IBK Industrial Bank of Korea Establishes Basis for Quarterly Dividends in Articles of Incorporation

IBK Industrial Bank of Korea has added provisions to its articles of incorporation to provide the basis for quarterly dividends and raising the issuance limit for capital securities.

According to the financial sector on May 21, the new articles of incorporation containing these changes have been in effect since May 16.

Previously, at the shareholders' meeting held on March 26, IBK Industrial Bank of Korea approved amendments to its articles of incorporation to establish a basis for quarterly dividends and to increase the issuance limit for write-down contingent capital securities from 10 trillion won to 20 trillion won. The new articles of incorporation also received approval from the Financial Services Commission on May 14.

An IBK Industrial Bank of Korea official stated, "The provision for quarterly dividends was included to enhance corporate value and improve shareholder return policies. The increase in the issuance limit for contingent capital securities was intended to proactively secure capital expansion capacity and to stably manage the Bank for International Settlements (BIS) ratio."

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