‘IBK Will Live Up to Roles of Policy Bank Institution in the Next 60 Years’

President Yoon Jong-won of the Industrial Bank of Korea (IBK) delivers his commemorative speech at a ceremony to celebrate its 61st anniversary at IBK headquarters in Uljiro, Seoul, on Aug. 1. (Photos: IBK)

President Yoon Jong-won of the Industrial Bank of Korea (IBK) said, “Despite difficult challenges such as technology reform, IBK will have to live up to roles of a policy bank institution in the next 60 years and ramp up its competitiveness on its own.”

IBK held a ceremony to celebrate its 61st anniversary under the theme “A Powerful Journey toward the Next 60th Anniversary” at IBK headquarters in Uljiro, Seoul, on Aug. 1.

Among those on hand at the event were Prime Minister Han Duck-soo, IBK President Yoon and Chairman Baek Hye-ryun of the National Assembly National Policy Committee.

The event took place with a limited number of participants in consideration of the recent COVID pandemic situation.

In his speech at the event, IBK President Yoon said, “IBK was a small financial institution with a capital of 200 million won, but its mission of nurturing SMEs is not small.

“IBK has supported the development of the national economy and played a part of a financial safety valve of SMEs in case of every economic crisis,” he said.

Dignitaries, including Prime Minister Han Duck-soo, IBK President Yoon and Chairman Baek Hye-ryun of the National Assembly National Policy Committee clap their hand at the 61st anniversary event.

Over the next 60 years, President Yoon made three promises: offering support to help SMEs and small businesses overcome crises, a shift in the SME financing paradigm and establishing the ‘right management.’

In his commemorative speech, Prime Minister Han said, “IBK has greatly contributed to leading the nurture and growth of SMEs and the development of the Korean financing industry.”

Prime Minister Han called for IBK, as a strong partner, to ease the financial burden for SMEs and small businesses, and nurture the venture industry and pump-priming for innovative growth.

Chairman Baek of the National Assembly National Policy Committee stressed the importance of the role of financing to overcome the current economic crisis, such as high interest rates, high prices and high foreign currency exchange rates.

Chairman Baek urged IBK to become a strong partner and a buttress to Korean SMEs and small businesses.

An IBK official said, “We’re sorry not to invite many customers to prevent the spread of the COVID pandemic., and IBK will endeavor to open a new world of financing as a reliable state policy bank in the new 60 years.”