Woori Bank to set up fund for innovative firms

Published : Dec 13, 2018 - 15:47 Updated : Dec 13, 2018 - 15:47

Woori Bank said Thursday it will set up a fund of 300 billion won ($266.5 million) to help channel more money to innovative firms.

The bank will launch the fund next year and it will be expanded to 3 trillion won over the next three years, Woori Bank said.

(Yonhap)

Woori Bank said it will invest 150 billion won into the fund and the bank's affiliates will invest the remaining 150 billion won into the fund.

So far this year, Woori Bank, South Korea's third-largest commercial lender, has invested 10 billion won into 11 firms in sectors of biotechnology and the Internet of things.

Last month, Woori Bank unveiled a plan to boost financial support for mid-sized companies with high growth potential over the next four years to help them develop technologies and tap overseas markets.

Woori, South Korea's third-largest commercial lender, said it will provide those high potential enterprises with a financial support package totaling 3 trillion won by 2022.

The package will come in the form of a direct investment worth 20 billion won, loans backed by their movables or underwritings of their bond sales overseas, Woori Bank said. (Yonhap)