Woori Bank Takes Direct Initiative to Discover Innovative Growth Companies
[Asia Economy Reporter Kim Hyo-jin] Woori Bank announced on the 12th that it will conduct the "7th Public Offering for Investment Target Companies to Support Innovative Growth of Small and Medium Enterprises (SMEs)" until the 24th to actively promote the innovative growth of SMEs.
In response to the government's "Korean New Deal" and "Economic Growth through Innovation" policies and to secure growth engines suitable for the Fourth Industrial Revolution era, Woori Bank established a system in June 2018 to directly invest in SMEs with high growth potential. Through six public offerings until 2020, the bank has invested approximately 53 billion KRW in 55 companies, actively supporting the innovative growth of SMEs.
The recruitment targets are small and medium-sized corporations with innovation and growth potential, such as venture companies and startups. Applications are possible even without prior financial transactions with Woori Bank. Detailed information on submission documents and application methods can be found in the "News" section of Woori Bank's internet banking and mobile banking platforms.
Woori Bank plans to select about 10 investment target companies in the first half of this year through internal evaluation stages such as technology and business feasibility assessments, and invest up to 1 billion KRW per company using methods such as Redeemable Convertible Preferred Shares (RCPS). Additionally, selected companies will receive support including ▲professional consulting ▲follow-up investment attraction ▲Biz-Model partnerships.
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A Woori Bank official stated, "Woori Bank is actively participating in the group's inaugural year declaration of ESG (Environmental, Social, and Governance) management on the 11th and is preparing various projects to fulfill social responsibility by supporting the startup and growth of SMEs. In particular, we plan to support innovative companies with excellent technologies related to the Korean New Deal sector to grow into core companies of our economy through continuous direct investment."
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