Hanjin’s Subic unit gets $100-M loan from RCBC
Yuchengco-led Rizal Commercial Banking Corp. has provided a $100-million three-year loan to the local unit of South Korean shipbuilder Hanjin Heavy Industries Corp. (HHIC).
Proceeds will be used by HHIC Phil. Inc., which has been operating out of Subic since 2007, for refinancing requirements, RCBC said in a press statement.
HHIC-Phil. operates a shipyard is located in Subic Bay, Zambales which is touted as the fourth largest in the world. The Subic facility is the only shipyard of Hanjin outside Korea and its largest shipbuilding facility employing more than 16,000 workers.
The South Korean firm has consistently been the top exporter and employer in the Subic Freeport Economic Zone, the bank noted.
The term loan facility was packaged by the RCBC’s Japanese and ecozone segment under the conglomerates and global corporate banking group.
RCBC’s strategic focus for 2014 is to grow its loan portfolio and increase the share of the business where margins are higher.
At present, corporate lending accounts for a lion’s share of RCBC’s loan portfolio at 65 percent while the consumer and small and medium enterprises, respectively, account for 25 percent and 10 percent.
RCBC’s SME and consumer loan books are expected to grow by 40 percent this year, faster than the 24 percent growth rate projected for its loans to the corporate sector. If this is realized, the bank’s loan portfolio mix would change, with the corporate segment accounting for 60 percent, consumer at 28 percent and SME by 12 percent. Doris C. Dumlao
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