FX Regulations in Korea
|
|
- Hope Morris
- 6 years ago
- Views:
Transcription
1 FX Regulations in Korea Deutsche Bank Corporate Banking Coverage Mari Namihira CBC Asia/Europe regional call
2 Cash Management-related Regulations Outgoing Overseas Payments Amount below 1,000 USD (or equivalent): no documents required Amount below 100,000 USD (or equivalent): Copies of evidentiary documents Amount above 100,000 USD (or equivalent): Original evidentiary documents Examples of required documents for specific transactions: Importing goods: Remittance request (BOK format) or electronic instruction via db-direct internet, import license, invoice Sales commission: Remittance request (sealed by registered company seal), invoice Dividend payment: Remittance request (sealed by registered company seal), copy of Foreign Investment Report, copy of minutes of shareholders meeting, financial statements Underlying Documentation for import-related outgoing payments can be waived if import volume of the previous year exceeds 50mn USD Import Record Certificate issued by Korean International Trade Association has to be submitted Cross-Border 3 rd Party Payments 3 rd party incoming payment is allowed without any reporting requirements to BOK Exception: Incoming payment from other resident on behalf of a non-resident requires BOK notification 3 rd party outgoing payment is allowed. The payment should be documented with: Assignment Agreement of all 3 parties (issuer of the invoices, 3 rd party beneficiary of the invoice, payer) Reporting and Acceptance by BOK prior to execution Page 2
3 Loan Structure Overview KRW Loans Overdraft Revolving Short-Term Loans Mid-Term Loans Syndicated Loans Onshore Loans FCY Loans Strictly limited by BOK to payment for oversea use i.e. no FCY lending for general working capital purpose possible Mandatory Government Charges KRW and FCY onshore loans Mandatory government charges of 38.6bps apply: 32bps contribution to KCGF/KTCGF - Korea Credit (Technology) Guarantee Fund 5bps education tax (applied to the interest amount) 1.6bps (of monthly average loan balance) to District Credit Guarantee Foundation and Korean Federation of Credit Guarantee Foundations Offshore Loans by banks or Inter-Company Possible in KRW or FCY, no restriction on use of funds, no mandatory government charges Withholding Tax (WHT): will be levied on interest payments to offshore loan providers at 22.0%. Can be lowered depending on Double Tax Treaties in place (e.g. USA 13.2%, Germany/France 10%, Netherlands 15%, Ireland 0%) * Double Tax Treaties of Korea can be found under Thin Capitalization Tax: If inter-company-loan amount exceeds 300% of shareholder equity, interest payments on the excessive portion are not tax deductible Transfer Pricing Rules: Usual arms-length principle applies for offshore inter-company loan Certain reporting & approval requirements by FX-bank, MOSF and/or BOK (details see following slides) Page 3
4 Cash Management-related Regulations Domestic / Onshore Inter-Company Loans / Cash-Pooling Cash Pooling among more than one entity is classified as inter-company loans by the National Tax Service (NTS), thus several negative tax implications arise: Documentation in the form of loan agreements and additional operational tasks are to be done (i.e. interest / withholding tax calculation and payments) Deemed rate of interest for onshore inter-company loan: Weighted Average Cost of Borrowing (based on 3 rd party borrowing). 8.50% p.a. (fixed by NTS), if WACB is not applicable Notional cash-pooling is not allowed in Korea, however you may consider domestic intercompanyloans. Please consult your tax advisor with regard to above mentioned tax implications. Cross-Border Bilateral and Multilateral Netting Cross-border bilateral and multilateral netting is allowed subject to prior notification (i.e. approval) to BOK on transactional basis with the following documents: Notification (BOK format) and Explanation (free format) of Netting Copy of registration certificate of foreign-capital invested company (sealed) Copy of transaction agreement (master agreement for netting between all parties involved) Documentary evidence for claims and liabilities (e.g. ex-/import permit, service agreement, invoice etc) Covering List explaining documents and related calculations Only for Bilateral Netting: If set-off amount is less than 500,000 USD or if foreign-capital invested exceeds 10mn USD (equivalent) notification can also be made to designated FX-bank (i.e. Deutsche Bank) Page 4
5 Inter-Company Loan Regulations Loan by non-resident to resident in Foreign Currency (FCY) Loan amount of USD30mn equivalent or less (including cumulated amount of newly handled loan for the past 1 year at the time of reporting): Reporting to FX bank (i.e. Deutsche Bank Seoul) by resident shall be sufficient to arrange the loan, i.e. a short term loan with tenor 1 year or less also can be arranged without any prior reporting to Ministry of Strategy and Finance ("MOSF") Loan amount exceeding USD30mn equivalent (including cumulated amount of newly handled loan for the past 1 year at the time of reporting): The resident is required to declare the fact to the MOSF through a designated correspondent bank, i.e. Deutsche Bank Seoul Exception: In case the borrower is foreign invested company which is engaged in manufacturing or is classified as high-tech company and the tenor of the loan is less than 1 year - to be reported and accepted by FX bank [max. loan amount: manufacturing company - 50% of foreign invested amount /high-tech company - 100% of foreign invested amount in case the foreign-invested ratio exceeding one-third, otherwise 75% of foreign invested amount] Loan by resident to non-resident in Foreign Currency (FCY) In general, the resident should make notification to Bank of Korea (BOK) prior to the loan execution (the notification should be accepted by BOK prior to the loan execution). However for the following case, the nonresident (borrower) should make notification to BOK prior to loan execution: In case the loan is backed by payment guarantee or collateral provided by third resident. Page 5
