Korea Development Bank and Mirae Asset Securities have combined to launch a KRW 500bn ($418m) shipping fund.
It will back new investments by Korean shipowners and supplements the $1bn KDB-Mirae Asset Ocean Fund unveiled in March this year, the Korean Herald reports.
Lim Hae-jin, vice president of KDB, said: “We hope the new fund co-founded by a policy bank and leading private financiers will propose a new model of cooperation between financial policy and commerce.
KDB will provide 70% of the funds with Mirae offering the balance, the report said.
