Kim Sung-tae Appointed CEO of Industrial Bank of Korea "Overcoming Crisis and Securing Growth Engines"

[Asia Economy Reporter Yoo Je-hoon] Kim Sung-tae, President of IBK Industrial Bank of Korea, officially took office on the 3rd. President Kim stated, "Overcoming the crisis faced by small and medium-sized enterprises (SMEs) and small business owners is our top priority, and we will actively respond to government policies to secure future growth engines for the Korean economy through SMEs."

At the inauguration ceremony of the 27th bank president held at the headquarters in Jung-gu, Seoul, President Kim said, "We are currently facing a complex crisis and uncertain situation that we have never experienced before."

President Kim presented 'a strong bank' and 'upright finance' as the management keywords for the day. He said, "To build a strong bank, we must faithfully fulfill the original role of policy finance," adding, "Internally, we will strive for balanced growth between corporate and personal finance, loans and investments, while also strengthening the profit base of global businesses through digital transformation."

He also emphasized expanding IBK's role in maintaining trust with customers and enhancing social value for upright finance. President Kim stated, "We will complete a management system that prioritizes customers and ensure thorough internal controls to prevent financial accidents," and added, "We will actively support financially marginalized groups and the cultural, artistic, and sports sectors that have yet to receive attention, and take the lead in green finance and ESG management."

Furthermore, President Kim said, "We will create a competency- and performance-centered personnel culture and a constructive labor-management culture through communication," and urged, "Let IBK become a lighthouse of Korean finance, guiding SMEs, customers, and the financial industry toward opportunities and future routes, and make a fresh leap forward."

Meanwhile, after the inauguration ceremony, President Kim's first official schedule includes visits to IBK Changgong Mapo, Dongbo, a client company, and the Namdong Industrial Complex branch. IBK Changgong is IBK's startup nurturing platform that provides investment, mentoring, and office space to innovative startup companies. Dongbo started as an SME supplying parts for railway vehicle maintenance and has grown into a mid-sized company manufacturing parts for automobile engines and transmissions. It has been doing business with IBK for 40 years since 1983 and has now grown into a mid-sized enterprise.

President Kim said, "The future national competitiveness depends on the growth and development of SMEs," adding, "The way for SMEs to survive is technology. IBK will help promising SMEs grow beyond mid-sized companies into global enterprises."

This content was produced with the assistance of AI translation services.