6 Inter-Company Loan Regulations Loan by non-resident to resident in local currency (KRW) The resident should make notification to MOSF prior to the loan execution (the notification should be accepted by MOSF prior to the loan execution) The non-resident needs to arrange KRW inter-loan through a non-resident Free KRW account Loan by resident to non-resident in local currency (KRW) In general, the resident should make notification to Bank of Korea ("BOK") prior to the loan execution (the notification should be accepted by BOK prior to the loan execution). However, for the following two cases, the non-resident (borrower) should make notification to BOK prior to loan execution: In case the loan is backed by payment guarantee or collateral provided by third resident; In case the loan amount exceeds KRW 1bn (ca. USD 1mn) Non-resident should have non-resident Free Won account to leave KRW loan. When non-resident wants to transfer loan received thru non-resident Free Won Account to overseas, nonresident should notify it to BOK separately and it should be accepted by BOK before funds transfer. Page 6
7 Inter-Company Loan Regulations Consolidated Management of Funds Definition Consolidated Management of Funds (CMF) is the consolidated management of surplus or deficit funds between companies which agreed to do overseas deposits, foreign currency loans, collateral provisions based upon funds sharing contracts The counterparties which may enter into funds sharing contracts are limited to the overseas branches or HQ of Foreign Capital Invested Companies (including its affiliates overseas) Resident company must notify the details of the companies which are participating in the fund sharing contracts, credit line (loan limits), etc to the Bank of Korea ("BOK") via FX designated bank (i.e. Deutsche Bank Seoul). The notification needs to be accepted by BOK before commencing "Consolidated Management of Funds" In addition, the resident company must report the status of the fund management (i.e. credit and debit balance) to BOK on quarterly basis Page 7
8 Inter-Company Loan Regulations Consolidated Management of Funds General Rules There should be tangible or intangible economic benefits to the participants, the benefits should be equally shared, and there should be no advantageous (or disadvantageous) conditions to a single corporation Limit amount for "Consolidated Management of Funds : 30,000,000 USD in total per single resident company/foreign Capital-Invested company Maximum tenor of the overseas deposits, loans, etc: up to 1 year Interest rates for the overseas deposits, loans, etc: Arms-length principle applies Repayment or New loan should be executed within 1 month after request Page 8
9 Inter-Company Loan Regulations Inter-Company Loan vs. Consolidated Management of Funds - Comparison Inter-Company Loan by Non-Resident to Resident Consolidated Management of Funds Amount No limit up to 30,000,000 USD Tenor No restriction up to 1 year Notification / Approval Below 30mn USD: DB Seoul Above 30mn USD: MOSF (Ministry of Strategy and Finance) / Designation of DB Seoul as FX bank is required before notification BOK (Bank of Korea) Designation of DB Seoul as FX bank is required before notification Reporting after Execution No requirement Quarterly reporting to BOK by a resident company Page 9
10 Inter-Company Loan Regulations Documentation Requirements (Examples) Form for designation of the correspondent bank (Bank of Korea format) Notification format (Bank of Korea format) Loan or Consolidated Management of Funds agreement An explanatory statement (covers purpose /usage of the loan, security conditions, source of the loan repayment etc) (Bank of Korea format) Participant s registration certificate (for non-resident notarized) Participant s Financial Statements Board resolution, in case it is required in line with Lender's & Borrower s Articles of Incorporations Other documents which may requested by Bank of Korea Page 10
11 Discussion on Korean Financial Markets June 2012 Deutsche Bank Corporate Banking Coverage Mari Namihira CBC Asia/Europe regional call All prices are indicative only.
12 Summary of Available Hedging Tools Product Resident Clients in Korea Foreign Exchange spot available not available forward available available Interest rate swap in KRW available available Non-Residents outside Korea Liquidity Comments very liquid from 9 AM to 3 PM in Korea liquid from 9 AM to 3 PM in Korea up to three years liquid from 9 AM to 3 PM in Korea up to five years delivery/settlement of KRW by nonresidents are allowed for commercial transactions as listed in the Korean FX regulations Non-residents may only do NDF (nondelivery forward) settling in USD at maturity; Please refer to the comments on settlement for cross currency swap below Non-residents may only do ND swap (non-delivery swap) settling in USD at each coupon date and maturity Cross Currency swap in USD/KRW, EUR/KRW or in other FCY/KRW available available liquid from 9 AM to 3 PM in Korea up to five years Non-residents may only do ND swap (non-delivery swap) settling in USD at maturity; Non-residents may do cross currency swaps on settlement basis against allowed trades (for example, hedging inter-company loan) via opening a non-resident free KRW account
