Qatar Islamic Bank (QIB) has signed a Memorandum of Understanding (MoU) with South Korea's Woori Bank to further boost shared business.
QIB Group Chief Executive Officer Bassel Gamal and Woori Bank Deputy CEO Lee Dong-gun signed in Doha the new pact in the presence of senior executives from both banks.
The MoU was signed during South Korean President's visit to Qatar.
The deal will boost bilateral trade finance, corporate business between the two signatories and aims servicing Qatar and South Korea entities.
"We look forward to expanding our relationships with the South Korean market and Korean companies working in Qatar which has shown significant growth and development in the last several years. Co-operation between the institutions should facilitate engagements and exploit new financing opportunities," said Gamal.
QIB's move also stems from strong commercial relations between Qatar and South Korea, driven by large trade and business volume exchanges with South Korean companies bidding for opportunities in Qatar, he added.
"We hope that this MoU will serve as a starting point for mutual development and believe it will provide opportunities for Woori Bank and QIB in the upcoming era of increased trading between the two nations," said Lee Dong-gun.
Woori Bank is one of the largest financial institutions in South Korea. The Bank offers a full range of commercial banking services and products including contracting & project financing.