In the long-term, the bank said it would solidify its market position as a comprehensive financial services provider.


The state-run Industrial Bank of Korea said Monday it aims to boost its assets to 300 trillion won ($285 billion) and secure as many as 1 million corporate clients by 2015.

IBK said the target assets of 300 trillion won are up 64 percent from 183 trillion won as of the end of March this year. The bank said it will also accelerate its move to expand its customer base in the retail sector to 10.5 million by the target year. 

The plans were unveiled at a ceremony celebrating the 50th anniversary of the bank at its headquarters in Seoul. About 400 executives and employees attended the ceremony, pledging to implement the plans in a bid to strengthen its market position.

“The bank started 50 years ago as a small tree in the country’s banking sector, but it’s now a main pillar of the Korean economy,” said Cho Joon-hee, CEO of IBK. “The dramatic progress we made is a result of passion and efforts by 11,000 employees at the bank.”

The lender said it will continue to focus on extending loans to smaller firms and developing new financial products. IBK’s chief Cho earlier said the lender will help support small and medium-sized businesses and consolidate its financial resources.

During the financial crisis when commercial banks stayed away from any risks, the bank played a key role in funding SMEs in need. In the aftermath of the financial turmoil, IBK has been working with debtor firms so that it can maintain or regain its financial health.

In the long-term, the bank said it would solidify its market position as a comprehensive financial services provider.

IBK, established in 1961, saw its paid-in capital rise from 200 million won to 10.4 trillion won over the past decades. The number of retail outlets jumped from 31 to 645 during the same period.

By Yang Sung-jin (insight@heraldcorp.com)