13 13 Brief Regulatory Guidelines for Resident Corporate clients in Korea Category of Clients Further classification Available Status Registration Process at FX Banks Clients listed in Stock Exchanges (eligible for Korean branches or subsidiaries listed in exchanges outside Korea) Clients not listed in Stock Exchanges Hedge outstanding over KRW 10 billion Hedge outstanding below KRW 10 billion Professional Investor or General Investor Professional Investor or General Investor General Investor Documents to be filed to be a PI: PI Conversion form, Confirmation (that the clients will not hedge over 100% of the underlying exposure), Risk Hedge Item (listing exposures to hedge); all standard industry forms Documents to be filed to be a PI : PI Conversion Form, Confirmation (that the clients will not hedge over 100% of the underlying exposure), Risk Hedge Item, PI Certificate from KOFIA(Korea Financial Investment Association); all standard industry forms Documents to be filed: KYC Form, Product Description e.g. FX forward each time, Evidence of Underlying Exposure (Invoice, Financial Statements, Import/export evidence from KITA, Korea International Trade Association); standard industry forms
14 Deutsche Bank in Korea Deutsche Bank Corporate Banking Coverage Mari Namihira CBC Asia/Europe regional call
15 Deutsche Bank Group in Korea Yellow Sea Deutsche Bank AG, Seoul Branch 18/F, Young-Poong Building 33 Seorin-Dong, Chongro-gu Seoul Tel: Fax: Deutsche Securities Korea Co. 17/F, Young-Poong Building 33 Seorin-Dong, Chongro-gu Seoul Tel: Fax: Deutsche Asset Management (Korea) Co. Ltd. 19/F, Young-Poong Building 33 Seorin-Dong, Chongro-gu Seoul Seoul South Korea (Republic of Korea) East Sea Present in the country for more than 30 years Over 350 employees Operating with 3 entities: Deutsche Bank AG, Seoul Branch Global Banking Corporate Banking Coverage Global Transaction Banking Global Markets Deutsche Securities Korea Co. Global Equities Global Markets Global Corporate Finance Deutsche Asset Management Korea Co., Ltd. Asset Management RREEF Page 15
16 Approved Licenses Foreign Currency Exchange License (under the FX regulations) Internet Banking License Derivatives License Domestic Bond Dealing License Custody License Trust License Trade and Payment / Loan License Handle KRW and FCY-denominated transactions for MNC and LLC clients Supply Online Cash Management and Trade Services Offer Risk Management products Investing in domestic securities Provide onshore custodian services Capital transactions for investments in local companies Issue bank guarantee to secure borrowing of local companies overseas subsidiaries Deutsche Bank provides a full range of services and products for your operations in Korea Page 16
17 Product Scope of Deutsche Bank Korea Cash & Liquidity Management Capital Markets / Foreign Exchange Trade Finance Credit Products Specific Products Current, term and high yield deposit (MMDA, blocked MMDA) Internet banking and ERP integration solution MBCS (Multi-bank Cash Sweep) and MBR (Multi-bank Reporting) NostroCollect Direct Debit KRW/FCY FX spot/forward transactions/structured forward Interest Rate Hedging: KRW interest rate swaps / Cross-Currency-Swaps / Structured Swaps FCY Structured Deposit Offshore KRW/FCY: NDF & NDO Import: LC issuance, Trust Receipt, Import Loan, Import Bills Collection Export: LC Advising, Confirmation, Forfeiting, D/A, D/P Collection, Discounting, Receivables Financing, Packing Credit, KEIC Backed AR Financing, Factoring Bank Guarantees (shipping/payment G tee, Bid/P/AP bond etc.), KEIC Backed Guarantee Bank/Commercial Draft Discounting/Acceptance, Domestic Factoring Others: Supply Chain Solutions, Structured Trade Finance Credit line in FCY & KRW for cash loans, KRW overdraft SBLC for credit exposure to third party (KRW from onshore DB or FCY from offshore DB according to local regulation) Share Subscription Account Service for Capital Transactions (e.g. initial capital injection for company establishment, acquisition of local companies, capital increases etc.) Page 17
18 Disclaimer This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates ( DB ). Without limitation, this document does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s) mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. You should also consider seeking advice from your own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained herein does not constitute and shall not be construed to constitute legal and/or tax advice by Deutsche Bank AG or any of its affiliates. Individuals should consult with their advisors regarding their particular situation. The information contained in this document is based on material we believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results will be achieved. Past performance is not a guarantee of future results. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives) discussed herein. The distribution of this document and availability of these products and services in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. DB is authorized and/or regulated by the competent authorities in the jurisdictions in which it operates as appropriate. Page 18
Deutsche Bank Global Transaction Banking
:, 25.02.2015 15:49:20 2010 DB Blue template ( ) 383- ( ),, 1 25.02.2015 15:49:20 2010 DB Blue template ( ) 300 000 250 000 200 000 150 000 100 000 50 000 -,. 2009 2010 2011 2012 2013 7,32 7,24 4,3 2,02
More informationTransformation in China: New Opportunities and Challenges
Transformation in China: New Opportunities and Challenges March 2008 The information contained herein does not constitute and shall not be construed to constitute investment, tax or legal advice by Deutsche
More informationGlobalization of Korea s Foreign Exchange System. Seoul Asian Financial Forum. June 4, Michael Hellbeck
Globalization of Korea s Foreign Exchange System Seoul Asian Financial Forum June 4, 2012 Michael Hellbeck COO & Head of Regulatory Affairs Standard Chartered Bank Korea 2 Agenda Introduction to Standard
More informationInternational Tax Korea Highlights 2018
International Tax Korea Highlights 2018 Investment basics: Currency South Korean Won (KRW) Foreign exchange control Controls exist, but gradually have been liberalized. Foreign loans in excess of a specified
