Industrial Bank of Korea Establishes Dedicated Headquarters for the Fund for Industrial Stabilization

Major Organizational Restructuring on the 20th... Establishment of the Period Industry Stabilization Fund Headquarters
Corporate Competitiveness Enhancement Support Team Expanded and Reorganized into Corporate Restructuring Division 3

[Asia Economy Reporter Jo Gang-wook] Korea Development Bank (KDB) will establish a dedicated organization called the 'Period Industry Stabilization Fund Headquarters' to manage the 40 trillion won Period Industry Stabilization Fund.

KDB announced on the 20th that it held a board meeting and approved an organizational restructuring plan mainly to establish the 'Period Industry Stabilization Fund Headquarters (Fund Headquarters)'.

The Fund Headquarters, established under the Corporate Finance Division, will consist of the 'Fund Secretariat,' responsible for fund operation planning and bond issuance, and the 'Fund Management Bureau,' which handles fund disbursement and post-management tasks. It is expected to perform roles such as enhancing the competitiveness of period and core industries and resolving corporate management difficulties in connection with KDB's existing corporate finance functions.

The Fund Headquarters, launching with a total of 35 members, is scheduled to begin full-scale operations on the 21st and plans to prepare for the official inauguration ceremony next week as well as the 1st Fund Operation Deliberation Committee meeting to decide on the fund operation plan.

Along with this, KDB expanded and reorganized the existing 'Corporate Competitiveness Enhancement Support Group' within the Restructuring Headquarters into the 'Corporate Restructuring 3 Office' to provide proactive focused management for companies requiring prior improvement and competitiveness enhancement during the COVID-19 recovery process.

A KDB official said, "Through this organizational restructuring, we have established a system that can quickly and efficiently support national period industry companies affected by the COVID-19 crisis," adding, "We will make every effort to maintain employment and competitiveness of our companies."

This content was produced with the assistance of AI translation services.