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IBK Industrial Bank pledges over 30 trillion won for marginalized groups by 2030
🇰🇷 South Korea /Economy & Trade

IBK Industrial Bank pledges over 30 trillion won for marginalized groups by 2030

From Dong-A Ilbo · () Korean

Translated from Korean, summarized and contextualized by DistantNews.

At a glance

News Sources not specified New plan
  • IBK Industrial Bank of Korea announced plans to support financially marginalized groups with over 30 trillion won by 2030.
  • The bank will also focus on productive finance for SMEs and regional innovative companies, and transition to an AI-native bank.
  • CEO Jang Min-young emphasized the bank's commitment to social responsibility and adapting to a changing financial landscape.

IBK Industrial Bank of Korea marked its 65th anniversary by pledging over 30 trillion won to aid financially marginalized individuals and businesses by 2030. The state-owned bank aims to support the recovery and regrowth of those facing financial hardship, while also concentrating on "productive finance" to foster the development of small and medium-sized enterprises (SMEs) and regional innovative firms.

We will become a bank that fulfills its social responsibilities through IBK's new future vision 'ON-IBK,' which ignites the potential of businesses and individuals and warms the entire world.

— Jang Min-youngDuring the bank's 65th-anniversary ceremony, CEO Jang Min-young outlined the bank's new vision and commitment to social responsibility.

During a ceremony at its Seoul headquarters, CEO Jang Min-young outlined the bank's future vision, "ON-IBK," which focuses on fulfilling its social responsibilities and becoming a "bank for the next 100 years." He highlighted the bank's dedication to supporting the Korean economy, drawing on its 65-year history of overcoming challenges and fostering opportunities.

IBK's past 65 years were possible thanks to the dedication and hard work of all our employees. Let us become a new source of vitality for the Korean economy based on IBK's great potential and experience in creating opportunities even amidst difficulties.

— Jang Min-youngCEO Jang Min-young urged employees to leverage the bank's strengths to contribute to the national economy.

Jang reiterated his commitment to inclusive finance, productive finance, and transforming the bank into an AI-native institution, a vision he first shared during his 100-day press conference. He acknowledged the critical juncture the financial industry is at, driven by rapid technological advancements and evolving paradigms. "We cannot survive with existing methods alone," Jang stated, emphasizing the need to redefine the bank's purpose, delivery methods, and operational principles. He pledged that IBK will continue to fulfill its public role, ensuring finance broadly supports society.

We are at a crossroads of great transformation where we cannot survive with existing methods alone in the face of rapid changes in technology and competition.

— Jang Min-youngJang Min-young discussed the need for the bank to adapt to the evolving financial landscape.
DistantNews Editorial

Originally published by Dong-A Ilbo in Korean. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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