Industrial Bank of Korea (IBK) announced on Thursday that it has established IBK Venture Investment, a venture capital subsidiary, with an initial investment of 100 billion won ($77 million). This marks the first time the government-run bank has launched a venture capital firm.
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As the Korea Development Bank (KDB) contemplates relocating to Busan, various provincial administrations are vying to attract the Industrial Bank of Korea (IBK) to their regions. They anticipate that the bank might be included in the second phase of relocations, in line with the government s policy to decentralize state-run institutions from Seoul.
The Industrial Bank of Korea (IBK) signed a memorandum of understanding (MOU) with Bpifrance, a public investment bank, to bolster cooperation between the two countries on supporting small- and medium-sized enterprises (SMEs), the IBK announced on Thursday.
Iran is seeking compensation for losses incurred on the $6 billion in funds that were held in Korea, following the lifting of the U.S.-led sanctions that saw the funds frozen. The Middle Eastern country is reportedly undergoing a legal review with a view to recovering interest and the foreign exchange losses.