IBK Industrial Bank announced on the 28th that it has obtained corporate establishment approval from the Polish Financial Supervision Authority (KNF). This is the first case of a domestic bank establishing a corporation in Poland.
Following the inauguration of President Kim Sung-tae, IBK Industrial Bank opened a Poland office in May last year as its first overseas business to establish a foothold for entry into the European Union (EU). Poland is a production base and the heart of Europe, where domestic large corporations and cooperating small and medium-sized enterprises (SMEs) are actively expanding.
Based on its specialized know-how in SME finance accumulated domestically, IBK Industrial Bank quickly applied for corporate establishment in March this year to resolve financial difficulties of SMEs operating locally and to support local companies. An IBK Industrial Bank official stated, “It generally takes 1 to 1.5 years from application to approval for corporate establishment, but through a task force team (TFT) within the bank that concentrated company-wide capabilities, and with active support from the Financial Services Commission and other government bodies, we were able to receive approval in a short period.”
Following this approval, IBK Industrial Bank plans to promptly obtain a business license and launch the corporation early next year. The newly established Poland corporation will serve as a strategic hub to open additional branches in major European production bases such as the Czech Republic, Hungary, and Slovakia, and to support SMEs entering Europe.
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