IBK Annual Report 2024

Expanding the Competitive Edge in SME Finance and Strengthening Policy Finance

Amid ongoing uncertainties in the financial market, IBK has actively implemented policy finance to help SMEs and microbusiness owners overcome crises, thereby further strengthening its competitiveness in the SME finance market. As of December 2024, the balance of SME loans exceeded KRW 245 trillion, achieving a first-ever record in the banking sector, with a market share of 23.65%, an increase of 0.41%p compared to the previous year. This achievement reinforced IBK’s dominant position in the SME finance market.

In addition, in line with the government's tailored corporate finance support initiatives, IBK has led policy finance and exceeded its targets. Notably, the bank has established the Regional Balanced Growth Support Program for SMEs located in industrial complexes, providing preferential loans amounting to KRW 0.3 trillion. It has also launched tailored financial products to ensure stable financial support even in volatile economic environments.

Strengthening Support for Microbusiness Owners and SMEs

IBK continues to expand financial and non-financial support for microbusiness owners and SMEs facing difficulties amid high interest rates and economic slowdowns. In 2024, IBK established the IBK Microbusiness Value Finance Win-Win Fund, providing KRW 14 billion in new preferential loan and deposit support. Additionally, the bank has also operated a tailored financial cost reduction program, providing a total of KRW 0.8 trillion in financial relief. Beyond financial assistance, IBK actively supports and strengthens microbusinesses by offering various non-financial programs such as tax and Big Data utilization training and franchise support consulting to provide practical assistance in their business operations.

Furthermore, to enhance communication with SMEs, the bank expanded its CEO MBWA (Management by Walking Around) initiative. Throughout 2024, it held three on-site business meetings with SMEs, directly engaging with representatives from over 20 companies per session to listen to their challenges. As a result, over 10 suggestions were received from these meetings that led to actual improvements in financial policies and products.

Moving forward, IBK will continue to expand financial and non-financial support, strengthen on-site financial services, and actively promote the sustainable growth of SMEs and microbusiness owners.

Improving Foreign Exchange Services and Supporting Export Companies through Digital Innovation

IBK is committed to enhancing the efficiency of foreign exchange operations and supporting SMEs in expanding into global markets, ensuring continued growth. By improving digital-based foreign exchange services, expanding support for exporting SMEs, and increasing foreign exchange transaction volume, IBK has proactively adapted to the evolving global financial landscape.

Financial Support

As of the end of December 2024, IBK recorded a foreign exchange transaction volume of USD 154.1 billion, achieving 104.1% of the target. Also, its foreign exchange-related profits amounted to KRW 284.2 billion, exceeding the target by 117.4%. Such achievements contributed to the bank’s continuous growth in the foreign exchange business and market share increase.

Furthermore, IBK signed a Special Contribution Agreement for Export Package Preferential Finance with the Korea Trade Insurance Corporation (K-SURE) to secure smooth funding for exporting companies amid global economic uncertainties. Through this agreement, the bank has provided KRW 460 billion in financial support, along with benefits such as interest rate reductions, discounts on guarantees and insurance premiums, and preferential guarantee limits.

In addition, to alleviate the financial burden on importing companies affected by rising exchange rates, IBK has implemented a special policy to extend the maturity of import letters of credit (L/Cs). From January to December 2024, the bank supported the 2,677 cases of L/C maturity extensions, offering collateral deposit exemptions and longer period extensions to enhance financial stability of importers.

Non-financial Support

IBK became the first financial institution to introduce the Digital Export Declaration Information Service, alleviating the inconvenience for companies of having to manually submit export declaration documents when processing bank transactions. With this service, customers can directly access and submit export declaration information via Internet banking, significantly enhancing operational efficiency. The Digital Export Declaration Information Service was selected as an outstanding initiative under the National Dream Project promoted by the Presidential Committee on the Digital Platform Government, receiving a commendation from the Committee Chairman. IBK will continue to expand digital-based trade finance innovations, improving operational convenience for exporting companies.

