KB Financial Group Signs MOU with IFC under World Bank for Cooperation on Financing and More

Cooperation on joint product development, financing, and joint investment to expand inclusive finance centered on the Southeast Asia region

[Asia Economy Reporter Park Sun-mi] KB Financial Group announced on the 9th that it has signed a comprehensive business cooperation agreement with the International Finance Corporation (IFC), a member of the World Bank Group.

Through this agreement, both parties plan to promote comprehensive cooperation in areas such as joint product development, financing, and co-investment to expand inclusive finance, focusing on Southeast Asian regions including Indonesia, Myanmar, and Cambodia.

KB Financial expects that this cooperation will expand its global Environmental, Social, and Governance (ESG) management and ultimately contribute to the economic and social development of the respective countries. Additionally, it anticipates smooth capital supply across various industries by participating in joint investments and syndicated loans with IFC.

IFC is an institution under the World Bank Group with 185 member countries worldwide and offices in more than 100 countries.

To achieve its vision of "poverty eradication and shared prosperity," IFC actively collaborates with the private sector in finance and various industries. Notably, as the largest investment institution in the private sector of developing countries, IFC invested $22 billion in developing countries as of 2020 and possesses extensive experience in loans, equity investments, and rich market information regarding the countries it invests in.

Yoon Jong-kyu, Chairman of KB Financial Group, stated, “Based on mutual cooperation with IFC, we will further expand KB Financial’s excellent financial services in global markets such as Southeast Asia,” adding, “Through this, as our group mission ‘Finance that Changes the World’ suggests, KB Financial Group will do its best to fulfill the fundamental role of finance for a better tomorrow for local customers.”

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