Chairman Lee Dong-gull of Korea Development Bank. (Photos: KDB)

Korea Development Bank (KDB) will go all out to help nurture next-generation businesses take firm root.

 KDB says it will do everything it can to provide expanded support to reformed growth of businesses, while boosting the scale of financial support including loans and making direct investments in venture firms with great potential.

Chairman Lee Dong-gull said this is the year that the Korean economy needs a hero. The bank should come up with wiser moves than before and work on to complete changes and reform this year, he added.

The bank has already introduced data science in its operation as part of a plan to digitalize its facilities and train its personnel so they can grow with the bank.

The bank will also strengthen financial loans by allocating net profit to a fund to share with the businesses.

KDB, in a recent reorganization, setup the Venture Financial Headquarters in its reform growth sector, a move taken to strengthen its financial support for growth stages.

The Industrial and Financial Center was set up in the corporate financial sector, which will provide exclusive financial support for the industrial sector, including parts and materials, and the second battery area in particular.

Korea Development Bank raised 400 billion won via sustainable bonds issued to domestic institutional investors.

The bond’s term and coupon were not disclosed. The issuance was the policy bank’s third offering of ESG bonds following an issuance of 300 billion won worth of green bonds and 300 billion won worth of social bonds in 2018.

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KDB Bank, the Covered Company, was established in April 1, 1954 as a government-owned financial institution pursuant to the KDB Act, as amended. Since its establishment, KDB Bank has been the leading bank in Korea with respect to the provision of long-term financing for projects designed to assist the nation’s economic growth and development. The Korean government owns all of its paid-in-capital.

A view of Korea Development Bank headquarters in Yeouido, Seoul.