IBK Announces Its Key Tasks in Ceremony to Honor 65th Anniversary

Jang Min-young, president of IBK, delivers a speech in a ceremony held in honor of the bank’s 65th anniversary at IBK Headquarters in Seoul on July 31. (Photo: IBK)

IBK held a ceremony in honor of its 65th anniversary at its headquarters in Euljiro, Jung-gu, Seoul, attended by approximately 300 employees on July 31.

In the ceremony, IBK President Jang Min-young looked back on the history of the bank, which has grown while supporting Korea’s small and medium-sized enterprises as its driving force, and explained challenges facing the bank.

“Even amidst rapidly changing global economic conditions and shifts in financial paradigms, IBK has fulfilled its duties as a state-run bank,” Jang said.

“We will be reborn as a bank that fulfills its social responsibilities through ‘ON-IBK,’ the bank’s new future vision that lights up the potential of businesses and individuals and makes the whole world a better place.”

To this end, IBK will provide over 30 trillion won in support by 2030 for the rehabilitation and recovery of financially marginalized and vulnerable borrowers and to spread the warmth of inclusive finance throughout the financial sector.

Furthermore, the bank intends to concentrate its capabilities on productive finance to actively support the growth of small and medium-sized enterprises and innovative regional companies.

In addition, Jang stated that the bank will not rest on its laurels but will boldly transform into an “AI Native Bank” to pursue substantial growth.

Employee happiness must always be the foundation of such growth, Jang emphasized.

He pledged to create a great workplace where employees can feel happiness at IBK.

Finally, Jang expressed deep gratitude, stating, “IBK’s 65-year history was made possible thanks to the dedication and hard work of all employees.”

He urged IBK employees “to lead IBK to offer new vitality for the Korean economy by leveraging IBK’s great potential and experience in creating opportunities in spite of difficulties.”

IBK Launches Digital Consular Authentication of Financial Power of Attorney Service

IBK announced that it launched the Digital Consular Authentication of Financial Power of Attorney Service to enable Koreans residing abroad to use Korean financial transactions more conveniently on July 30.

This service supports the electronic transmission and verification of powers of attorney that received consular authentication from overseas diplomatic missions to financial institutions.

Previously, overseas Koreans had to go through the hassle of delivering powers of attorney that received consular authentication via international mail to delegate Korean financial affairs to an agent, which consumed time and costs and raised concerns about document loss.

With the introduction of this service, powers of attorney are now immediately transmitted to banks digitally, allowing for faster and more convenient processing of Korean financial transactions even while staying abroad.

Furthermore, by securely transmitting and verifying powers of attorney based on electronic documents, the service prevents forgery and alterations of powers of attorney and significantly enhances the level of personal information protection.

“We expect this service to significantly enhance financial convenience for Koreans in overseas countries,” an IBK official said.

“IBK will continue to expand customer-centric financial services based on digital technology.”

Launch of i-ONE Sunshine Loan Special Guarantee

IBK announced on August 6 that it will launch i-ONE Sunshine Loan Special Guarantee, a non-face-to-face loan product, to improve financial accessibility for vulnerable groups such as low-income people and low-credit borrowers.

This product is a non-face-to-face product following the ‘IBK Sunshine Loan Special Guarantee,’ a face-to-face product launched in January.

The product’s eligibility is limited to salaried employees who have been employed for at least three months, have an annual income of 35 million won or less, and whose credit score from external credit rating agencies (NICE and KCB) falls within the bottom 20%.

The loan limit is up to 10 million won per person. The interest rate is 6% per annum, and early repayment penalties are fully waived.

In particular, IBK offers a reduction in the guarantee fee rate of up to 1.5% per annum for diligent borrowers who meet certain requirements such as having a cumulative delinquency period of 60 days or less after the loan is executed.

Details, including loan application information, will be available through the i-ONE Bank App starting on August 7.