KB Financial Group Adds Hydrogen Economy and ESG Management as New Tasks for 2022

Additional Support Projects for 'Hydrogen Economy' and 'ESG Management' Aligned with Economic Environment Changes and Social Demands in 2022

[Asia Economy Reporter Park Sun-mi] KB Financial Group held the ‘2021 3rd KB New Deal and Innovative Finance Council,’ composed of executives from the holding company and major affiliates, and announced on the 7th that hydrogen economy and ESG (Environmental, Social, and Governance) management have been added as support tasks.

KB Financial Group exceeded 110% of its annual targets as of the end of November in five major agendas: supporting the Korean New Deal, providing loans to innovative companies, expanding investment in innovative growth, supporting startups and job creation, and fostering startups and innovating financial linkage platforms. In particular, financial support for the Korean New Deal reached 5.6 trillion KRW as of the end of November.

In 2022, KB Financial Group plans to newly add two tasks?hydrogen economy and ESG management?in line with changes in the economic environment and social demands. Additionally, similar tasks such as expanding technology finance and advancing technology evaluation models will be integrated, reorganizing the core tasks of KB New Deal and innovative finance from 17 to 15 to continue more systematic and efficient support.

First, financial support to revitalize the hydrogen economy will be accelerated. In November, KB Financial Group established a master plan for financial support worth 10 trillion KRW through consultations among affiliates. Affiliates including banks, securities, non-life insurance, Prudential Life Insurance, asset management, capital, life insurance, and investment will actively support the activation of the hydrogen economy value chain, including production, storage and transportation, and utilization.

Moreover, KB Kookmin Bank has established an ESG consulting organization to provide consulting services to small and medium-sized enterprises to respond to changes in the ESG management environment, thereby spreading the value of sustainable management throughout society and strengthening social responsibility. Various benefits are also provided during financial transactions through the operation of a preferential system for excellent ESG companies.

A KB Financial Group official stated, “KB Financial Group will continue bold investments and support next year based on three pillars: green, smart, and innovative growth,” adding, “We will make practical and diverse efforts so that society, companies, and KB can grow together.”