Woori Bank will support financing for Taekwang Industries' partner companies based on a 20 billion won mutual-growth deposit. It will offer loan interest-rate discounts of up to about 3.5 percentage points, business succession consulting and asset management services for employees to help strengthen competitiveness across the supply chain.

Woori Bank said on July 21 it signed a mutual-growth finance agreement with Taekwang Industries on July 20 at Taekwang Industries' headquarters in Jung-gu, Seoul to support shared growth for partner companies.

The two sides plan to provide financial support and tailored non-financial services for partner companies.

Woori Bank will provide mutual-growth loans to partner companies based on Taekwang Industries' 20 billion won deposit. Partner companies using the loans will receive interest-rate discounts of up to about 3.5 percentage points.

The bank will also support business succession consulting to help ensure smooth generational transitions and provide asset management services for employees of partner companies.

Noh Yong-pil (노용필), head of Woori Bank's corporate sales strategy department, said the agreement was a mutual-growth finance model designed to support Taekwang Industries and partner companies in growing together. He said the bank would provide tailored financial solutions so partner companies can focus on investment and business expansion based on stable financial support.