To support Korean SMEs’ expansion into overseas markets, IBK collaborates with major overseas banks and hosts export consultation meetings. In 2024, in collaboration with global financial institutions such as Santander UK and MUFG, IBK organized one-on-one business consultation meetings between domestic SMEs and overseas companies, providing tangible export opportunities. Additionally, IBK worked with the Industrial and Commercial Bank of China (ICBC) to help its client companies participate in the 7th China International Import Expo (CIIE), actively assisting SMEs’ entry into global markets.

IBK also operates the IBK Trade Business Practice Academy to enhance the expertise of trade professionals in exporters and importers. In 2024, the bank held the 50th On-Tact IBK Trade Business Practice Academy to provide participants with practical training and up-to-date trade information regarding export-import operations, foreign exchange risk management, and international trade regulations. This program has successfully enhanced the capabilities of trade professionals and strengthened their global competitiveness.

Corporate Digital Financial Innovation

IBK's Corporate Internet Banking and Mobile Banking have become essential online financial hubs where various corporate clients can freely access IBK’s convenient banking services. To enhance the operational efficiency of SMEs and all corporate clients, IBK provides key digital financial services, including: non-face-to-face account opening, easy remittance, digital OTP issuance, and remote loan applications.
Additionally, the bank has established an integrated platform that combines various services such as management support, personalized asset management, rapid information updates, and advanced security solutions, further strengthening their SME clients’ competitiveness. Leading financial digital innovation, IBK will continue to prioritize customer-centric management and lay the foundation for the future growth of businesses.

Industry-First Launch of IBK Franchise BaaS

IBK has revolutionized the financial transaction environment for franchise headquarters and franchisees by launching “IBK Franchise BaaS (Banking as a Service),” the first-of-its-kind service in the domestic financial industry. Previously, franchisees primarily relied on cash payments for purchasing ingredients and logistics expenses, but now, transactions can be conducted using credit payment methods (such as cards), significantly improving liquidity. IBK plans to expand customer value by introducing additional financial services, including simplified card payments and exclusive BaaS loans.

Launch of New i-ONE Bank For Business: Revamping Corporate Smart Banking

IBK has completely revamped its Corporate Mobile Banking platform with the launch of New i-ONE Bank For Business. This upgrade streamlines processes and facilitates authentication procedures, reducing processing time by more than 50%. Additionally, the non-face-to-face account opening process has been reduced from the existing 12 steps to 8 steps, maximizing customer convenience.

Launch of IBK Tablet Banking: Strengthening Face-to-Face Channels

To enhance the convenience of corporate clients, IBK has introduced a new face-to-face channel, IBK Tablet Banking, offering 27 features across 6 key service areas. Within just 21 days of its launch, the service recorded a total of 2,196 transactions, with a cumulative 1,874 visitors and an average daily usage of 125 customers. This initiative enables SME clients to access financial services more conveniently, regardless of location.

IBK BOX: Customized Digital Financial Services for SMEs

IBK’s BOX Business Department is dedicated to improving financial accessibility and operational efficiency for SMEs and microbusiness owners through a variety of digital financial solutions. With the Real-Time Card Sales Deposit Service, microbusiness owners can receive card sale proceeds immediately without the 2–3 day waiting period, significantly improving cash flow.

To further innovate corporate financial services, IBK launched Loan Assistance BOX in March 2024, recording 38,000 loan applications and KRW 1 trillion in loan support by the end of the year, successfully establishing itself in the market. This digital omnichannel (Online to Offline) service allows businesses to apply for loans online and receive quick consultation at bank branches. It supports a variety of financial options, including unsecured loans, guaranteed loans, and collateral-backed loans.

