IBK Industrial Bank Signs Agreement to Support Establishment of Saudi SME Bank

Yoon Jong-won, President of Industrial Bank of Korea, is taking a commemorative photo after completing a non-face-to-face agreement ceremony with Muhammad Al Tuwaizri, Chairman of the Board of Saudi SME Bank.

[Asia Economy Reporter Kwangho Lee] IBK Industrial Bank announced on the 8th that it has signed a business agreement with Saudi SME Bank to support the establishment of the institution.

The signing ceremony was held online with the attendance of IBK President Yoon Jong-won, Muhammad Al Tuwaizri, Chairman of the Board of Saudi SME Bank, Saleh Al Rashid, Director of the Saudi Small and Medium Enterprises General Authority, and other officials.

Through this agreement, IBK will cooperate in transferring know-how and jointly developing key business areas necessary for the establishment of Saudi SME Bank, including management strategy, risk management, credit system, and SME-specialized financial products and services.

At the meeting held prior to the signing ceremony, Muhammad Al Tuwaizri, Chairman of the Board of Saudi SME Bank, stated, "This cooperation is the first step to strengthen the SME ecosystem in Saudi Arabia," adding, "Through a strategic partnership with IBK, we will expand the SME finance base and provide innovative financial solutions."

President Yoon Jong-won said, "Based on IBK's 60 years of accumulated SME finance experience and know-how, we will support the successful establishment of Saudi SME Bank," and added, "We hope to continue a closer cooperative system as global financial partners with Saudi Arabia in the future."

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