IBK Industrial Bank, Extends and Expands Good Landlord Campaign Until June
50% Rent Reduction on Bank-Owned Real Estate for 6 Months from January Regardless of Region
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[Asia Economy Reporter Park Sun-mi] IBK Industrial Bank of Korea announced on the 25th that it will expand and extend the 'Good Landlord Movement' that has been ongoing since last year.
To support small business owners and SMEs struggling due to COVID-19, IBK Industrial Bank of Korea will reduce the rent of buildings owned by the bank by 50% for six months starting in January. Additionally, for companies included in the 'business suspension sectors' according to social distancing levels, the monthly rent for the period of business closure will be fully waived.
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Since March last year, IBK Industrial Bank of Korea has participated in the 'Good Landlord Movement,' reducing rent by 50% for SMEs and small business owners in the Daegu and Gyeongbuk regions, and by 30% in other areas. A bank official stated, "As the COVID-19 situation prolongs, we decided to expand and extend the rent reduction to alleviate the difficulties of tenants who must pay fixed rents and to overcome the crisis together."
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