banks do not hold any collateral against the loans they made to Dongbu Metal.

Shinhan had previously provisioned KRW300mn on its loan to Dongbu Metal.

Also Read

Cambodia enables QR payments from foreign e-wallets through Alipay+

Hong Kong to rename ‘virtual banks’ to ‘digital banks’

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit