Meritz Financial, Participates in the 'Korean New Deal'

[Asia Economy Reporter Park Jihwan] Meritz Financial Group is participating in the large-scale government project 'Korean New Deal' prepared to overcome the economic crisis triggered by the novel coronavirus infection (COVID-19).

Meritz Financial Group announced on the 3rd that it will provide a total of 4 trillion KRW in financial support over five years from 2021 to 2025 in line with the Korean New Deal policy. On the same day, Cho Jung-ho, chairman of Meritz Financial Group, attended the 1st Korean New Deal Strategy Meeting held at the Blue House to discuss financial support.

The financial support will allocate 1.2 trillion KRW to the Digital New Deal related to expanding smart logistics infrastructure and supporting innovative companies, and 2.8 trillion KRW to the Green New Deal related to renewable energy and eco-friendly mobility projects. Leveraging its strengths in corporate finance, the group plans to channel funds into productive sectors such as digital social infrastructure and eco-friendly industries to contribute to economic revitalization and provide investors with efficient and stable investment opportunities.

In addition to this 'Korean New Deal' financial support, since 2016, Meritz Financial Group has supported financing of about 800 billion KRW for various projects including solar power, wind power, biomass power generation, and data center construction. Notably, when the stock market plunged in March due to the COVID-19 outbreak, Meritz Securities and Meritz Fire & Marine Insurance, subsidiaries of Meritz Financial Group, contributed to stabilizing the stock market by supporting the Securities Market Stabilization Fund (SangAn Fund) worth 10 trillion KRW established by the government and financial sector.

Meritz Financial Group was launched in March 2011 with six subsidiaries including Meritz Fire & Marine Insurance, Korea's first insurance company, securities, and asset management, with a total consolidated asset size of 13 trillion KRW. Since then, its core subsidiaries Meritz Fire & Marine Insurance and Meritz Securities have recorded industry-leading profit growth and return on equity (ROE) annually, growing the consolidated asset size to over 61 trillion KRW, about five times the initial scale.

A Meritz Financial Group official stated, "We will focus our organizational capabilities on discovering innovative companies that will lead the digital and eco-friendly industries in the post-COVID era," adding, "We will take the lead in creating social shared value in finance by continuously building a sustainable financial foundation."

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