Lotte Chilsung Beverage Leads Joint Growth in the Alcohol Industry with IBK Industrial Bank

On the 22nd, at the 'Agreement Ceremony for Fund Management' held at IBK Finance Tower, Park Yoon-gi, CEO of Lotte Chilsung Beverage, Lee Seok-hong, President of the National General Liquor Wholesale Association, and Park Joo-yong, Vice President of IBK Industrial Bank, are taking a commemorative photo.

[Asia Economy Reporter Seungjin Lee] Lotte Chilsung Beverage's alcoholic beverage division announced on the 23rd that it will operate a 'Win-Win Growth Cooperation Fund' for alcoholic beverage wholesalers who are experiencing significant difficulties due to COVID-19, in collaboration with IBK Industrial Bank of Korea.

This fund, established to improve the liquidity of alcoholic beverage wholesalers affected by COVID-19, is jointly funded 50% each by Lotte Chilsung Beverage and IBK Industrial Bank of Korea, with a total support limit of 10 billion KRW to be provided to wholesalers who wish to receive assistance.

Alcoholic beverage wholesalers wishing to apply for support can do so through Lotte Chilsung Beverage, and after screening by IBK Industrial Bank of Korea, loans will be processed accordingly.

To prevent disorderly conduct in alcoholic beverage transactions and to operate the fund efficiently, Lotte Chilsung Beverage is promoting the fund’s purpose and usage to wholesalers through the National Association of Alcoholic Beverage Wholesalers. The company plans to actively communicate that the fund support is not a means to increase Lotte Chilsung Beverage’s sales but a path to fostering a culture of win-win cooperation between large and small-medium enterprises for the domestic alcoholic beverage industry in crisis.

The signing ceremony held on the 22nd at IBK Finance Tower was attended by Yoon-gi Park, CEO of Lotte Chilsung Beverage; Seok-hong Lee, President of the National Association of Comprehensive Alcoholic Beverage Wholesalers; and Joo-yong Park, Vice President of IBK Industrial Bank of Korea.

Yoon-gi Park, CEO of Lotte Chilsung Beverage, said, “We established this fund to share the pain and overcome the crisis with the domestic alcoholic beverage industry struggling due to COVID-19,” adding, “We will do our best for the development of the domestic alcoholic beverage industry and win-win cooperation with our partner companies.”