IBK Industrial Bank has signed a comprehensive business agreement with Mizuho Bank of Japan to expand domestic and international cooperation areas between the two financial institutions.
The agreement, announced on Nov. 20, was signed by Kim Sung-tae, president of IBK Industrial Bank, and Kato Masahiko, president of Mizuho Bank, at the IBK headquarters in Jung-gu, Seoul, on Nov. 19.
The agreement seeks multifaceted cooperation in areas such as fund cooperation, support for overseas branch growth, fostering innovative startups, investment banking (IB) business collaboration, and corporate support research exchange. The ceremony was marked by a commemorative photo of the two presidents, symbolizing the strengthened partnership.
This collaboration is particularly significant as it coincides with the upcoming 60th anniversary of the normalization of diplomatic relations between Korea and Japan next year. Kim emphasized the importance of this milestone, stating, “This agreement is very significant as another fruition of enhancing cooperation between the two banks on the occasion of the 60th anniversary of the normalization of diplomatic relations between Korea and Japan next year.” He further added, “It is expected to contribute to the development of companies in both countries and the strengthening of financial stability.”
The agreement builds on a previous committed line contract signed in April of this year, where IBK Industrial Bank and Mizuho Bank agreed on a 30 billion yen (approximately 269.6 billion won) committed line. This contract serves as a means of foreign currency procurement in case of emergency, granting the right to preferentially receive foreign currency within the agreed limit.
Through this new business agreement, both banks aim to strengthen cooperation in high-quality IB business and support the localization and early settlement of innovative startups entering Korea and Japan. They also plan to promote research exchanges related to corporate support, fostering a collaborative environment for corporate development.
This post was originally published on here
