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Korea’s state-invested IBK launches Indonesian commercial bank
Collected
2019.09.20
Distributed
2019.09.21
Source
Go Direct


Korea’s state-invested IBK launches Indonesian commercial bank

[Photo by Industrial Bank of Korea]


South Korea’s state-invested Industrial Bank of Korea (IBK) announced on Thursday it held a ceremony to launch IBK Indonesia Bank in the country’s capital city of Jakarta on Wednesday. The ceremony was attended by 300 bank officials and representatives from Korean companies there, including IBK CEO Kim Do-jin, Korean ambassador to Indonesia Kim Chang-beom and Korean Ambassador to ASEAN Lim Sung-nam.


“We will contribute to the economic development of Indonesia and help the growth of small and medium enterprises across the country based on our 58 years of specialized financing for SMEs,” said IBK CEO Kim in his opening remarks.


Korea’s state-invested IBK launches Indonesian commercial bank

[Photo by Industrial Bank of Korea]


IBK Indonesia has set its sights on establishing itself as the country’s top lender for small enterprises with a goal of generating 25 percent of IBK’s profits overseas by 2023. IBK The bank plans to support not only Korean businesses in Indonesia but also local Indonesian businesses by setting up a help desk dedicated to Korean firms and a foreign currency department. It aims to increase the number of outlets from 30 to 55 by 2023.


Korea’s state-invested IBK launches Indonesian commercial bank

[Photo by Industrial Bank of Korea]


IBK said it will continue efforts to build a global financial network to support Korean small enterprises operating abroad.


IBK has 58 retail and commercial branches across 12 countries as of end-September, and plans to expand its network to 165 branches in 20 countries by 2025.


By Kim Tae-sung and Minu Kim


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