More informationOrganizational and Tax Issues in Managing Global Treasury. Demands of Managing a Global Treasury
Organizational and Tax Issues in Managing Global Treasury Global Cash Management Ltd. Grant Thornton International Demands of Managing a Global Treasury Managing Treasury on a global basis requires a tax
More informationCapital Protected certificate linked to the STOXX Europe Low Beta High Div 50 Index
1 SP 679342 Product Description This Certificate is linked to the STOXX Europe Low (the Underlying) a is USD denominated with a maturity of 5 Years. At Maturity ( Settlement Date ), an investor will receive
More informationCash and Trade Pricing Guide 2017
Transaction Banking Cash and Trade Pricing Guide 2017 Brunei Darussalam Cash Management: Account Services 3 Cash Management: Payment Services 6 Cash Management: Collection Services 10 Cash Management:
More informationTARIFF OF FEES FOR SERVICES OF BANCA INTESA AD BEOGRAD FOR LEGAL ENTITIES AND ENTREPRENEURS
Date of publication: February 14, 2019 Date of application: March 17, 2019 TARIFF OF FEES FOR SERVICES OF BANCA INTESA AD BEOGRAD FOR LEGAL ENTITIES AND ENTREPRENEURS Banca Intesa ad Beograd Milentija
More informationIntroduction to SOUTH KOREA
Introduction to SOUTH KOREA South Korea has the fourth largest nominal GDP in Asia (USD 1.4 trillion in 2016). Economic growth slowed from 4.4% per year in 2002-2011 to (a still fairly good) 2.8% in 2012-2016
More informationGlobal Banking Service
Arctic Circle This report provides helpful information on the current business environment in Taiwan. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationDBS RMB Index for VVinning Enterprises 星展人民幣動力指數
16 August 2013 DBS RMB Index for VVinning Enterprises 星展人民幣動力指數 Disclaimer: The information contained in this document is intended only for use during the presentation and should not be disseminated or
More information6 Y EUR Phoenix Autocallable Certificate linked to FTSE MIB 1 / 6
1 / 6 SP 629481 Product Description This Certificate is linked to the FTSE MIB index (the "Underlying") and is EUR denominated with a maturity of 6 Years.On each Observation Date t (from year 1 to year
More information5 Years EUR Phoenix Autocallable Certificate linked to FTSE MIB
1 / 6 SP 694952 Product Description This Certificate is linked to the FTSE MIB (the "Underlying") and is EUR denominated with a maturity of 5Years. On each Observation Date t, if the level of the Underlying
More informationTermsheet 5y DB Certificate with Quarterly Coupons with SX5E Redemption ISIN XS
1 Product Description The Certficiate pays a fixed rate of return of 3.50% for the first 2 years followed by variable rate of return in last 3 years linked to the 3-month EURIBOR rate subject to a minimum
More informationBNP PARIBAS MALAYSIA BERHAD. Tariff and Charges
BNP PARIBAS MALAYSIA BERHAD Tariff and Charges CASH MANAGEMENT CURRENT ACCOUNT Maintenance Fee RM 600 / month (per account) Note: capped at RM 1,200 / month in case of more than 2 accounts. Cheque Book
More information5 Years EUR Phoenix Autocallable Certificate linked to Generali 1 / 7
1 / 7 SP 727203 Product Description This Certificate is linked to the Generali share (the "Underlying") and is EUR denominated with a maturity of 5Years. On each Observation Date t, if the level of the
More informationCHINATRUST FINANCIAL HOLDING COMPANY, LTD
CHINATRUST FINANCIAL HOLDING COMPANY, LTD. AND SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003 AND INDEPENDENT ACCOUNTANTS REVIEW REPORT ADDRESS: No. 3
More informationDB Liquid Mortgage-Backed Security Index
12 January 2012 DBIQ Index Guide DB Liquid Mortgage-Backed Security Index Summary The DB Liquid Mortgage-Backed Security Index aims to provide investors with a simple way to track the performance of the
More informationMulti Asset Indices Selection and Rebalance Dates
30 Jan 2017 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future selection and rebalance dates of various Multi-Asset Indices
More informationPrice List Valid as of Accounts, Information Service Charging Terms Price Account Terms
Price List Valid as of 13.01.2018 1. Accounts, Information Service Charging Terms Price Account Terms CZK Account Opening Free of charge Account Maintenance, incl. Electronic Reporting per account, per
More informationForeign Exchange Transactions
CHAPTER 6 Transactions The government is committed to foreign exchange liberalization to upgrade its financial market to global standards. Basic Principle Liberalization Administrative Authorities 1 Basic
More informationGlobal Banking Service. Report on Japan
Arctic Circle This report provides helpful information on the current business environment in Japan. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationIndikatives Termsheet Express Zertifikat: Allianz AG mit 80% Barriere
1 / 1 SP 756433 Product Description This Certificate is linked to the Total Share (the "Underlying") and is EUR denominated with a maturity of 5 Years. On each Observation Date t, if the level of the Underlying
More informationMulti Asset Indices Selection and Rebalance Dates
29 January 2015 DBIQ Index Selection Report Multi Asset Indices Selection and Rebalance Dates The report is designed to provide the details of future dates of selection and rebalance of various Multi-Asset
More informationINTERNATIONAL BANKING TARIFF GUIDE
INTERNATIONAL BANKING TARIFF GUIDE International Banking Tariff Guide - V6.9-20.09.18 Tel: (230) 206 8000 info@abcbanking.mu www.abcbanking.mu FOREIGN CURRENCY ACCOUNTS (Available in major currencies)
More informationCut-off Times for Processing Payment Orders
Scale of Charges Disclosure of Monetary and Non Monetary Benefits and other Transaction Related Information Cut-off Times for Processing Payment Orders Indicative Guidelines for Fund Subscription and Redemption
More informationInvestors must read the important risk factors and disclaimers at the end of this document.
