IBK Annual Report 2024

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Expanding
Global Horizons

Expansion of Global Network and Support for SMEs' Overseas Market Entry

IBK has established overseas networks in regions where many Korean SMEs are active in order to promote their globalization. As of the end of December 2024, the bank had a total of 60 overseas networks in 13 countries, helping SMEs resolve financial difficulties and settle in the local market. It also collaborates with local banks to proactively support SMEs in regions where its network has not yet been established.

Global Strategies and Performances

IBK has formed strategic partnerships with 16 overseas banks—including Unicredit in Italy and Deutsche Bank in Germany—to expand its global network. Throughout 2024, the bank provided local financial support for 2,247 transactions totaling USD 705 million to SMEs expanding abroad. It also operates the non-face-to-face “Overseas Expansion BOX” platform to offer support for administrative reporting, branch establishment, real estate acquisition procedures, and pre-financing consultation services, assisting SMEs in entering the global market more smoothly.

IBK has expanded its presence by establishing additional networking channels within the existing Southeast Asia financial belt and extending its reach to new global supply chain hubs in Eastern Europe and the Americas. Additionally, through new expansions into promising growth regions like Singapore, the bank aims to complete the IBK Global SME Support Financial Belt connecting Asia, Eastern Europe, and the Americas. In developed countries with stagnant growth, the bank has restructured its revenue model to expand high-quality investment and loan assets, while in emerging markets with high-growth potential, it has maximized global profitability by securing high-quality assets through business localization and digital transformation. Through these efforts, IBK has strengthened its global network, expanded financial support for SMEs, and secured a stable revenue base, positioning itself as a key driver for future growth.

Establishment of
IBK Poland Subsidiary

November 27, 2024

In November 2024, IBK became the first Korean bank to obtain approval from the Polish Financial Supervisory Authority (Komisja Nadzoru Finansowego, KNF) for the establishment of a local subsidiary. Leveraging its expertise in SME Finance accumulated in Korea, IBK has actively supported Korean SMEs operating in Poland to alleviate their financial difficulties. In May 2023, the bank opened an office in Wrocław, Poland; in March 2024, the bank promptly applied for the establishment of a subsidiary from the Polish financial authorities. By mobilizing its company-wide capabilities through an internal Task Force Team (TFT) and receiving strong support from FSC and other government agencies, the bank successfully obtained approval in a short period.

Poland serves as a key manufacturing hub in Europe, attracting significant investments from Korean large corporations and their SME partners. Following this approval, the bank plans to swiftly obtain a business license and launch its Poland subsidiary early in 2025. Building on this foundation, IBK pursues to expand its presence across Europe, including the Czech Republic, Hungary, and Slovakia, playing a strategic role in supporting SMEs with financial services and local market integration.

Visit of the KNF delegation to IBK (November 13, 2024)
Opening of IBK Poland office (May 16, 2023)

Expansion of Global Network

IBK operates a total of 60 overseas networks in 13 countries, pursuing strategies for expanding its presence in global financial markets and diversifying revenue sources.

Despite increasing uncertainties in the international financial market in 2024, driven by global high interest rates and policy changes, IBK achieved a net increase of USD 600 million in overseas revenue assets through a selective high-quality asset strategy. Additionally, IBK China Ltd. recorded the highest net income among Korean banks operating in China, and PT Bank IBK Indonesia Tbk surpassed its highest-ever net income of USD 13.2 million, further strengthening its competitiveness in the global market.