As the only way for further growth, bank plans to create ‘Financial Hallyu’ as it celebrates 52nd year in operation
President Cho Joon-hee of the Industrial Bank of Korea delivers his
congratulatory speech at a ceremony for the
bank’s 52nd anniversary on Aug. 1 at the bank’s head office in
Eulji-ro, downtown Seoul.(Photo: IBK)
The Industrial Bank of Korea celebrated its 52nd anniversary on Aug. 1 at its head office in Eulji-ro, downtown Seoul, with around 400 of its top executives and staff in attendance led by President Cho Joon-hee, the bank said recently.
President Cho, in his congratulatory speech, said people and business firms display real talent during crises. “Amid this crisis, which is different from the past, we should try to make IBK a top, super-class bank in Korea with united energy and speed special to IBK,” he said.
Cho continued to say that SMEs are an eternal companion to IBK and a column supporting the national economy and IBK has a duty to help make well-run SMEs into global companies and help those poor ones recover their competitive health by falling back on its experiences that stretch back for over half a century.
Cho cautioned people against believing in large-scale companies with large profits any more. “You should share with customers to win their hearts and minds in order to be a respectable bank and to be reborn as a great bank,” the CEO continued.
During the event, a dedication ceremony took place for the 10th Hall of Fame for Business Leaders and presented plaques to President Lee Young-sub of Jin Hap Co. and President Noh Young-baik of Wooju Electronics Co., the new inductees in the hall of fame.
Cho said IBK finds new energy on every founding anniversary, feeling the endless possibility for step-by-step progress like a rushing locomotive that can break up any obstacles ahead. “What brought IBK to where it is today is the united energy unique to IBK and the spirit that breathes in IBK,” the top executive said.
“No one here remembers what Korea looked like 52 years ago and how IBK was with only worn-out photos and whimsical records telling us how they were. No one even thought that Korea would be among the 10 largest economies in the world and that IBK would be undeniably the strongest provider for SME finance,” Cho said.
“As the song for IBK says, the bank was launched to overcome the poverty of the Korean people through industrial development. The word ‘poor’ sounds unfamiliar to us now, but not half a century ago when Korea was one of the poorest nations in the world and IBK was just a small bank to help develop SMEs in a country where large and sound business firms did not exist.
“Now, however, things have changed. The world economy is in trouble, changing the global financial environment and, therefore, we have to find a new way to build a new IBK and build a base for its growth in the next century,” Cho said.
President Cho Joon-hee of Industrial Bank of Korea poses with the two inductees of the 10th IBK Fall of Fame for
business leaders during the 52nd anniversary ceremony on Aug. 1, President Lee Young-sub of
Jin Hap Co and President Noh Young-baik of Wooju Electronics Co.(Photo:IBK)
He said the bank should strengthen its role to assist SMEs to grow further and inspire creativity, knowledge, and technology to launch SMEs. IBK should help SMEs become medium-sized firms and medium-sized firms to become large firms with IBK at the forefront, leading the construction of a flourishing business ecology,” Cho said.
Cho also urged IBK to accelerate its global operations through an overall reform of the localization of its units in various countries and systematic management with the domestic financial market reaching a saturation point as evidenced by the shutdown of retail banking by HSBC and other global banks operating in Korea.
“Globalization is the only way for IBK’s further growth,” Cho said. “We are faced with a big wave in front of us and the unpredictable changes in global financial market trends move faster than us. We are faced with difficult battles and tiresome and long decisions. We ought to try to build a financial Hallyu overseas with all the energy we have and sharing management should be practiced in all sectors of our bank from now on.”