IBK Industrial Bank and Finnish Policy Finance Institution 'Finnvera' Sign Business Agreement

Mutual Cooperation for Supporting SMEs: Financial Support for Local Entrants and Research Exchange

On the 6th (local time), at the business agreement ceremony held at Finnvera's Helsinki headquarters, Moon Chang-hwan, Executive Vice President of the Management Strategy Group at IBK Industrial Bank (right), and Jussi Haarasilta, Vice President of Corporate Finance at Finnvera (left), are posing for a commemorative photo. (Source: IBK Industrial Bank)

IBK Industrial Bank announced on the 7th that it signed a memorandum of understanding (MOU) with Finnvera, a Finnish policy finance institution, in Helsinki on the 6th (local time) to support small and medium-sized enterprises (SMEs).

The agreement mainly covers ▲ promotion of financial support for SMEs including startups ▲ mutual cooperation for SME development ▲ research exchange on key issues related to SMEs.

Recently, demand for cooperation between Korea and Finland has been increasing in future innovation fields such as information and communication technology (ICT), science and technology, and healthcare. In particular, Helsinki is providing startup support through the K-Startup Center, raising expectations for increased entry of Korean companies.

Finnvera, established in 1999, is a key Finnish government-owned financial institution that provides loans, export credit guarantees, and supports the international growth of Finnish SMEs. Last year, it also signed an MOU with the US Export-Import Bank (US-EXIM) to support projects related to the 5G industry and climate change response.

Kim Sung-tae, president of IBK, said, “This agreement will play a significant role in establishing a solid foundation for Korean and Finnish SMEs to grow in the global market,” and added, “We will continue to actively support the sustainable growth of Korean SMEs by expanding international cooperation with overseas local financial institutions.”

Meanwhile, IBK is continuing its efforts to support domestic SMEs’ entry into overseas markets by expanding its European network through an MOU with the French public investment bank Bpifrance, operating the IBK Changgong Europe acceleration program, and promoting the conversion of its Polish office into a corporation.

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