Korea's best bank for SMEs 2023: Industrial Bank of Korea
Industrial Bank of Korea
Industrial Bank of Korea is named the best bank for small and medium-sized enterprises in Korea this year thanks to its provision of specialized services to the sector, from flexible financing to personalised advisory.
The bank has had a market share of more than 20% in the domestic SME loans market for several years. It extended W40.6 trillion ($31 billion) emergency relief loans to SME businesses during the Covid-19 pandemic, and by 2022 had increased its market share to 23%, solidifying its position as the market leader.
IBK has developed two programmes specifically for SMEs: the IBK Financial Doctor Service and the Startup Acceleration programme. The former analyses and diagnoses the overall competitiveness of SMEs to provide support for their growth. The latter offers liaison services in investments and financing, business mentoring and consulting services that are customized to an individual client’s needs.
As of 2022, the bank has sponsored a total of 538 innovative startups and provided financing amounting to just over W1 trillion.
Several further initiatives were introduced in 2022 by the bank.