IBK Industrial Bank Signs SME Support Agreement with Hungarian Development Bank

Establishment of Joint Fund
Support for Domestic Startups Expanding into Europe

IBK Industrial Bank announced on October 13 that it recently signed a "business agreement to support SMEs in both countries" with the Hungarian Development Bank (MFB) in Budapest, Hungary.

Kim Hyungil, Executive Director of IBK Industrial Bank (right), and Zolton Jamboki, Executive Director of Hungarian Development Bank, pose for a commemorative photo after signing an agreement on the 2nd (local time) at the headquarters of Hungarian Development Bank in Budapest, Hungary. IBK Industrial Bank

The agreement was established to support South Korean SMEs in entering the European market and diversifying their sales channels.

According to IBK Industrial Bank, Hungary serves as a key base with high accessibility to the European Union (EU) market. MFB is a policy-based financial institution specializing in SMEs, equipped with capabilities in lending, investment, and guarantee support.

Through this agreement, the two institutions will promote the establishment of a joint fund to provide financial support for companies entering each other's markets, support for domestic startups expanding into Europe, and research exchanges on SME finance.

IBK Industrial Bank plans to use this agreement to assist domestic companies with local investment and fundraising, as well as to strengthen financial support for SMEs.

Bank President Kim Seongtae stated, "This cooperation will greatly help support the global market expansion of companies from both countries and create new growth engines," adding, "We will continue to support the overseas expansion of domestic companies through international cooperation with major policy and private institutions specializing in SME support."

IBK Industrial Bank has been accelerating the establishment of its "IBK Europe International Cooperation Belt" by signing business agreements with Banque Publique d'Investissement of France in 2023, Finnvera of Finland last year, and Commerzbank of Germany this year.

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