KB Bank Receives Long-Term Loan Facility From Korea Development Bank

Illustration (Photo: Doc. ANTARA)

Entering the second quarter of 2024, KB Bank (BBKP) with the support of the parent company KB Kookmin Bank Co., Ltd signed a long-term loan facility of 300 million US dollars from the Korea Development Bank (KDB).

Deputy President Director of KB Bank, Robby Mondong explained, the long-term loan facility from Korea Development Bank will further strengthen the funding for KB Bank so as to support the company's efforts to expand credit, especially for the MSME and retail segments which will focus on 2024.

"The collaboration between KB Bank and Korea Development Bank is also supported by the parent company of KB Bank through guarantees in the form of a Standby Letter of Credit (SBLC) issued by KB Kookmin Bank Co., Ltd," he said in a statement to the media, Tuesday, April 16.

As is known, this year KB Bank continues to encourage business growth by making the wholesale segment an anchor and expanding the ecosystem in the MSME and retail segments.

The wholesale segment itself in 2023 has grown by almost 14 percent with new credit growth in this segment of around 18 percent driven by growth in the Korean Link Business more than double.

Established in 1954, KDB is a pillar of economic development in South Korea, which operates under the direct supervision of the South Korean government.

With the mandate to maintain institutional solvability, KDB has won international recognition, rankings such as Aa2 (Moodys), AA (S&P), and AA- (Fitch Ratings). In South Korea, KDB holds the highest credit rating from Korea Ratings Corp., Korea Investors Services, and NICE.

"The collaboration between KB Bank and KDB reflects the convergence of a strategic vision and a shared commitment to strengthening financial stability and growth. This agreement not only strengthens the financial position of KB Bank, but also emphasizes a sustainable partnership between the two institutions in encouraging economic progress," he concluded.