1 Product Description The Certificate is linked to the performance of the Intesa Sanpaolo share. Every year, if the share is at or above 100% of its Initial Reference Level, the Certificate early redeems
More informationSABIC Capital I B.V. Financial Statements
Financial Statements For the year ended December 31, 2012 GENERAL INFORMATION Director SABIC Capital B.V. Registered Office Zuidplein 216 1077 XV Amsterdam the Netherlands Auditor Ernst & Young Accountants
More information6,606,978, % 6,606,978, % 6,606,978, % % NAV % (4) Equity Derivatives Warrants, Rights & Subscriptions
Pershing Square Holdings, Ltd. (the "Company") ** - Includes C Stratum Investor Reporting as of 31-Jan-2015 Confirmations & Qualifications Stratum Ref No : F000001258:31JAN2015:10 Morgan Stanley Fund Services
More informationTAX LAW CHANGES FOR YEAR 2011
Tax & Finance January 20, 2011 TAX LAW CHANGES FOR YEAR 2011 On December 27 and December 30, 2010, amendments to tax laws and related presidential decrees have been promulgated, most of which took effect
More informationFees and Commissions. Effective as of Citibank Europe Plc., Bulgaria branch
Fees and Commissions Effective as of 01.09.2018 Citibank Europe Plc., Bulgaria branch Contents 1. Account services... 2 o BGN and FCY... 2 o Account statements (BGN & FCY)... 3 2. Liquidity services...
More informationINTERNATIONAL BANKING TARIFF GUIDE
INTERNATIONAL BANKING TARIFF GUIDE International Banking Tariff Guide - V6.8-01.02.18 Tel: (230) 206 8000 info@abcbanking.mu www.abcbanking.mu FOREIGN CURRENCY ACCOUNTS (Available in major currencies)
More informationFees and Commissions. Effective as of Citibank Europe Plc., Bulgaria branch
Fees and Commissions Effective as of 01.12.2017 Citibank Europe Plc., Bulgaria branch Contents 1. Account services... 2 o BGN and FCY... 2 o Account statements (BGN& FCY)... 3 2. Liquidity services...
More informationTD U.S. Index Currency Neutral Fund (08/17)
TD U.S. Index Currency Neutral Fund 532206 (08/17) TD Mutual Funds for the period ended nmanagement s Responsibility for Financial Reporting The accompanying unaudited interim financial report has been
More informationHYUNDAI MOTOR COMPANY NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 AND INDEPENDENT AUDITORS REPORT
HYUNDAI MOTOR COMPANY NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 AND INDEPENDENT AUDITORS REPORT Independent Auditors Report English Translation of a Report Originally
More informationService Fee Management Policy Deutsche Bank (China) Co. Ltd
Deutsche Bank Public Level 3 Service Fee Management Policy Deutsche Bank (China) Co. Ltd Page 1 of 25 Deutsche Bank Public Table of Contents 1. General Provisions 2. Definition and Principles 3. Complaint
More informationTariff of Accounts and Services for Corporate Clients
Tariff of Accounts and Services for Corporate Clients Chartered Bank (China) Limited NOTE This tariff applies to all services provided by Chartered Bank (China) Limited (the "Bank") to its corporate clients.
More informationDe Lage Landen Co., Ltd. Financial Statements December 31, 2017 and 2016
Financial Statements Index Page(s) Independent Auditor s Report.... 1 ~ 2 Financial Statements Statements of Financial Position.. 3 Statements of Profit or Loss.... 4 Statements of Changes in Equity...
More informationKOREA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
KOREA 1 KOREA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? Korea has long been endeavoring to adopt tax policies in
More informationCorporate List of Conditions Part I.
Corporate List of Conditions Part I. Effective from 17 th of July 2017 General Conditions This List of Conditions is an inseparable part of the General Business Conditions and the General Lending Conditions
More informationI. PAYMENT ACCOUNTS... 2 II. BANK TRANSFERS... 2 III. CASH OPERATIONS... 3 IV. MONEY REMITTANCE... 4
I. PAYMENT ACCOUNTS... 2 CURRENT ACCOUNTS... 2 DEPOSIT ACCOUNTS... 2 CUMULATIVE/SPECIAL ACCOUNTS... 2 TRUST/ESCROW ACCOUNTS...2 II. BANK TRANSFERS... 2 PAYMENT OPERATIONS IN BGN... 2 PAYMENT OPERATIONS
More informationHighlights from the 10-July CoT survey of IMM leveraged funds
Highlights from the 1-July CoT survey of IMM leveraged funds Greg Anderson, CFA, PhD - Global head of FX strategy gregory.anderson@bmo.com +1 212 65 149 July 13, 218 Short-NZD the biggest side with short-eur
More informationService Tariffs Guide
Service Tariffs Guide Terms & Conditions Apply Subscribe in Al Ahly Murattabat programs & Enjoy numerous benefits and special offers Account Charges Current Accounts Opening an individual / joint account
More informationInvestors must read the important risk factors and disclaimers at the end of this document.
