KB launches initiative to help SMEs get financing

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KB launches initiative to help SMEs get financing

Published: 29 Apr. 2019, 19:22

KB Financial Group launched a committee to expand financing for promising small- and medium-sized companies (SMEs) on Monday, in line with the government’s push to help smaller businesses.

The committee will consist of around 12 high-ranking officials - mostly the CEOs of KB’s financial affiliates - with KB Chairman Yoon Jong-kyoo at the helm.

The team will be responsible for managing a fund worth 2 trillion won ($1.72 billion) over five years while KB Investment, an investment arm of the holdings unit, will take the lead, according to a statement by KB Financial Group.

KB Kookmin Bank will be focused on developing different loan products for smaller companies with lower capital reserves by taking intellectual property and machinery assets as security against lending.

By Park Eun-jee