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MARKETS | Tony Chua, Korea
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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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