1 SP 776967 Product Description The Certificate is linked to the performance of the MSCI EMU ESG Leaders Select 50 Decrement 5% Index. Each year, if the Index is at or above 100% of its Initial Reference
More informationGuidelines May Banking & Finance Kyiv. General provisions on lending. Parties to the loan agreement. Applicable law and jurisdiction
Banking & Finance Kyiv Guidelines May 2017 In This Issue: Cross-border financing in Ukraine - General provisions on lending - Loan registration - Licensing requirements and approvals - Payment restrictions
More informationConsolidated Financial Statements
SHINHAN FINANCIAL GROUP CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements June 30, 2002 (With Independent Accountants Review Report Thereon) Independent Accountants Review Report Based on a
More informationPrice List Valid as of Accounts, Information Service Charging Terms Price Account Terms
Price List Valid as of 13.01.2018 1. Accounts, Information Service Charging Terms Price Account Terms CZK Account Opening Free of charge Account Maintenance, incl. Electronic Reporting per account, per
More informationExpress worst of Autocallable Certificate on Intesa
1 SP 763596 Product Description The Certificate is linked to the performance of Intesa Generali and the FTSE MIB Index. Every year, if worst of the Underlying stocks is above 100% of its Initial Reference
More informationKorean Reinsurance Company
Consolidated financial statements for the years ended with independent auditors report Korean Reinsurance Company Table of contents Independent auditors report 1 Page Consolidated financial statements
More informationSHINHAN FINANCIAL GROUP CO., LTD.
Non-Consolidated Financial Statements September 30, 2002 and 2001 (With Independent Accountants Review Report Thereon) Independent Accountants Review Report Based on a report originally issued in Korean
More informationRedwood Unconstrained Bond Fund
Unaudited Interim Financial Statements June 30, 2016 Statements of Financial Position (unaudited) As at June 30, 2016 and December 31, 2015 June 30, 2016 December 31, 2015 $ $ Assets Current Assets Investments
More informationNATIONAL BANK OF THE REPUBLIC OF MACEDONIA
NATIONAL BANK OF THE REPUBLIC OF MACEDONIA Pursuant to Article 64 paragraph 1 item 22 of the Law on the National Bank of the Republic of Macedonia ( Official Gazette of the Republic of Macedonia No. 3/2002,
More informationDAEGU INTERNATIONAL SCHOOL
Financial Statements June 30, 2016 and 2015 (With Independent Auditors Report Thereon) Contents Page Independent Auditors Report 1 Statements of Financial Position 3 Statements of Income 4 Statements of
More informationScale of Charges. Disclosure of Transaction Related Information. Cut-off Times for Processing Payment Orders
Scale of Charges Disclosure of Transaction Related Information Cut-off Times for Processing Payment Orders Indicative Guidelines for Fund Subscription and Redemption Cut-off Times EFG Bank AG Hong Kong
More informationRedwood Unconstrained Bond Fund
Annual Financial Statements pwc March 30, 2016 Independent Auditor's Report To the Unitholders and Trustee of Redwood Unconstrained Bond Fund (the Fund) We have audited the accompanying financial statements
More informationEstablishment of a Corporation
03 Establishment of a Corporation 32 1. How Foreigners Advance Into Korea There are three ways by which foreigners (foreign corporations) can enter Korea for business purposes: establishing a local corporation,
More informationChina may allow commercial banks to enter Futures Trading Market. Hong Kong plays a key role in facilitating One Belt One Road initiative
RMB Focus JUNE 2016 I. China further details CIBM access for offshore investors Cross-border RMB Bond Scheme is launched in Shanghai FTZ Pilot Offshore Financing Scheme expands nationwide II. More investment
More informationa) Forint sight account interest 0% p.a. 0% p.a. a) Foreign currency sight interest for all currencies 0% p.a. 0% p.a.
Corporate List of Conditions Part I. Effective from 3 rd of February 2015 General Conditions This List of Conditions is an inseparable part of the General Business Conditions and the General Lending Conditions
More informationNON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006 AND INDEPENDENT ACCOUNTANTS REVIEW REPORT
HYUNDAI MOTOR COMPANY NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE THREE MONTHS AND NINE MONTHS ENDED SEPTEMBER 30, 2007 AND 2006 AND INDEPENDENT ACCOUNTANTS REVIEW REPORT Independent Accountants Review
More informationI. PAYMENT ACCOUNTS... 2 II. BANK TRANSFERS... 2 III. CASH OPERATIONS... 3 IV. MONEY REMITTANCE... 3
Valid from 24.03.2018 I. PAYMENT ACCOUNTS... 2 CURRENT ACCOUNTS... 2 DEPOSIT ACCOUNTS... 2 CUMULATIVE/SPECIAL ACCOUNTS... 2 II. BANK TRANSFERS... 2 PAYMENT OPERATIONS IN BGN... 2 PAYMENT OPERATIONS IN
More informationTariff of Accounts and Services Wholesale Bank
Tariff of Accounts and Services Wholesale Bank Standard Chartered Bank (China) Limited NOTE This tariff applies to all services provided by Standard Chartered Bank (China) Limited (the Bank ) to its corporate
More informationBusiness Banking Tariff Guide
Business Banking Tariff Guide www.sc.com/lk Copyright 2017 Standard Chartered Bank. All rights reserved. Contents Cash Management 01 Cheque Clearing 02 Payments 03 Collections 04 Straight2Bank 04 Trade
