KB Kookmin Bank and Dongguk University Sign Donation Trust Business Agreement

Providing Financial Solutions through the 'KB Widaehan Yusan Donation Trust'

At the 'KB Kookmin Bank-Dongguk University Donation Trust Business Agreement Ceremony for Fostering Future Scholars and Expanding the Donation Culture' held at Dahyang Hall, Dongguk University, (right) Kim Jong-ran, Head of Financial Investment Products Division at KB Kookmin Bank, and (left) Kwak Chae-gi, Vice President for Academic Affairs at Dongguk University, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi]KB Kookmin Bank announced on the 26th that it has signed a business agreement with Dongguk University to "foster future talents and promote a culture of donation through financial solutions utilizing bank trusts."

The signing ceremony held at Dahyang Hall, Dongguk University in Jung-gu, Seoul, was attended by Kim Jong-ran, Head of Financial Investment Products Division at KB Kookmin Bank, Kwak Chae-gi, Vice President of Academic Affairs at Dongguk University, and officials from both institutions.

Through this business agreement, KB Kookmin Bank will provide various financial services, including donation solutions through the "KB Great Heritage Donation Trust" to Dongguk University. In particular, the two parties will cooperate to resolve concerns about donations of real estate, money, and other assets from alumni or Buddhist believers for fostering future talents through trusts and to create a sound donation culture. Additionally, the bank plans to supply safe trust products and support expert lectures at donation and inheritance-related seminars hosted by the university.

Donors can entrust their assets to the bank and manage the trust assets during their lifetime, then donate the assets to the university after their death. If the donated assets are real estate, donors can continue to reside there or receive rental income, thus resolving housing and living expense concerns even after the trust contract. Furthermore, donors can receive consulting from the bank’s legal and tax experts as needed, allowing for various inheritance and donation plans tailored to the donor’s needs.

A KB Kookmin Bank official said, "We expect this agreement to contribute to spreading a culture of donation in our society by shifting the donation paradigm to include both money and real estate," adding, "We will continue to provide financial solutions that contribute to the formation of a mature inheritance culture and practice 'finance that changes the world.'"