IBK Industrial Bank to Invest a Total of 1 Trillion KRW in IBK New Deal Fund Over 5 Years
Playing a Pioneering Role as a Catalyst for the Success of the Korean New Deal by Discovering and Supporting Innovative New Deal Companies
[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank announced on the 15th that it will establish the ‘IBK New Deal Fund’ to discover and nurture New Deal innovative companies, investing a total of 1 trillion won over five years with 200 billion won annually.
Through this fund, the bank plans to focus investments on companies carrying out the five core New Deal tasks selected by the bank: ▲strengthening the D.N.A (Data, Network, Artificial Intelligence) ecosystem ▲fostering non-face-to-face industries ▲digitalizing SOC (social overhead capital) ▲spreading low-carbon and distributed energy ▲building an innovative green industry ecosystem.
The fund will be managed by Korea Growth Investment Corporation. Additionally, it plans to expand investments by creating sub-funds together with private capital such as private equity funds (PEF) and investment associations.
Meanwhile, as part of its innovative management, IBK plans to supply 1.5 trillion won in venture capital by 2022, including the newly established IBK New Deal Fund, to nurture innovative companies. It will also continue to support customer innovation by establishing support systems tailored to each stage of corporate growth and building a customer-first digital environment for joint growth of customers and the bank.
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An IBK official stated, “We will play a pioneering role in the success of the Korean New Deal by supporting the discovery and nurturing of innovative New Deal companies,” adding, “We will also take the lead in creating a venture capital ecosystem through support for innovative growth companies.”
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