Woori Bank is set to provide 20 billion won in financial support to alleviate the funding burden of partner companies associated with Taekwang Industry.
On July 20, Woori Bank announced that it signed a memorandum of understanding for cooperative growth with Taekwang Industry at the company's headquarters in Jung-gu, Seoul.
Under the agreement, Woori Bank will supply cooperative loans to partner companies using a 20 billion won cooperative deposit made by Taekwang Industry.
Partner companies utilizing the loans will receive interest rate discounts of up to 3.5 percentage points to reduce their interest burden.
In addition to financial support, Woori Bank will offer non-financial services to help stabilize the management of partner companies. This includes succession consulting to support stable generational transitions and customized asset management services for employees.
Both companies aim to enhance financial accessibility for partner companies and support investment and business expansion. They also expect to strengthen the cooperative framework between large corporations and partner companies, thereby increasing competitiveness across the supply chain.
Noh Yong-pil, head of Woori Bank's Corporate Sales Strategy Division, stated, "We will provide tailored financial services so that partner companies can focus on investment and business expansion based on stable financial support," adding, "We will strengthen our role as a financial partner that underpins the competitiveness of the corporate ecosystem and the sustainable growth of the industry."
* This article has been translated by AI.
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