Hamburg: HSH Nordbank is looking to South Korea to grow its Asian footprint. The German bank has signed a memorandum of understanding with the local Busan government and the Export-Import Bank of Korea (Korea Exim) to collaborate in ship finance. HSH will open a Busan branch to go alongside existing Asian offices in Singapore and Hong Kong.
HSH said the Busan office would offer financing for both Korean and international firms.
Busan, home to Korea’s largest port and a host of shipyards, has been trying to push its ship finance credentials for a number of years.
HSH published a survey in February in which it noted how Asia continues to gain in importance for the European shipping sector.