April 27, 2024

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[THE INVESTOR] The state-run Industrial Bank of Korea said on Sept. 14 it has signed a business tie-up agreement with a Polish bank to support Korean firms operating in Poland and gain a foothold in the European country.

The comprehensive deal with PKO Bank Polski calls for providing financing for small and midsize Korean firms operating there and cooperating in such business areas as foreign exchange, international finance and investment banking.

The two banks will also provide each other with support for the establishment of representative offices or branches in each country, said the IBK, which caters largely to small and medium enterprises.

“IBK is pushing to open a representative office in Poland, where about 400 Korean companies engaging mainly in the auto and electronics sectors operate,” an IBK official said. “Large Korean companies are also actively investing in plants for electric car batteries.”

Controlled by the Polish government, PKO Bank is the largest lender in Poland by assets and market share with a nationwide network of nearly 1,200 branches.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)