Finance
IBK Industrial Bank of Korea launches first KOFR-linked loan, offers 500 billion won support for SMEs
IBK Industrial Bank of Korea will provide 500 billion won in financial support for small and medium-sized enterprises facing temporary funding difficulties. It will apply the Korea Overnight Financing Repo Rate (KOFR) as the benchmark rate for loans for the first time among South Korean banks, widening borrowers’ interest-rate options. The bank will launch the KOFR short-term liquidity support loan on Oct. 26 and offer up to a 0.3 percentage-point rate cut for regional SMEs.