Additionally, IBK has upgraded IBK BOX 2.0 to improve efficiency in daily operations of SMEs and microbusiness owners and boost their digital business competitiveness. This newly improved platform features a digital simplified ledger system (Business Ledger & Cash Flow Management), corporate promotion tool (Enterprise PR Center), and business messaging service (Biz-Talk). These enhancements streamline financial management, reduce administrative burdens, and improve business communication efficiency.

Going forward, IBK remains committed to driving financial and non-financial service innovation for SMEs and microbusiness owners, solidifying its position as a leader in customer-centric digital financial platforms.

Support for Job Creation in SMEs

IBK has operated and continuously expanded various supporting programs to alleviate the labor shortage of SMEs. Following the successful completion of the 100,000 Jobs Creation Project (2009–2017), which was the first of its kind in the financial sector in 2009, the bank’s programs had resulted in cumulative 240,000 employed individuals by the end of 2024. The bank has operated the i-ONE JOB platform, hosted Job Fairs, and supported the Job Chaeum Fund, strengthening the connection between SMEs and job seekers and expanding practical employment opportunities.

i-ONE JOB Platform

“i-ONE JOB” is the only specialized job platform for SMEs and mid-sized companies in Korea with over 90,000 members and more than 25,000 job postings, facilitating smooth matching between SMEs and job seekers. IBK has also introduced the Level-up Program to enhance the job competencies of SME workers, which not only reduces the educational cost burden on companies but also supports practical competency development for workers.

Job Fairs

From 2009 to 2024, IBK held a total of 70 job fairs, providing employment opportunities to 8,440 individuals. In 2024, the bank held customized fairs targeting SMEs in need of local and technical personnel and contributed to revitalizing the regional economy by operating a recruitment center exclusively for international students and matching ICT SMEs with young talents.

Job Chaeum Fund

To support active job creation by SMEs, IBK has established a total of KRW 60 billion Job Chaeum Fund since 2018, providing KRW 500,000 per person to companies that have employed regular workers for more than three months. With this fund, IBK supported a total of 1,909 companies with KRW 28.9 billion by 2024, encouraging the hiring of personnel by SMEs.

Improvement of Job Quality for SME Workers

IBK promotes welfare projects for SME workers to bridge the welfare gap between large enterprises and SMEs, as well as improve the quality of life for SME workers. In 2024, the bank established the Future Planning Camp and provided tailored educational programs for the children of SME workers to address educational imbalances caused by income disparities. Through this and the other three welfare projects, IBK has provided welfare benefits to 2,433 SMEs and 23,313 workers.

Strengthening the Network of SME CEOs

IBK resumed the IBK 3 Clubs management strategy seminar after five years to strengthen the network among SME CEOs, hosting seminars both domestically and internationally. In the first half of the year, the bank conducted overseas seminars in Vietnam and Thailand, sharing international economic trends and local business cases. In the second half, it held customized lectures and cultural programs in Jeju to further enhance communication among executives.

Additionally, after nine years, the IBK Entrepreneurial Hall of Fame induction ceremony was held, honoring Chairman Han Seung-il of AR Co., Ltd. and Chairman Shin Hong-beom of Remote Solution Co., Ltd. This event celebrates indomitable entrepreneurial spirit as a part of efforts to support the growth of SMEs. Since its establishment in 2004, a total of 41 entrepreneurs have been inducted.

IBK also operates various management support programs centered around the IBK Best CEO Club, IBK Female CEO Club, and IBK Rising CEO Club, further enhancing the network among SME CEOs. Notably, the bank held an integrated seminar for the first time in five years to strengthen communication with regional members and expanded opportunities to hear on-site opinions for overcoming crises in SMEs through regional and club-specific exchange meetings.

Furthermore, the IBK Best CEO Club Seminar was attended by former group heads and former regional heads, providing a meaningful opportunity to directly hear the voices from SMEs and strengthen communication with key clients. At each event, IBK conducted management lectures, where it emphasized its role as a policy bank and delivered messages supporting the growth of SMEs to reinforce customer trust.