Bank of Hope has signed a memorandum of understanding (MOU) with the Korea Trade Insurance Corporation (K-SURE) to significantly expand financial support for Korean companies looking to enter or grow in the U.S. market.
The MOU was signed on May 23 at the bank’s headquarters in Los Angeles, with President and CEO Kevin Kim and Vice President Jaeyong Jung of K-SURE in attendance, along with other senior representatives from both sides.
The agreement aims to create a strategic financial support system for Korean firms investing in the U.S., particularly those expanding operations or building local supply chains. Bank of Hope will provide loan services, while K-SURE will back these loans with insurance and guarantees to enhance credit reliability.
Broader support for infrastructure and consumer sectors
The partnership will prioritize support in key areas such as U.S.-based supply chain investment, energy sector projects, and infrastructure and plant construction contracts, providing Korean companies with more competitive financing options.
The two institutions also agreed to strengthen financial backing for consumer goods brands entering North America—especially in sectors such as K-food and K-beauty. The focus is on helping small and medium-sized enterprises (SMEs) address financing challenges related to procurement and delivery channel expansion in the U.S.
“This MOU is more than a partnership—it’s a strategic initiative to deliver tailored financial solutions to Korean businesses expanding into the U.S.,” said Kevin Kim, adding that the agreement leverages Bank of Hope’s local network and K-SURE’s global credit guarantee capabilities.
Jaeyong Jung emphasized K-SURE’s role in enhancing Korean product competitiveness in the U.S. by mitigating tariff-related risks through trade insurance support.
Government-backed trade support
K-SURE, a policy finance agency under South Korea’s Ministry of Trade, Industry and Energy, provides insurance and guarantees to support exporters and overseas projects. In recent years, it has focused on financing global supply chain diversification and overseas direct investment to meet the evolving needs of Korean firms in a shifting trade landscape.
Meanwhile, Bank of Hope has responded to growing demand by establishing a Korean Corporate Banking Support Center, collaborating with agencies like KOTRA (Korea Trade-Investment Promotion Agency), and enhancing services for Korean businesses. The latest MOU is part of this broader initiative.
BY WONHEE CHO [cho.wonhee@koreadaily.com]
