IBK, Decides on 412.5 Billion Won Paid-in Capital Increase... COVID-19 Loan Support
[Asia Economy Reporter Kwon Haeyoung] IBK Industrial Bank has expanded its capacity to support small business financing through a paid-in capital increase worth 412.5 billion KRW.
According to the Financial Supervisory Service on the 18th, IBK Industrial Bank announced that its board of directors resolved the third-party allotment paid-in capital increase amounting to 412.49999 billion KRW the previous day. The new shares to be issued are 57,523,357 common shares, with an issue price of 7,171 KRW per share.
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This capital increase aims to strengthen capital for operating a special support program for small business owners affected by the novel coronavirus disease (COVID-19). IBK Industrial Bank is supplying ultra-low interest loans at an annual rate of 1.5%, guaranteed by the government, to small and medium enterprises and small business owners, totaling 5.8 trillion KRW.
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