The Industrial Bank of Korea’s slogan has been “Really, Good Bank” based on the concept of “The Better Shared, the Happier World,” which shows the bank’s strategy to win the trust of its customers.
IBK has been at the forefront of social services to help the poor. Some people they are helping include senior citizens living alone, economically isolated, and those at the lowest bottom of the economic strata.
As a result of its excellent social service programs, the bank has won the 2014 Sharing with People Grand Award Presidential Citation, the 2013 Korea Volunteer Social Service Grand Award Presidential Citation and the 2013 National Service Cultural Medal, among other awards.
The Industrial Bank of Korea also made the list of the most socially responsible leaders for the second year in a row this year, which is jointly managed by the Ministries of Labor, Trade, Industry and Energy and Environment and the Growth Companionship Committee.
IBK donated 400 million won to the National Parks Management Corp. in March under its IBK Nature Sharing Project.
The project aims at providing opportunities to economically isolated people to visit the 21 national parts and historic sites around the country. Guides explain historic sites around the country to the visitors under the program.
The program, now in its second year, has already given financial assistances to some 19,800 people to visit the national parks and historic so far. IBK has also been running the “Very Good Food Carts for Love” program to provide free food to those in need. The bank operates the free food carts in 28 locations around the country including Seoguipo, Jeju Island. The truck -- which is a converted 3.5 ton truck equipped with refrigerators -- can feed 3,000 people at a time.
The bank has been gaining popularity for its program to provide mobile equipment to visitors of the seven national cemeteries around the country, entitled, “A Good Love Your Country Service.” It includes providing battery-driven carts to seniors’ surviving family members, battery-driven wheel chairs and buses with lifts.
The bank has also been actively supporting the non-popular sports. In 2011, the bank set up the “Alto” volleyball women’s team, which won the championship in the 2013-2014 season. The bank donates 100,000 won per point in the winning margin for every winning match during the regular season. The bank named it the “Love Spike” donation, which has been going to the welfare projects in Hwasung County in Gyeonggi Province at the end of every volleyball season.
From 2011, the bank has been providing consulting services to small firms with financial difficulties free of charges. That program goes by the apt name, “Very Good Consulting Project.” A consultant stays with the small firms for six months, checking its financials and operations and giving advice.
The bank also has been running, the “Miso Financing” program to provide financial support to SMEs and individuals in poor financial conditions through the Miso Financial Foundation, with its 50 billion won in funds. The foundation has grown to have 21 branches across the country since its establishment in 2009.
Financial sources said the bank has been leading the industry with social service programs dedicated to providing loans to poor workers to stabilize their livelihoods through various financial programs, such as the IBK New Hope Seed Loans, which is normally the kind of financial help that only comes from relatives and close friends.
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