IBK, Lotte Chilsung Sign Business Agreement for Cooperation Projects to Overcome COVID-19

IBK "Establishing a KRW 10 Billion Loan Limit to Support Low-Interest Cooperative Loans"

The photo shows Park Juyong, Vice President of IBK Corporate Bank CIB Group (right), Park Yoonki, CEO of Lotte Chilsung Beverage (left), and Lee Seokhong, Chairman of the National General Liquor Wholesale Association (center) posing for a commemorative photo after signing the agreement at IBK Finance Tower in Euljiro, Seoul on the 22nd. Photo by XXX

[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 23rd that it signed a "Mutual Growth Cooperation Project Agreement to Overcome COVID-19" with Lotte Chilsung Beverage at the IBK Finance Tower in Euljiro, Seoul.

According to this agreement, Lotte Chilsung Beverage will deposit 5 billion KRW interest-free with IBK, and IBK will use these funds to create a loan limit of 10 billion KRW to support low-interest "Mutual Growth Cooperation Loans."

The loan targets are Lotte Chilsung Beverage's liquor sector partner companies struggling due to the spread of COVID-19. Borrowers will automatically receive a 0.65 percentage point reduction in loan interest rates. Depending on credit ratings, they can receive up to a 2.05 percentage point reduction. An IBK official stated, "We hope this will help wholesale companies in the liquor sector overcome the crisis caused by COVID-19."