Yoon Jong-kyu Responds with 9 Trillion Won on the Same Day He Met Eun Sung-soo... KB Financial Unveils Korean New Deal Plan (Comprehensive)

KB Financial Group to Invest Total of 9 Trillion KRW in Korean New Deal by 2025
Eun Sung-soo, Financial Services Commission Chairman, Encourages Active Participation in Korean New Deal at Meeting with Five Major Holding Company CEOs on 23rd
Chairman Yoon Jong-kyu: "Support for Areas Requiring Private Capital"

[Asia Economy Reporter Jo Gang-wook] Yoon Jong-kyu, Chairman of KB Financial Group, announced on the 23rd a plan to invest a total of 9 trillion KRW to support the 'Korean New Deal' project by 2025. This large-scale investment was announced on the same day that Eun Sung-soo, Chairman of the Financial Services Commission, urged cooperation on the Korean New Deal policy during a breakfast meeting with the heads of the five major financial holding companies.

On the same day, Chairman Yoon held the 'KB New Deal and Innovative Finance Council,' composed of key executives from major affiliates including Heo In, President of KB Kookmin Bank, and announced that they would actively participate in the 'Korean New Deal' policy through continuous promotion and expansion of innovative finance.

KB Financial's '2020 Innovative Finance Promotion Status,' consisting of 16 core tasks under four major agendas, has been progressing rapidly with an average progress rate of 66.5% as of the end of June. KB Financial explained that this reflects the group's proactive efforts to coexist with companies, such as expanding credit support for companies struggling due to COVID-19 (technology finance progress rate 85.2%, support of 5.8 trillion KRW).

At the meeting, it was decided to expand the 'KB Innovative Finance Council' to the 'KB New Deal and Innovative Finance Council.' They also reviewed the status of credit support and investment for innovative companies, discussed future key promotion plans, and deliberated additional measures to effectively support the 'Korean New Deal' project.

Focusing on 'Digital-Green Convergence' and 'Green New Deal,' which have large private investment scales among the 'Korean New Deal' projects, additional core tasks were selected and group-level promotion plans were discussed. To this end, the group's Chief Corporate Investment Banking (CIB) officer will join the 'KB New Deal and Innovative Finance Council' as a new member, concentrating capabilities on selecting and promoting supportable areas.

Chairman Eun Sung-soo Encourages Participation in 'Korean New Deal' at Meeting with Heads of Five Major Financial Holdings

KB Financial Group decided to prioritize support in areas such as 'Green Smart School,' 'Digitalization of National Safety Social Overhead Capital (SOC),' 'Green Remodeling,' 'Green Energy,' and 'Eco-friendly Future Mobility,' aiming to invest a total of 9 trillion KRW by 2025 (approximately 1.05 trillion KRW annually, about 30% of private investment scale).

Eun Sung-soo, Chairman of the Financial Services Commission, is having a breakfast meeting with the chairmen of the five major financial holding companies at a restaurant in Seoul on the 23rd. From the second on the left, clockwise: Cho Yong-byeong, Chairman of Shinhan Financial Group; Kim Jung-tae, Chairman of Hana Financial Group; Kim Kwang-soo, Chairman of NH Nonghyup Financial Group; Sohn Tae-seung, Chairman of Woori Financial Group; Eun Sung-soo, Chairman of the Financial Services Commission; Yoon Jong-kyu, Chairman of KB Financial Group.

Previously, KB Financial was the first in the financial sector to establish an 'ESG (Environmental, Social, Governance) Committee' within its board of directors, leading ESG management. It is fostering ESG-related businesses, which have gained importance after the COVID-19 pandemic, as core strategic businesses of the group. Including renewable energy fields such as the 'Haenam Solar City Solar Power and Energy Project' and the 'Yeongam Wind and Solar Power Project,' the scale of ESG products, investments, and loans, which was about 20 trillion KRW as of the end of last year, will be expanded to 50 trillion KRW by 2030, and the group plans to reduce carbon emissions by 25%.

At the meeting, Chairman Yoon said, "We must do our best in the fundamental role of finance to successfully promote the national task of the 'Korean New Deal.' We will actively participate in the transition to a digital economy, such as revitalizing the data industry, and take the lead in supporting areas where private capital is needed."

Meanwhile, Chairman Eun held a private breakfast meeting with the heads of the five major financial holding companies at a location in Seoul that morning. Attendees included Chairman Yoon, Cho Yong-byeong of Shinhan Financial Group, Kim Jung-tae of Hana Financial Group, Sohn Tae-seung of Woori Financial Group, and Kim Kwang-soo of NH Nonghyup Financial Group. At this meeting, Chairman Eun also requested cooperation from the financial sector for the smooth implementation of the Korean New Deal policy actively promoted by the government. The five major holding company heads responded, "We hope the government will share detailed information about the Korean New Deal with the market and promptly present more concrete details of the planned projects and measures."

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