IBK joins a global network connecting SMEs

The Industrial Bank of Korea (IBK), a state-run lender specializing in corporate finance for smaller companies, joined a new global network of banks dedicated to facilitating trade among small- and medium-sized enterprises (SMEs).

The IBK is the only Korean company in the Trade Club Alliance’s 14 banking group members. The alliance held an inauguration ceremony in London on Thursday to mark its official launch and a digital platform connecting businesses around the world.

“We have had our own website to help local SMEs interested in global trade and other banks had their own,” said a spokesperson for the IBK.

“So, the service was carried out in a rather fragmented manner,” he continued. “The official launch of the group will help us provide better consulting and matching services since all the resources are gathered in one place.”

The new platform will help identify businesses that are looking to trade goods internationally and link them with business partners.

Another function is to provide insight on regulations and trade tariffs for different countries.

“The launch of the Trade Club Alliance marks the start of a relationship for businesses with their banks that is more than simply finance providers - but as strategic business partners who guide them through the labyrinth of international trade,” said Jon Baranano, chairman of the Trade Club Alliance. “This transformative trade platform will strengthen existing ties and revolutionize the way businesses seek opportunities in new markets.”

Other partner banks include the Abu Dhabi Commercial Bank, Italy’s Banco BPM, Banco Santander from Spain, the Royal Bank of Canada, Credit Agricole Group in France, Eurobank, KBC Group in Belgium, Japan’s MUFG, Siam Commercial Bank in Thailand, and Standard Bank in South Africa.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]