|Date joined:||15 April, 2021|
|Initiatives:||Principles for Responsible Banking|
Industrial Bank of Korea was established in 1961 pursuant to the [Industrial Bank of Korea Act] by the Government of Korea to provide development finance and related banking services to small-and medium-sized enterprises in Korea.
Under the IBK Act, IBK is the only financial institution in Korea that may borrow Korean government funds for the benefit of small-and medium-sized enterprises and issue Small and Medium Industry Finance Bonds (the SMIF Bonds).
IBK has a nationwide branch network with over 690 branches, through which the bank provides comprehensive SMEs banking services. IBK also has overseas branches and subsidiaries to support small- and medium-sized enterprises operating abroad.
IBK is a leader in SMEs financing, and it plans to maintain and strengthen their leadership in the segment. IBK sees SMEs as important future growth engines that will seize the initiative in the Fourth Industrial Revolution and Carbon Neutral.
As part of this strategy, Sustainability is integrated into IBK’s business strategy, and adherence to international initiatives that seek to increase positive impacts on society and the environment is a commitment of the bank. Being part of UNEP FI will help IBK share best practices in the financial sector related to ESG fields, with special attention to sustainable finance.