Shinhan Bank and Samjong KPMG announced on July 21 that they have signed a business agreement to build a strategic partnership. The companies are hoping to attract foreign-invested companies and foreign direct investments (FDI) through the agreement.

Shinhan Bank and Samjong KPMG’s new agreement intends to attract foreign-invested companies and FDI, offer consulting services on finance and accounting, find overseas mergers and acquisitions opportunities, introduce customers to each other and support customers’ domestic and overseas investment.

Shinhan Bank set up a new overseas investment marketing team this year and is using 153 global networks in 20 countries to offer advice for overseas investments’ declaration works and financial services.

Samjong KPMG provides accounting audits, tax and financial advice and consulting services in conjunction with a global network of 219,000 experts from 147 countries

“Shinhan Bank is expecting that the agreement will be a good opportunity to provide comprehensive solutions to companies hoping to enter foreign markets and to promote foreign investment,” Choi Dong-wook, vice executive president of Shinhan Bank’s large foreign exchange group said. “We will continue to push for differentiated financial services for overseas investment companies and foreign investment companies in the future.”

“There are moves to relocate production bases or seek various investment destinations due to international issues such as the spread of Covid-19 and deepening trade disputes between the U.S. and China,” said Koo Seung-hoe, head of the financial advisory division at Samjong KPMG. “Samjong KPMG will work with Shinhan Bank to create investment opportunities and support investors at home and abroad based on our ability to analyze global markets and specialized industries.” (Reporting by Hyewon Chang)