Gwangju Bank Receives 'Highest' Grade in 2021 Regional Reinvestment Evaluation

[Asia Economy Honam Reporting Headquarters Reporter Park Jin-hyung] Gwangju Bank (President Song Jong-wook) announced on the 27th that it received the ‘Highest Excellence’ rating in the regional reinvestment evaluation announced by the Financial Services Commission and the Financial Supervisory Service.

The evaluation is calculated by synthesizing the quantitative and qualitative assessment results of detailed items such as ▲fund supply within the region ▲support for loans to small and medium-sized enterprises and ordinary citizens ▲infrastructure such as the number of branches ▲regional financial support strategies.

In other words, it is an indicator showing how much a financial institution that receives regional deposits has contributed to the growth of the regional economy.

In particular, this year, the evaluation items were revised to reflect COVID-19 financial support efforts and to deduct points for the number of branch closures in the banking sector.

The Financial Services Commission plans to use the evaluation results as a basis for management performance evaluations (by the Financial Supervisory Service) and criteria for selecting local government and education office treasuries.

Gwangju Bank received high scores in both quantitative evaluations such as fund supply within the region, support for small and medium-sized enterprises, and infrastructure investment, and qualitative evaluations such as contribution to the regional economy, investment in local companies, and COVID-19 related financial support.

Song Jong-wook, President of Gwangju Bank, said, "I am grateful to the local residents who have consistently supported us to reach where Gwangju Bank is today. As the representative bank of Gwangju and Jeonnam, we will prioritize the value of coexistence with local residents and do our best to fulfill the corporate social responsibility to revitalize the regional economy."

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