Wednesday, October 16, 2019
Commitment to Social Contribution
To attain sustainable growth, the bank has shared its key corporate social responsibility values since the declaration of them in early 2010
Commitment to Social Contribution
  • By matthew
  • August 22, 2011, 14:27
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The IBK Foundation was established in April 2006 by the Industrial Bank of Korea. Since then, the bank has contributed 9.1 billion won to the welfare of small businesses’ employees and their families. Up until now, it has granted scholarships worth 1.7 billion won in total to 1,978 high school and college students. Furthermore, it has donated 1.9 billion won for medical treatment purposes to 412 beneficiaries.

Such medical expenses are offered for up to three years in the case of rare and incurable diseases, ensuring patients are able to fully recover. In addition, mentors who are suffering or have suffered from similar conditions, are on-hand to provide treatment-related information and assist them emotionally, while IBK scholarships help young patients catch up with their schoolwork.

The foundation has also provided funds amounting to 800 million won for public economic education and research activities for the development of small and mid-sized enterprises (SMEs).

According to the IBK Foundation, such welfare programs are rooted in the know-how from the medical assistance and scholarship undertaking for SME employees it proceeded consistently with for five years. Additionally, the Happiness Network project began to shore them up from this year. The project, led by volunteers from colleges and the beneficiaries of the programs themselves, aims to return the favor they received for the good of society.

At present, the IBK Foundation is funding in-vitro fertilization operations and those for new-born babies and infants suffering from serious illnesses in an effort to partake in the government's drive for promoting childbirth. Furthermore, it is planning to offer scholarships to SME employees and their children in the future.

The bank, well aware that corporate social responsibility (CSR) is indispensable for a company to attain sustainable growth, declared its key CSR values back in early 2010. Since then, each and every executive and staff member of the IBK has shared such virtues.

The bank has contributed at least 3% of its net profits every year to CSR causes and supported the policy of the government to create jobs and assist the underprivileged. Through such efforts, the IBK has fulfilled its role in society as a leading state-run bank and corporate citizen.

In December 2009, it established another foundation, the Smile Microcredit Bank, in order to help the financially marginalized by means of microcredit, a move unprecedented among government-run Korean banks.

The IBK's endeavors in CSR do not stop here. It has patronized 42 under-donated social welfare centers on a regular basis, a well as sponsoring rural communities by providing libraries and medical buses. At the forefront such efforts are the bank's volunteer groups, made up of employees including top management, the first one of which was formed back in 2004.

As of the end of 2010, a total of 86 teams and 4,030 volunteer workers belonging to the bank were engaged in various nationwide activities, such as Kimchi making for single senior citizens, ski lessons for children at welfare facilities, house building for non-homeowners and economic education for children living in remote areas.

Such volunteer work has resulted in the glory of winning a number of prizes, including the national Sustainable Management Award in 2010 and the Social Welfare Award the same year.

Its commitment to social contribution is also expanding overseas. Between 2008 and 2010, IBK branches donated 6.9 million won to 547 children living in poor countries. During the same period, it taught about advanced financial systems in underdeveloped nations, as well as created education infrastructure.

The IBK celebrates its 50th anniversary in August this year. As a result, the bank is making itself a promise to strive more to return the love it received from customers and help the society become a more caring one.