MARKETS | Tony Chua, Korea

Woori Finance and RBS ink deal

The alliance will enable the South Korean lender to issue covered bonds.

Woori Finance Holdings Co. said Friday it signed an initial agreement for a strategic alliance with the Royal Bank of Scotland (RBS) mainly for cooperation in issuing covered bonds at home and abroad, according to a report in The Wall Street Journal.

Covered bonds are backed by mortgage loans and come with relatively long maturities and low interest rates, the South Korean bank said in a statement.

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