KAMCO plays the role of being a safety valve for the Korean economy in times of national economic crises, helping companies normalize their business operations and improve corporate structures to promote sustainable growth.
KAMCO specializes in resolving non-performing debts. Most importantly, to promote sustainable growth, it helps Korean companies restructure before their assets become non-performing.
In 2015, KAMCO launched the Asset Purchase and Lease Program based on its restructuring know-how.
This program provides liquidity by purchasing factories, offices and then leasing them back to the companies.
To date, KAMCO has provided about 2 trillion won in funds to 105 companies.
In 2021, KAMCO introduced the Business Reorganization Support Program to purchase factories and facilities of companies approved for business reorganizations under the Business Revitalization Act through trust and securitization, among others, and leases the assets to support companies so they will be able to continue to use them.
Unlike a rehabilitation process or workout, there are fewer stakeholders, allowing for quick corporate restructurings. So far, KAMCO has provided funds of 228.4 billion won to 11 restructured companies.
KAMCO also collaborates with financial companies to strengthen practical support for restructured companies.
In July, KAMCO and BNK Financial Group mapped out a plan to support companies in Busan, Ulsan, and South Gyeongsang Province.
In August, KAMCO and BNK Busan Bank jointly provided financing to a restructured company recommended by BNK Busan Bank.
This was the first case of KAMCO’s joint support with a private financial company since the launch of the business restructuring program.
An engine parts company in Ulsan received the joint support.
KAMCO and BNK Busan Bank provided about 19.3 billion won in liquidity by placing the company’s factory in a trust and allowing the company to continue using it.
BNK Busan Bank reinvested 7.7 billion won of existing loans to support the company’s smooth business reorganization.
The company will use the funds to reorganize its business structure by developing parts for electric vehicles.
The joint support method between KAMCO and the financial company enabled KAMCO to support more companies with limited financial resources.
The supported company was able to benefit from a lower interest rate than when KAMCO solely supported the company.
Launching Ceremony for BUFF
KAMCO held a launching ceremony for the eighth class of the Busan University Network of Future Financial leaders (BUFF) at KAMCO Maru on the third floor of its headquarters in Busan International Financial Center (BIFC).
The BUFF, which celebrated its eighth year this year, is a collaboration between KAMCO and BNK Busan Bank to support the development of talent in the Busan area. It is an industry-academia-government social contribution program that helps college students interested in the financial field to expand their financial and economic knowledge and employment capabilities.
The eighth class was comprised of 93 students from 11 universities in the Busan area, who were selected through a two-week recruitment process from Aug. 28.
After the launching ceremony, the program will run for about four months until December.
The program will offer contents that will help the participating students find decent jobs such as special lectures on employment in the financial industry, customized career and employment consulting, AI-powered mock interviews, BNK Busan Bank One-Day Camp and financial contests.
Those who excel will be given an opportunity to work at KAMCO for one month.
A total of 120 people attended the launching ceremony including the 8th class of BUFF college students, KAMCO President Kwon Nam-ju, BNK Busan Bank President Bang Seong-bin and KAMCO employee mentors.
Since the launch of the first BUFF class in 2015, KAMCO has supported a total of 709 people to strengthen their employment capabilities until the seventh class in 2023.
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