IBK, Final Selection of Delegated Manager for 'IBK New Deal Fund' Project

Formation of 1 Trillion KRW Scale 2021 Regular Business
Focused Investment in 5 Areas Including Strengthening D.N.A Ecosystem and Fostering Non-Face-to-Face Industries

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 8th that it has finalized the selection of nine regular business entrusted management companies along with an investment of 140 billion KRW in accordance with the investment plan of the ‘IBK New Deal Fund’ established at the beginning of the year.

The ‘IBK New Deal Fund’ is a fund where Industrial Bank invests a total of 1 trillion KRW as a mother fund over five years, with 200 billion KRW annually (140 billion KRW for regular business and 60 billion KRW for irregular business). Together with private capital, it expands sub-funds such as private equity funds (PEF) and investment associations to support the discovery and nurturing of New Deal innovative companies.

This year, the scale of the regular business fund formation is about 1 trillion KRW across nine companies. Through this fund, the bank plans to focus investments on companies carrying out the five core New Deal tasks selected by the bank: ▲ strengthening the D.N.A (Data, Network, Artificial Intelligence) ecosystem, ▲ fostering non-face-to-face industries, ▲ digitalization of SOC (Social Overhead Capital), ▲ spreading low-carbon and distributed energy, and ▲ building an innovative green industry ecosystem.

Additionally, further investments will be made in fields requiring concentrated investment related to the New Deal through future irregular investment projects.

An IBK Industrial Bank official stated, “We plan to actively support the finally selected management companies so that they can promptly invest in New Deal companies.”