April 25, 2024

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[THE INVESTOR] Woori Bank said on Dec. 13 it will set up a fund of 300 billion won (US$266.50 million) to help channel more money to innovative firms.

The bank will launch the fund next year and it will be expanded to 3 trillion won over the next three years, Woori Bank said. 

Woori Bank said it will invest 150 billion won into the fund and the bank’s affiliates will invest the remaining 150 billion won into the fund.

So far this year, Korea’s third-largest commercial lender has invested 10 billion won into 11 firms in sectors of biotechnology and the Internet of Things.

Last month, Woori Bank unveiled a plan to boost financial support for midsized companies with high growth potential over the next four years to help them develop technologies and tap overseas markets.

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