Truly good bank: IBK upholds slogan with community activities

As the top commercial bank for small and mid-sized businesses in Korea, IBK operates under the slogan “a truly good bank,” and has especially sought in recent years to uphold this motto via activities that give back to the community.
According to the company’s latest annual report, IBK used over 6 percent of its net income for social contribution activities in 2011, and even received a presidential commendation from the Korean government last year in recognition of these efforts.

The bank, which boasts over 10 regional headquarters and more than 400 branches across Korea, carries out these corporate social responsibility, or CSR, activities through several foundations or groups.

They include the IBK Miso Financial Foundation, the IBK Happiness Sharing Foundation, the IBK Volunteer Group, the Global Volunteering Group, and others.

Through these organizations, the bank has offered microcredit services for low-income groups, mentoring projects for high school and university students, as well as medical support for those with incurable diseases and or severe medical symptoms.

It has made financial donations for at-risk groups as well, such as a 19.1 billion won ($16.5 million) donation through the IBK Happiness Sharing Foundation. Over the years, IBK has also sought to support multi-cultural families and the foreign migrant worker community in Korea.

But the Seoul-based bank’s CSR activities extend beyond its national borders. Through its Global Volunteering Group, IBK installed a drinking water facility for villagers in Kim Boi, Vietnam, and also spearheaded other projects in the area such as the establishment of playground facilities for children in August 2011.

IBK also gives its employees opportunities to give back to the community. For example, the bank’s employees can make donations through the IBK Sharing Fund. IBK matches the employee donations and the funds are used for underprivileged groups, such as children from low-income families and victims of natural disasters.

“The bank will fulfill its social responsibilities as Korea’s policy bank through warm-hearted and practical sharing activities, befitting its commitment to becoming ‘A Truly Good Bank,’” according to a statement provided by IBK’s latest annual report.