Kim Sung-tae Bank President, 100-Day Inauguration Press Conference
Kim Sung-tae, President of IBK Industrial Bank of Korea, stated on the 11th, “Over the next three years, we will steadily supply more than 200 trillion won in funds to small and medium-sized enterprises (SMEs) and small business owners, while also reducing financial cost burdens through an integrated interest rate reduction package worth a total of 1 trillion won. Additionally, we will become a seed bank to complete the growth finance pathway by supplying more than 2.5 trillion won in venture capital, focusing on technology startup companies.”
President Kim held a press conference marking his 100th day in office at the Korea Federation of Banks in Jung-gu, Seoul, on the morning of the same day, and said, “If we steadily implement these new visions and strategic direction tasks over the next three years, we expect IBK to exceed total assets of 500 trillion won by 2025.”
He first set IBK’s new vision as “a global top-tier financial group that innovatively provides the best services,” and established the strategic directions for pursuing this vision as “a robust bank,” “a proper bank,” and “a vibrant organization.”
President Kim emphasized that to realize a robust bank, IBK must faithfully fulfill its role as a policy financial institution while strengthening its own competitiveness. To foster technology and advanced companies, the bank plans to pursue ▲ bold venture capital supply ▲ establishment of an M&A platform dedicated to SMEs ▲ discovery and support of 1,000 technology innovation companies over three years ▲ development of an ESG evaluation model specialized for SMEs ▲ consideration of establishing a dedicated organization for integrated support of SME digital transformation ▲ and prompt execution of SME fund supply (56 trillion won).
As measures to strengthen internal competitiveness, IBK will implement ▲ establishment of a digital personal finance work center ▲ construction of a hybrid face-to-face and non-face-to-face sales model ▲ introduction of MyData services for corporate customers ▲ establishment of the IBK SME Data Bank platform ▲ and expansion of custody and asset management services.
In particular, President Kim also plans to expand profits in the global and subsidiary sectors. To this end, IBK will expand its network by converting its Vietnam branch into a corporation and establishing a corporation in Poland, while expanding partnerships with local platforms. Furthermore, to discover new businesses and create synergies among subsidiaries, the group will create communication and collaboration programs within the group and introduce a digital-based management system.
President Kim said, “We will solidify the foundation for balanced growth between corporate and personal finance, interest and non-interest income, domestic and global businesses, and banks and subsidiaries. We aim to double global sector profits to 250 billion won by 2025 and expand the profit share of subsidiaries to 15%.”
IBK plans to expand non-financial services such as SME consulting and job matching through the ‘IBK Box’ platform and strengthen digital competitiveness. President Kim explained, “To strengthen the sound growth of each balanced business sector, we will dramatically improve the quality of non-financial services. Digital will be embedded at the core of all business organizations to enhance overall competitiveness.”
Additionally, President Kim will continue efforts for a proper and vibrant bank by enhancing financial consumer protection and internal controls, expanding the handling of financial products for low-income earners, promoting personnel and organizational innovation, reorganizing authority by business sector, and expanding communication programs such as the IBK Red Team.
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