SEOUL: The Export-Import Bank of Korea said on Thursday it signed a memorandum of understanding with Hyundai Motor Co to offer the South Korean automaker financial support worth about 3 trillion won ($2.7 billion) until 2023.

The state bank plans to offer financial support for Hyundai's infrastructure investment in South Korea and abroad as well as for mergers and acquisition, the bank said in a statement.

It did not specify what form of financial support it plans to offer Hyundai.