“Concerns over economic slowdown due to tariff war... Continued financial support for Korean export companies”

“We will continue to support companies’ overseas expansion and growth through financing despite concerns about economic slowdown.” 

Uday Sareen, head of Wholesale Banking for ING Asia Pacific, met with Seoul Economic Daily on the 23rd and stated, “We are expanding tailored trade finance for Korean companies, focusing on high-value export industries such as shipbuilding, semiconductors, and batteries.” Appointed in December last year, this was his second visit to Korea in just five months. 

He emphasised, “The Asia-Pacific region accounts for about 12% of ING’s global wholesale banking business, with approximately 10% of that generated in Korea,” adding, “Based on 33 years of accumulated local experience, we will continue to support Korean companies’ overseas expansion and maintain our close partnership.”  

ING, a global financial group headquartered in the Netherlands, has established its position in Korea by providing corporate finance since opening its Seoul branch in 1991. 

The global trade environment has been deteriorating due to recent U.S. retaliatory tariff measures and increased geopolitical uncertainties. Sareen assessed that “Although export companies are struggling due to slowing global economic growth, Korean companies have structural competitiveness in high-value industries such as shipbuilding, semiconductors, and batteries, and will continue to perform well going forward.” 

ING possesses specialised financial support capabilities tailored to Korea’s export-oriented industries. He explained, “We provide practical financial solutions including collection of overseas transaction banking, foreign exchange hedging, and supply chain-based financing,” adding, “We support Korean companies in resolving issues they face overseas through ING’s global network.” 

Beyond simply lending money, they are also designing the transition process for companies moving towards environmentally friendly businesses. Sareen introduced, “We are not a bank that only discusses interest rates or loan size,” adding, “ING creates customised roadmaps together with corporate clients to help them transition their management towards environmental (E), social responsibility (S), and governance (G) principles.” 

Financial support for ESG (Environmental, Social, Governance) areas and digital infrastructure is also a core strategy for ING. Last year, ING provided sustainable finance of approximately EUR130 billion (ca. KRW190 trillion) and plans to increase this to EUR150 billion (ca. KRW220 trillion) per annum by 2027. The bank is expanding financial support particularly as investment demands for energy transition—such as solar and wind power—and data centres, due to the spread of artificial intelligence (AI), grow in Korea. Based on its own strategic model that analyses decarbonisation pathways for 12 industries such as aluminium, real estate, and shipping, ING is working with companies to raise financing and planning that is necessary for their ESG transition. 

Collaboration with domestic financial institutions is also being strengthened. In February, ING formed an ESG partnership with BNK Financial Group. The bank also jointly participated in Shinhan Card's social purpose asset-backed securities (ABS) issuance and Korea Housing Finance Corporation's sustainable bonds.  

Sareen stated, “Korea is now an important market for ING that has entered ‘growth mode,’” adding, “We will continue to faithfully fulfil our role as a financial partner for the global expansion of export-based industries.” 

Originally published in The Seoul Economic Daily: Opens in a new tabhttps://n.news.naver.com/mnews/article/011/0004479516?sid=101