KB Kookmin Bank and Korea Trade Insurance Corporation to Provide 460 Billion Won in Financial Support for Export and Import Companies

Special Contribution of 30 Billion Won...
Expansion of Agreement Guarantees and Reduction of Guarantee Fees
Support for the Growth of Export and Import Companies

▲On the 20th, at the KB Kookmin Bank headquarters, Jang Youngjin, President of Korea Trade Insurance Corporation (left), and Lee Hwanjoo, President of KB Kookmin Bank (right), are posing for a commemorative photo at the business agreement ceremony to promote export and import activities of small and medium-sized enterprises. Provided by KB Kookmin Bank

KB Kookmin Bank announced on June 23 that it had signed a "Business Agreement for the Promotion of Export and Import Activities of Small and Medium-Sized Enterprises" with Korea Trade Insurance Corporation on June 20.

The signing ceremony was held on the same day at the KB Kookmin Bank headquarters in Yeouido, Seoul, and was attended by Jang Youngjin, President of Korea Trade Insurance Corporation, Lee Hwanjoo, President of KB Kookmin Bank, and officials from both organizations.

This agreement was established with the aim of supporting small and medium-sized export and import companies, which are the backbone of the domestic economy, through mutual cooperation between KB Kookmin Bank and Korea Trade Insurance Corporation, and to promote sustainable growth, mutual prosperity, and an export-led economic recovery.

KB Kookmin Bank will make a special contribution of 30 billion won to provide financial support for export and import companies totaling about 460 billion won. Korea Trade Insurance Corporation will use 27 billion won of the funds contributed by KB Kookmin Bank to provide agreement guarantees totaling 459 billion won, and KB Kookmin Bank will use this as a basis to offer various financial services to export and import companies, such as working capital loans and foreign currency payment guarantees. In addition, 3 billion won will be used to reduce guarantee and insurance fees that companies would otherwise have to pay.

Furthermore, both organizations will expand the types of agreement guarantees from the current three to seven, and will establish practical support measures that reflect the increasingly diverse forms of trade transactions and the financial needs of small and medium-sized export and import companies.

Lee Hwanjoo, President of KB Kookmin Bank, stated, "We will provide the best financial services to promote the sustainable growth of export and import companies facing difficulties due to recent instability in the Middle East and the United States' reciprocal tariff measures, and to contribute to expanding the export base and virtuous cycle of our economy."