Shinhan Bank to Back OCI Holdings Growth Plans With Malaysia Unit Dollar Loan

Shinhan Bank said it will provide financial support for OCI Holdings’ future growth businesses, offering not only direct financing but also a range of solutions aimed at strengthening the company’s competitiveness in global markets.

The bank said Tuesday it signed a business agreement with OCI Holdings on “productive finance support and joint cooperation for future growth.”

Under the agreement, the two sides will expand financing and arrange funding for capital investment and working capital tied to future growth businesses, including semiconductors and advanced materials, as well as facilities linked to building a global solar value chain. They also plan to cooperate on green finance to advance environmental, social and governance management and support carbon-neutral efforts.

As a first project, Shinhan Bank will support a $435 million plan by the Malaysia-based joint venture OTSM to build a new polysilicon plant for semiconductors, providing a standby letter of credit and a foreign-currency loan through its Singapore branch. The amount is about 640.2 billion won, the bank said.

“This agreement is meaningful in that it supports, through finance, stronger competitiveness in the advanced materials industry and an expanded foundation for future growth,” a Shinhan Bank official said. “We will continue to broaden productive finance that supports corporate production and innovation-driven growth.”