Gwangju Bank announced on May 15 that it has signed a financing support business agreement with the Ministry of Employment and Labor and the Korea Credit Guarantee Fund to promote retirement pension plans.
The signing ceremony, held recently at the Korea Federation of Banks conference room, was attended by Kim Minseok, Vice Minister of Employment and Labor, Lee Sungjoo, Executive Director of the Korea Credit Guarantee Fund, Ko Jaedeok, Deputy President of Gwangju Bank, and representatives from ten other banks.
This agreement was established to ease liquidity burdens for small and medium-sized enterprises (SMEs) experiencing difficulties in introducing retirement pension plans. Under the agreement, Gwangju Bank will make a special contribution to the Korea Credit Guarantee Fund and will offer reduced guarantee fees and preferential interest rates to SMEs that have implemented retirement pension plans for more than one month.
In addition, Gwangju Bank plans to hold informational sessions for SMEs to enhance understanding of retirement pension plans and support their stable operation. The bank will also provide practical assistance, including establishing reserve management plans and offering customized consulting services for businesses.
Gwangju Bank is also strengthening its capabilities in terms of subscriber services. Dedicated retirement pension consultants have been assigned to all branches to enhance expertise, and WM-specialized branches have been established at major locations to provide tailored asset management services, fulfilling the role of a reliable asset management partner for customers.
The bank has received a positive response from customers by implementing a "one-on-one customized consulting service," in which asset management and yield management experts visit companies directly. Furthermore, the number of performance-based products will be expanded from the current 300 to around 400 this year, allowing for a more diverse portfolio composition.
Bae Inmyeong, Head of the Trust and Pension Department, stated, "Through this agreement, we hope to reduce the financial burden on SMEs struggling to introduce retirement pension plans and to contribute to the expansion of the system. As the leading regional bank, we will do our utmost to become the top retirement pension provider in the local pension market."
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