IBK announced on Oct. 25 that it ranked first among the six major Korean commercial banks in terms of operating returns on principle and interest guarantee individual retirement pensions (IRPs).
According to the Financial Supervisory Service’s Integrated Pension Portal, an operating return on IBK’s principle and interest guarantee IRPs stood at 3.49 percent as of the end of the third quarter of 2024.
This percentage was the highest among the six largest banks. But an operating return on IBK’s defined contribution (DC) IRPs hit 3.52 percent, taking third place.
IBK was able to steadily elevate operating returns by significantly relaxing the subscription conditions to allow IRPs to purchase equity-linked bonds (ELBs), which had been sold to corporate customers and adding a new product reservation feature to non-face-to-face channels to expand customers’ accessibility.
Meanwhile, IBK made all preparations to minimize the inconvenience of members and stably run the Retirement Pension Transfer System during the initial implementation of the system, including the establishment of the Retirement Pension Transfer Task Force.
To strengthen product competitiveness, IBK will add more than 40 ETF products to its current 114 retirement pension ETF products to expand their number to about 160 this year.
The bank will also continue to introduce differentiated products and services, including utilizing the latest AI-based pension management platform to provide services that enhance pension asset management and returns.
IBK will hold events tailored to the Retirement Pension Transfer System.
By Dec. 20, 2,000 customers who completed transfers of retirement pensions to IBK from other financial institutions and those who purchased ELBs from IBK Investment & Securities will receive 10,000-won Shinsegae gift certificates through a lottery.
A total of 1,000 customers who net purchased at least one share of retirement pension ETFs by the end of 2024 will receive fried chicken, hamburger set and coffee coupons among others.
Appreciating First IBK SME Employee Savings Customer
IBK announced that it held a roadside promotion and the first customer appreciation event with the Ministry of SMEs and Startups to commemorate the launch of IBK SME Employee Savings on Oct. 28.
The event was held at IBK’s Guro-dong branch in the Seoul Digital National Industrial Complex, an area with a high concentration of small and medium-sized enterprises (SMEs) and their employees, with the participation of Minister of SMEs and Startups Oh Young-joo and IBK President Kim Sung-tae.
Minister Oh and IBK President Kim along with employees of IBK’s Guro-dong branch, conducted a street outreach campaign to deliver product brochures directly to SME employees on their way to work.
They also congratulated the first SME employee that signed up for the product and the head of the employee’s company and encouraged employees of IBK’s Guro Branch.
IBK SME Employee Savings is a five-year, freely accumulative installment savings product that allows SME employees to contribute 100,000 won to 500,000 won per month, and IBK pays 20 percent of the contributions to the SME employees upon maturity.
‘The Art Plaza: Walkie-Talkie by IBK’
IBK successfully hosted “2024 The Art Plaza: Walkie-Talkie by IBK” to promote artistic activities and local business activities.
Organized by IBK and the IBK Happiness Sharing Foundation, 2024 The Art Plaza: Walkie-Talkie by IBK ran in the Euljiro area of Seoul from Oct. 30 to Nov. 3.
The event, in its third year, is a visual arts festival with no entrance fee, participation fee or commission. It is held in 11 vacant underground spaces that transformed into visual arts exhibition spaces.
The Art Plaza 2024 is an art festival dedicated to supporting emerging new artists and promoting local commerce with diverse programs of exhibitions and events.
The festival’s main exhibition featured more than 80 emerging artists, exhibiting more than 300 works.
The IBK Finance Tower presented cultural lectures by artists, business leaders and professors and mentoring programs.
In addition, various cultural and artistic programs will be held at the IBK headquarters and underground arcade.
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