More informationTaiwan Cooperative Bank, Ltd. Financial Statements for the Years Ended December 31, 2008 and 2007 and Independent Auditors Report
Taiwan Cooperative Bank, Ltd. Financial Statements for the Years Ended December 31, 2008 and 2007 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and the Stockholders
More informationThe Indian Face of Global Banking
The Indian Face of Global Banking ICICI Bank Limited Hong Kong Branch Service Charges with effect from November 7, 2011 GENERAL, DEPOSIT ACCOUNT & REMITTANCE SERVICES GENERAL SERVICES Banker s Endorsement
More informationHYUNDAI CAPITAL AUTO FUNDING IV LIMITED (incorporated with limited liability in the Cayman Islands)
HYUNDAI CAPITAL AUTO FUNDING IV LIMITED (incorporated with limited liability in the Cayman Islands) 330,000,000 Secured Floating Rate Notes due 2011 Issue price: 100 per cent. The 330,000,000 Secured Floating
More informationHighlights from the 17-April CoT survey of IMM leveraged funds
Highlights from the 17-April CoT survey of IMM leveraged funds Greg Anderson, CFA, PhD - Global head of FX strategy gregory.anderson@bmo.com +1 212 65 149 April 2, 218 Long-GBP is the most concentrated
More informationConsolidated Interim Financial Statements. (With Independent Auditors Review Report Thereon)
Consolidated Interim Financial Statements (With Independent Auditors Review Report Thereon) Contents Page Independent Auditors Review Report 1 Consolidated Interim Statements of Financial Position 3 Consolidated
More informationGREEN CROSS HOLDINGS CORPORATION SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2013 AND INDEPENDENT AUDITORS' REPORT
GREEN CROSS HOLDINGS CORPORATION SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED DECEMBER 31, 2013 AND INDEPENDENT AUDITORS' REPORT Deloitte Anjin LLC 9Fl., One IFC, 10, Gukjegeumyung-ro, Youngdeungpo-gu,
More informationMODEC, INC. and Subsidiaries. Consolidated Financial Statements As of December 31, 2003 and 2002
MODEC, INC. and Subsidiaries Consolidated Financial Statements As of December 31, 2003 and 2002 MODEC, INC. and Subsidiaries CONSOLIDATED BALANCE SHEETS December 31, 2003 and 2002 A S S E T S Japanese
More informationBuilding an Asian Transaction Banking Franchise
Building an Asian Transaction Banking Franchise Tom McCabe Global Head, GTS 19 March 2012 Disclaimer: The information contained in this document is intended only for use during the presentation and should
More informationRs 35 + VAT per month, i.e. Rs per month 4Debit interest on unauthorised overdrawn balances
Account Access Services Internet Banking 4Monthly subscription fee 4Security Token - First acquisition/ replaced device Rs 100 per company, irrespective of the number of signatories per device Accounts
More informationFees and Commissions Annex for Banks and Financial Institutions
Fees and Commissions Effective as of October 4, 2017 Citibank Europe plc, Bulgaria Branch I. Contents: I. Current Accounts... 3 Account opening and maintenance (BGN and FCY)... 3 Account statements (BGN
More informationEMTN Programmes and Private Placements
February 2011 EMTN Programmes and Private Placements Chris Jones, Places for People Chris Lipscomb, Morgan Stanley Peter Matza, The Association of Corporate Treasurers Section 1 EMTN Programmes: Setting
More informationChina Development Industrial Bank
China Development Industrial Bank Financial Statements for the Nine Months Ended September 30, 2012 and 2011 and Independent Accountants Review Report INDEPENDENT ACCOUNTANTS REVIEW REPORT The Board of
More informationKOOKMIN BANK NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND INDEPENDENT ACCOUNTANTS' REVIEW REPORT
KOOKMIN BANK NON-CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2005 AND INDEPENDENT ACCOUNTANTS' REVIEW REPORT Independent Accountants Review Report English Translation of a
More informationParis Business France Friday 2 nd December 2016
Paris Business France Friday 2 nd December 2016 International Desk Asia-Pacific - Group Crédit Agricole HOW TO FINANCE YOUR INVESTMENT IN FRANCE? IN INDIA? A universal client-focused banking model with
More informationMortgage Market in Korea
Mortgage Market in Korea - Secret of rapid growth MBS Issuance Trend March 2016 60 50 40 30 20 10 0 150.1 Annual Issuance (KRW in trillion) Accumulated Issuance (KRW in Trillion) 94.8 80.3 58.3 55.8 22.0
More informationKorea Development Bank
Interim non-consolidated Financial Statements Six months ended June 30, 2009 with independent accountants review report Interim non-consolidated Financial Statements Six months ended June 30, 2009 with
More informationProspectus. 표지 Investment Risk Level: 1 st Level [Very High Risk]
[Note: This Prospectus is made in the Korean language, and if there shall arise any conflict between the Korean version and any translation thereof, including this English translation, the Korean version
More informationCAPITAL SECURITIES CORPORATION SEPARATE FINANCIAL STATEMENTS DECEMBER 31, 2016 AND 2015 AND INDEPENDENT ACCOUNTANTS AUDIT REPORT
SEPARATE FINANCIAL STATEMENTS DECEMBER 31, 2016 AND 2015 AND INDEPENDENT ACCOUNTANTS AUDIT REPORT (English Translation of Financial Report Originally Issued in Chinese) Address: 4 th Fl. No. 101, Sung-Jen
More informationGlobal Banking Service
Arctic Circle This report provides helpful information on the current business environment in Thailand. It is designed to assist companies in doing business and establishing effective banking arrangements.
