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| Citibank Korea CEO Yoo Myung-soon, left, poses with HanaMicron Chairman Choi Chang-ho, center, and Korea Trade Insurance Corporation Deputy President Baek Seung-dal, right, after signing a syndicated loan agreement at HanaMicron Center in Seongnam, Gyeonggi Province, Thursday. Courtesy of Citibank Korea |
By Yoon Ja-young
Citibank Korea signed a syndicated loan agreement with HanaMicron on Feb. 23 to support overseas investments for semiconductor back-end processes, the bank announced Friday.
As the sole coordinator, Citibank Korea will collaborate with the Korea Trade Insurance Corporation (K-SURE) to provide a $200 million syndicated loan to HanaMicron.
The loan will be utilized for the new facility investment of the Vietnamese subsidiary of HanaMicron, which primarily focuses on the massive semiconductor business on back-end processes that includes packaging and testing semiconductor chips. The financing will enable the company to provide stable back-end process support to Korea's semiconductor manufacturers.
The back-end process, which refers to packaging a semiconductor, the final product, and running performance and reliability tests, is deemed to be a new key technology in the semiconductor industry. With the development of AI such as ChatGPT sparking competition in the high-performance semiconductor sector, the syndicated loan is expected to offer an opportunity to strengthen the competitiveness of Korea's semiconductor providers and expand the market.
"This is meaningful in that Citibank Korea made contribution to establishing the value-chain in Korea's semiconductor industry and enhancing the global competitive edge of high-performing semiconductor makers via the financing measure," Citibank Korea CEO Yoo Myung-soon said.
"We will spare no effort in extending our assistance to competitive corporate clients advancing into global markets and expanding their businesses by leveraging Citi's global network to provide differentiated financial services," she added.
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