April 19, 2024

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South Korea’s five major financial holding companies vowed on March 27 to expand their capital spending to better support innovative growth among smaller firms.

Under the plan, the five entities -- KB Financial Group, Shinhan Financial Group, Woori Financial Group, Hana Financial Group and NongHyup Financial Group -- and the Korea Federation of Banks will raise 28 trillion won ($24.67 billion) in venture capital over the next five years.

Of that, 18 trillion won will be earmarked for loans for venture firms and startups, with the remainder used for direct investment or creating funds for related projects, according to the KFB.

The five holding companies also vowed to spend 3.1 trillion won over the five years on diverse social projects to better fulfill their social responsibilities, the federation noted.

By Ram Garikipati and newswires (ram@heraldcorp.com)