More informationANNOUNCEMENT OF 2017 FINAL RESULTS SUMMARY OF RESULTS
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness
More informationMIZUHO BANK, LTD. TERMS AND CONDITIONS Bank s Service Charge and Fee BANGKOK BRANCH. 03 December Page 1 of 16
MIZUHO BANK, LTD. BANGKOK BRANCH TERMS AND CONDITIONS Bank s Service Charge and Fee 03 December 2018 Page 1 of 16 A: COMMON CHARGES Audit Confirmation Balance Confirmation Bank Certificate Certify copy
More informationTransaction Banking Cash Management Price Guide Oman
Transaction Banking Cash Management Price Guide Oman Standard Chartered Bank in Oman is a branch of Standard Chartered Bank and is regulated by the Central Bank of Oman. 07/2017 Cash Management Account
More informationTreasury and US Tax Reform 1
Treasury and US Tax Reform 1. Introduction The 2017 tax law provides the first major changes to the US tax code in over 30 years and it has important implications for multinational companies. The most
More informationProduct Note on: Masala Bonds
Product Note on: Masala Bonds 1006-1009 Krishna 224 AJC Bose Road Kolkata 700017 Phone 033-22811276/ 22813742/ 22817715 Vinod Kothari Consultants Private Limited Special credits to Mr. Saurabh Jain 601C,
More informationLG CORP. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT
LG CORP. SEPARATE FINANCIAL STATEMENTS AS OF AND FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, AND INDEPENDENT AUDITORS REPORT Deloitte Anjin LLC 9F., One IFC, 23, Yoido-dong, Youngdeungpo-gu, Seoul
More informationDeutsche Bank AG, Bangkok Branch General Tariff & Charges Effective December 15, 2010
Deutsche Bank AG, Bangkok Branch General Tariff & Charges Effective December 15, 2010 Services Charging Terms Price (THB) Account Services Minimum Account Balance Or foreign currency equivalent 5,000,000.-
More informationSingapore. Country Profile
Singapore Country Profile Contents Country Overview Clearing Systems Foreign Exchange Controls Taxation Investment Opportunities Trade Regulations Citi Solutions and Services 1 4 5 6 7 8 9 Country Overview
More informationPROMOS TECHNOLOGIES INC. AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2005 AND 2004
PROMOS TECHNOLOGIES INC. FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS DECEMBER 31, 2005 AND 2004 To the Board of Directors and Shareholders of Inc. REPORT OF INDEPENDENT ACCOUNTANTS PWCR05000412
More informationLEADING-EDGE CASH MANAGEMENT SOLUTIONS
CHINA CASH OVERVIEW PART 3 LEADING-EDGE CASH MANAGEMENT SOLUTIONS OUR SHANGHAI AND SHENZHEN BRANCHES HAVE FULL CAPABILITIES TO MANAGE YOUR CNY ACCOUNTS IN CHINA. In China, ABN AMRO s cash management services
More information2004 SFEMC, EMTA & FXC Template Terms for KRW / USD Non-Deliverable FX Forward Transactions
2004 SFEMC, EMTA & FXC Template Terms for KRW / USD Non-Deliverable FX Forward Transactions General Terms: Trade Date: [Date of Annex A] 1 : Reference Currency: [Notional Amount] 2 : [Forward Rate] 2 :
More informationRating Methodology. Structured Finance. Global Credit-Linked Note and Repackaging Vehicle Rating Criteria. Updated May 2017
Rating Methodology Structured Finance Global Credit-Linked Note and Repackaging Vehicle Rating Criteria Related Research Updated May 2017 Each transaction will be accompanied with a transaction specific
More informationFinal Terms dated 24 February 2010
Final Terms dated 24 February 2010 International Bank for Reconstruction and Development Issue of KRW 270,000,000,000 2.30 per cent. KRW/USD FX Linked Notes due 26 February 2013 payable in United States
More informationCommercial Banking List of Conditions Part I.
Commercial Banking List of Conditions Part I. Effective from 10 th of October 2016 I. General Conditions This List of Conditions is an inseparable part of the General Business Conditions of Corporate Services
More informationTransaction Banking Sri Lanka. Pricing Guide
Transaction Banking Sri Lanka Pricing Guide - 2016 Welcome Dear Valued Client, Drawing on over 150 years of international banking experience, Standard Chartered is actively driving value in its markets
More informationDeutsche Bank Corporate Banking & Securities. Click to Confirm (CTC) Quick Start Guide
Deutsche Bank Corporate Banking & Securities Click to Confirm (CTC) These frequently used functions will help you get started straight way. Step 1: Ensure that you are in the Awaiting Agreement view. Step
More informationGIGA-BYTE TECHNOLOGY CO., LTD. UNCONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS 31st DECEMBER 2010 AND 2011
GIGA-BYTE TECHNOLOGY CO., LTD. UNCONSOLIDATED FINANCIAL STATEMENTS AND REPORT OF INDEPENDENT ACCOUNTANTS 31st DECEMBER 2010 AND 2011 ----------------------------------------------------------------------------------------------------------
More informationPRODUCT KEY FACTS. Quick facts Manager: Trustee: Custodian: Dealing frequency: Base currency: Ongoing charges over a year:
PRODUCT KEY FACTS Issuer: Haitong International Asset Management (HK) Limited 1 Haitong RMB Investment Fund Series - Haitong Global RMB Fixed Income Fund May 2018 This statement provides you with key information
More informationGUIDE TO SECURITIES TRADING. in Vietnam August 2017
GUIDE TO SECURITIES TRADING in Vietnam August 2017 1 OPTIONS FOR CUSTODY VIETNAMESE SECURITIES FOR FOREIGN INVESTORS... 3 2 THREE STEPS TO ONSHORE CUSTODY... 4 2.1 Step 1: Opening Custody Securities and
More information