Yoon Jong-won (right), president of the IBK, poses for a photo shoot with Mohammad Al-Tuwaijri, chairman of Saudi SME Bank after inking a business agreement to support the establishment of Saudi SME Bank in a non-face-to-face way on Sept. 7. (Photos: IBK)

The Industrial Bank of Korea (IBK) announced on Sept. 8 that it signed a memorandum of understanding (MOU) on supporting the establishment of Saudi SME Bank in Saudi Arabia with Saudi SME Bank on Sept. 7.

The signing ceremony was held in a non-face-to-face manner, with the attendance of CEO Yoon Jong-won and Saudi SME Bank Chairman Mohammad Al-Tuwaijri among attendees.

With this agreement, the IBK will cooperate in transferring know-how and joint development in major business areas, such as management strategies, risk management, credit system and financial products and services specialized in SMEs for the establishment of Saudi SME Bank.

“This cooperation is the first step in the right direction in strengthening an SME ecosystem in Saudi Arabia,” said Saudi SME Bank Chairman Mohammad Al-Tuwaijri before the signing ceremony.

“We will expand the foundation for SME finance and provide innovative financial solutions through strategic partnerships with the IBK.”

“We will support the successful establishment of Saudi SME Bank based on the IBK’s 60 years of experience and know-how in finance for SMEs,” said Yoon Jong-won, president of the bank.

“We hope to continue a closer cooperation system with Saudi Arabia as a global financial partner in the future.”

Meanwhile, the IBK signed a memorandum of understanding (MOU) with Saudi Arabia’s Small and Medium Business Administration in June 2019 to foster small and medium-sized enterprises, one of the major cooperation tasks of the Korea-Saudi Vision 2030 Committee.

IBK President Yoon Jong-won poses for a commemorative photo with Song Pil-ho, chairman of Hope Bridge after donating 150 million won on Aug. 17.

Donation of IBK Hope Refrigerator

The IBK announced on Aug. 17 that it has delivered 150 million won in donations to Hope Bridge, a national disaster relief association to support on-site medical staff and quarantine workers struggling to prevent the spread of COVID-19.

The donation delivery ceremony was held in the presence of Yoon Jong-won, president of the IBK, and Song Pil-ho, chairman of Hope Bridge.

The donated funds will be used to install “IBK Hope Refrigerators” in clinics and give snack packages such as drinks so that on-site medical staff and quarantine workers who are unable to move outside during breaks can conveniently use them.

“I hope IBK Hope Refrigerators give a little comfort to medical staff who cannot take off their protective clothing despite heat,” Yoon said. “The IBK will continue to fulfill its responsibilities as a corporate citizen through various social contribution activities.”

Event with Saengong

IBK announced on Aug. 23 that it will hold the “Making Your Life Twinkle” Event with the household goods brand Saengong (Life Workshop).”

Those eligible for the event are customers who first registered their IBK deposit and withdrawal accounts in simple payment services (Kakao Pay, Toss, and PAYCO) by the end of September. Then the IBK will offer 10,000 won discount coupons to 5,000 people on a first-come, first-served basis.

Moreover, 5,000-won discount coupons for Saengong will be provided to 3,000 new customers on a first-come, first-served basis, with IBK accounts in the names of their children born after January 1, 2002.

Customers who meet the requirements will receive text messages the following day. They can receive discount coupons after entering their basic information.