OREANDA-NEWS. Qatar Islamic Bank (QIB) has signed a memorandum of understanding (MoU) with Woori Bank, the most well-known bank of South Korea that provides leading banking services, aimed at further strengthening co-operations and sharing business opportunities.

This MoU signing comes in parallel with the visit of the South Korea President to Qatar. The signing ceremony took place on Sunday 8th of March, 2015 at Hilton Hotel, Doha and the agreement was signed by Mr. Bassel Gamal QIB’s Group CEO and Mr. Lee Dong-gun – Deputy CEO of Woori Bank and attended by senior executives representing both Banks.

The Memorandum of Understanding called for enhancing the cooperation between the two institutions in facilitating bilateral trade finance & corporate business. This partnership is aimed at servicing both Qatari and South Korean entities that are currently engaged in business activities in Qatar and/or South Korea; and companies that are intending in the future to set up such type of business arrangements.

Mr. Bassel Gamal, QIB’s Group Chief Executive Officer, said: “We are pleased to have partnered ourselves with Woori Bank, one of the leading banks in South Korea, and look forward to expanding our relationships with the South Korean market and Koreans companies working in Qatar which has shown significant growth and development in the last several years. We believe that such cooperation between our institutions should facilitate engagements and exploit new financing opportunities.”

“The move by QIB also stemmed from the 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.” Mr. Gamal Added.